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Real Estate & Property Law

: Closing Real Estate in Chicago

Tenant Procedures Changed Regarding Foreclosures

By Peter Olson, Esq.

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The IL Code of Civil Procedure has been amended to allow foreclosure tenants who are current on their rent to retain possession of their property for a designated period. 735 ILCS 5/15-1701. Section 15-1701(h)(4) provides that, in a case of foreclosure where the tenant is current on his or her rent, any order of possession must allow the tenant to retain possession of the property for ?120 days following the notice of the hearing on the supplemental petition...or...through the duration of his or read more

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Full post as published by Closing Real Estate in Chicago on January 26, 2008 (boomark / email).

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