Foreclosure in Chicago>Question Details

Melissa, Renter in Chicago, IL

Tenant in a foreclosed unit, was offered cash for keys. Should I take it or stay full 90 days? But I stopped paying rent when it was sold at auction..

Asked by Melissa, Chicago, IL Wed Jun 18, 2014

I am a tenant in a unit that was foreclosed upon in March 2014 and sold to a big bank. I stopped paying rent the day it sold, didn't know who to pay! Was contacted and offered $5000 to vacate on 7/12 or $1500 to vacate 8/11. I want to stay the full 90 days or close to because moving mid-month is impossible and Chicago rentals are tight in the summer. If I choose to enact my 30, 60 or 90 days will the bank ask for rent or just let me pack up and leave? Rent is $2900/month and my lease technically expires 7/31/14. I also don't want anything nasty on my credit report. Advice please!!!!

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The bank does have the right to collect rent if you stay there. I would think you would want to take the money and move on. In cases where i am offering CFK on my bank owned listings part of the deal is not collecting the rent if they move within 30 days.
0 votes Thank Flag Link Tue Jul 15, 2014
This sounds like a too good to be true which case it is good and is true! I would take the money and find a new place! However, there are a lot of places out there for rent for $2900 in Chicago.
0 votes Thank Flag Link Tue Jul 15, 2014
Sounds like you are doing fine since your living for free and they are offering you money. Take the 5k and get out 7/12. That means you literally made 15,150. (3.5months rent +5k) I am not sure what other advice other to give. You won the lottery.
0 votes Thank Flag Link Fri Jun 20, 2014
I have heard of cases in which the bank does not charge rent to tenants of occupied foreclosures for the duration of their lease. If someone has contacted you and asked you to vacate, it is possible they have purchased the unit from the bank. I would do two things in the following order,

1. Get the advice of an attorney to ensure you and whomever has purchased the unit are handling things according to the law.
2. Contact whomever offered you the money to vacate with your concerns assuming the attorney advises this.

I can refer a few good attorneys if you like.

George Xamplas

Al Dynia

Daniel Borek

Any of these attorneys should be able to answer your questions regarding this matter
0 votes Thank Flag Link Thu Jun 19, 2014
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