Codilis & Associates is a Burr Ridge, Illinois firm that provides a range of legal services to real estate investors, banks, and private sellers and buyers. The Codilis and Associates team has extensive knowledge of the building foreclosure process and how this impacts tenants. When the owner of a building changes as part of a foreclosure settlement, the foreclosure court enters an Order Confirming Sale and an Order of Possession. These changes must be communicated to tenants in a timely manner and in writing. Specifically, within 21 days of the change of ownership, the new owner needs to make a good faith effort to obtain names and addresses of every tenant in the building. All known occupants must be sent a notice of the foreclosure, as well as the new landlord’s name and whom to contact when repairs are needed. Tenants must also receive the foreclosure case number and name and instructions on paying rent moving forward. It must also be communicated that the notice is not one to vacate, and that occupants have the choice of contacting legal assistance, or a housing counseling agency, to discuss their rights. A majority of renters are classified as “bona fide” or “qualified” tenants. This means, in cases where eviction is sought as part of the foreclosure process, tenants have a minimum of 90 days before an eviction case may be filed against them. Keep in mind that this 90-day rule may not apply if the tenant was named in the foreclosure lawsuit from the start, and the tenant does not possess a bona fide or written rental agreement. via WordPress https://ift.tt/EzwuFJe
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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