[nbanks]

Hi,

My I live in Chicago, Il the building I live in was bought back by the bank, I talk to the bank lawyer and he wouldn't give me any info. I need to know how much time I have B4 I have to move or be evicted..

[RickJ]

The bank (which will be the new landlord) will have to abide by the terms of the lease that you have.

[Fr_Chuck]

First the tenant is not part of the law suit, a foreclosure is between the landlord and lender

If the bank "bought" it but it was not foreclosed on, then the lease is valid but if the property sold at foreclosure, the lease ended at the time of the sale. If this is an apartment complex most likely they will want to keep this rented, if this is a private home most likely they will just exict you. If this is foreclsoed the notice to move and be as short as 3 days in some areas ( not up on IL but there arre sticky notes at the first of the real estate area that may help youl

[LisaB4657]

If the bank "bought" it but it was not foreclosed on, then the lease is valid but if the property sold at foreclosure, the lease ended at the time of the sale.

Not necessarily, Fr_Chuck. If this was an apartment building or complex with a commercial loan rather than a residential loan, then it is very likely that the landlord signed an Assignment of Rents and Leases at the time of financing. That would mean that the leases were automatically assigned to the lender at the time of the landlord's default. So a foreclosure would not necessarily terminate the leases, since the lender is already the new landlord. If someone other than the lender gets the property at the foreclosure sale, then the leases would most likely terminate.