Alleged Equity Skimming Forces Illinois Couple To Move From Rented Foreclosed Home On Short Notice

Daily Southtown recently reported the story of a husband and wife who say they faithfully paid $1,400 in rent each month to their landlord on a lease that was to run until August, 2008. They recently received court papers giving them and their four children until September 15 to move out. The reason: the couple's landlord stopped making the mortgage payments and the bank acquired title to the home in a foreclosure sale (the landlord happened to be the husband's sister). For more, see Alsip family losing home because of landlord's refusal to make mortgage payments.

For a story update, including the landlord's rebuttal, see Readers reach out to Alsip family forced out of home (Landlord says she hasn't seen payment in almost a year).

A new Illinois statute (effective 1-1-2008) providing tenants in this situation 120 days to find new living accomodations can be found either at Public Act 95-0262, or at 735 ILCS 5/15‑1701.

For other stories on tenants unknowingly renting homes in foreclosure, go here, or here, or here. unwittingly beta