Illinois has a new law protecting renters if their landlord's property goes into foreclosure. Governor Pat Quinn signed the law that says those who buy multifamily properties out of foreclosure to either honor existing tenant leases or give the renters 90 days to move. It takes effect in three months. The original bill was sponsored by state Senator Jacqueline Collins and state Representative Kelly Cassidy, both Chicago Democrats. They say about 40 percent of families affected by foreclosure are renters who might not know their landlord failed to make mortgage payments. Advocates of the bill say it will help avoid pushing many tenants into homelessness by giving them time to find a safe place to live. They also say it will prevent properties from standing vacant.
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