2009-09-19 — housingwire.com
Illinois passed a bill that requires purchasers of recently foreclosed homes to provide written notice to the property’s occupants of the change in ownership.
The bill — HB 3863 — also requires distressed mortgagors to notify tenants renting a property if it goes into foreclosure. It requires the new property owner to get court approval before raising a tenant’s rent. The law takes effect in October.
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