Thank you Lela Davis and Stephen Messutta for your prompt answers. I have a follow up question to:
"Landlord officially lost property to foreclosure 5/8/13 (property became bank owned). Property finally sold to investor 7/5/13. Investor wants us to move. We had a month to month lease here in Dupage County, IL; what are our options from here?" The follow up question is: Is there a required time limit as to when we have to be gone? I heard about a new law passed back in 2009, which has been extended to 2014 concerning tenant rights in foreclosure situations; something about a "90 day rule". Is this true or am I simply at the mercy of the new owner who bought the place last week and wants us gone by month's end?
Answered on: 7/10/13, 12:16 pm by Stephen Messutta
Real simple: the "90 day rule" allows a person who buys a home out of foreclosure to evict a tenant even if the current term has expired, if the person intends to move into the home as a primary residence. However you are month-to-month and it doesn't apply.
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