Chicago Landlord

Some one asked me the other day if a bank had to honor a lease agreement in a foreclosure. I was not sure what the answer was, but I know they don't want to. A recent report from the Lawyers' Committee for Better Housing stated that in 2010 there were 5,940 buildings with 17,467 rental units foreclosed on in the city. That is a lot of tenants getting displaced. The answer is that banks do need to honor the lease agreements or if there is no written agreement they need to give at least 90 days notice. Instead banks are giving tenants 7-14 days notice of eviction or trying to buy them out with only $200 and no notice. Tenants do have rights in a foreclosure situation. I know for sure banks don't want to be landlords and truthfully you may not want them to be your landlord, look at the mess they have made of the housing market, do you really trust them to fix your leaky toilet. It is probably best to comprimse and find a new apartment, but there is no need to rush and I think tenants should negotiate better buy-outs. If you have a year lease the bank should be paying you atleast a few months rent to buy you out of the agreement and to cover your cost of moving.