Cook Foreclosures
If you rent, and the landlord gets foreclosed on, do you still pay rent?
I was just reading an article about how renters in Cook County (which is Chicago and some suburbs) now get 120 days notice of foreclosure before they get evicted. So I was wondering, if you are a renter and your landlord isn’t making the mortgage payments, are you still obligated to pay rent? I would think that once you got notice that the property was being foreclosed on, you wouldn’t have to pay rent anymore, since your rent wasn’t going to the mortgage anyway and you are losing your home. Anybody know for sure?
Just wanted to add-I am not in this situation, I was reading about it and wondering how it would work.
Since there is still an owner (now the bank) and you still occupy the owner’s premises (the apartment) you still have to pay rent. Just make sure you pay it to the correct party.
Cook County Judge – What You Can Do, And Should Not Do, If Facing Foreclosure
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The Complete Pre Foreclosure (Everything you ll need to run your own system & Get it before the auction) … |
