Understanding Foreclosure: A Cook County Tenant's Options to Stay or Leave

Because many renters are “bona fide” tenants, renters should be cautious if they are given letters or notices that say they must move out immediately based off a foreclosure. A new owner must follow the legal process to make a renter move from building after the date the foreclosure is final.

Written bona fide lease that has not expired:

• Under Illinois state and federal laws, a tenant who has a bona fide lease can live in the property until the lease is over.
  • Exception #1: If the new owner plans to live in the property as their primary home, then the tenant cannot stay until the lease is done. The new owner still needs to give a 90-day notice to vacate.
  • Exception #2: The new owner can start the eviction process after giving a 90-day notice to vacate near the end of the lease OR if the tenant fails to pay rent or violates the lease.

Verbal month-to-month lease (after written lease expires or originally verbal lease):

• Under Illinois state and federal laws, a tenant can stay for 90 days after the new owner gives a 90-day notice. This is because the verbal month-to-month tenancy has no end date, so, there's no end date that a new owner would need to honor.
  • Exception #1: The landlord can start the eviction process earlier if tenant fails to pay rent or violates the lease.

Not a bona fide lease:

• The new owner only needs to give a 30-day notice to vacate before they can start the eviction process.
• The tenant does not need to be offered a new 12-month lease or $10,600 in relocation assistance.