Foreclosure in Chicago>Question Details

Leslie, Other/Just Looking in Holland, IN

I just recieved word from the leasing company we rent our condo from that they lost their contract with the

Asked by Leslie, Holland, IN Mon Jan 19, 2009

condo owner due to foreclosure. We have three months left on our lease, but would like to leave before our lease is up to avoid the chance of being evicted. Can we legally exit our lease early and still receive our security deposit?

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Answers

4
Hi Leslie,

Cook County Sheriff Tom Dart recently suspended evictions for tenants caught in the very situation you describe. Check this link and the Sheriff's site for more details.

http://www.cookcountysheriff.org/press_page/press_evictionSu…

Good luck, Ken Dooley.
0 votes Thank Flag Link Tue Jan 20, 2009
You most likely would not receive your security deposit returned HOWEVER in many instance lender will pay for occupant vacate property without having to go thru eviction legal procedures. If property has legally transferred to lender you MOST likely may not have to pay rent, HOWEVER confirm with all parties you dont have a contract with lender. which is a cost savings for you obtaining some of your deposit returned
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 19, 2009
Leslie -

This link should help you find some answers about tenant's rights in Illinois:

http://www.hud.gov/local/il/renting/tenantrights.cfm

Unfortunately your story is becoming more common given market conditions but you do retain rights regardless of your landlord's financial situation.

- Bill
0 votes Thank Flag Link Mon Jan 19, 2009
Dear Leslie,

The specific answer to your question will depend upon the specific language of your lease agreement. You should find a copy of it if you can.

I'd also suggest calling the Metropolitan Tenants Organization at 773-292-4988. They have a great helpline that can help you with almost any tenant related issue.

Good luck.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
http://www.mayagentchris.com
0 votes Thank Flag Link Mon Jan 19, 2009
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