After the foreclosure sale occurs the successful bidder cannot act until the foreclosure sale is approved by the court and the Order Approving Sale is entered. In Illinois, there is a 30 day statutory stay which can be increased by the court. The safest course of action for landlords is to not take any action during this stay period. After the stay expires, tenants of foreclosed properties are entitled to a 90 day demand for possession under federal (the PTFA) and state law (newly passed Illinois SB56). Upon the expiration of the 90 day demand for possession the new owner is entitled to file an action against the occupants who were served with the 90 day notice. A FED court will enter an Order for Possession ("OP") against the tenants and this OP will be sealed by statute (it should not be reported to the credit agencies). The OP will also be stayed at the discretition of the judge and should be placed with the sheriff after the stay expires.
Issues that arise
Evictions after foreclosure are fraught with pitfalls. Owners should ensure that they serve "Unknown occupants" with the 90 day demand and should also name "Unknown Occupants" in the complaint. Failure to do so could significantly delay the eviction. Additionally, leases should be analyzed and no action should be filed prior to the expiration of the lease.
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