What can I do if the apartment I rent has been foreclosed?

Question

I live in cook county,il. The apartment where I live has been foreclosed. I didn't know anything since the landlord never told us anything. Now the people from the other two aparments got a letter saying that all the occupants are going to be evicted , we didn't get any letter, is not really a surprise since all the time my mail "disapears". We don't have a contract (I don't think it really matters now) .What can I do?

Do I have any options? How long it takes for these people to kick me out? Is not that I don't want to get out but I need some time to get ourselves another place. Also they are offering money to help us move out (cash for keys program), Does somebody know how this program works?

Thanks in advance for the help.

Answer 1

You are going to have to move ASAP.

Since you had no lease, you were only entitled to reside in the apartment on a month to month basis with a 30 day notice of termination.

Here is a news article explaining "Cash for Keys"

http://cbs13.com/local/cash.for.keys.2.6...

Basically, you get 30 days to move. If you are out by the agreed date, you get whatever amount is offered or negotiated. You may be able to negotiate for a larger amount.

If you do not abide by the "Cash for Keys" agreement, an eviction will follow.

Whatever you do, avoid getting an eviction ordered against you. Unfortunately, future landlirds will deny renting to you if you have an eviction on your record - regardless of the reason.

Answer 2

I don't know about the program, but I saw on the news the other night, a story about a house that was being rented out foreclosing. She was paying her rent and the owner of the property wasn't paying their mortgage. The lady said that if she didn't have HER stuff out by the time the house was foreclosed they were going to auction off the house with her stuff in it. Totally unfair, but I don't think that there is anything you can do other than find a new place to live. So sorry you got caught up in that!

Answer 3

Usually in a cash for keys offer, you agree to move out by a certain date and, in return they give you money because you are saving them the time and expense of an eviction action.  You need to call the new owner and find out the details.  One way or another, you're going to have to move so it would be a good idea to start searching for a new apartment.

Answer 4

Your lease is wiped out by the foreclosure on the building.  You will have to move.  The sheriff will escort you out.  The best banks are worried that the owner will strip the building and leave the bank with a mess. If you promise to protect the place, the bank will reward you somehow.  Call the number in the letter.  Ask if they would like for you to pay your rent directly to the bank.  In the mortgage papers, the owner agreed that the rent would go to the bank in the event that he couldn't make the mortgage payments.  Offer. /

Answer 5

Wow. That sucks.  You have 30 days to move.

Answer 6

Take the money and move.  You'll be happy to be done with the headache.

Answer 7

you can move.  

Answer 8

Move!