You're asking a lot of questions. Bottom line: if the lender has actually taken ownership of the building and all you have is a month to month lease, the new owner can require you to move out on 30 days' notice and if you don't then you can be evicted. As to the security deposit and unless Brookfield has a comprehensive landlord and tenant ordinance that makes the new owner liable for the deposit amount, the foreclosed owner is responsible only because there are LESS than 5 units in you building (Illinois law was changed to protect tenants in foreclosure situations but only where the building contains 5 or more dwelling units). But if there are two adjacent buildings that were foreclosed together by the same lender and now owns both, then you may be over the 5 unit minimum.......
buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too.
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