Condo ForeclosureMy roomate and I are looking to rent a condo unit in Illinois. We were shown the unit by a member of the Condo board and told that this unit had been in foreclosure, but if we wanted to rent we shouldn't worry because there has been no activity on this unit by the bank and it has been over a year (March 4,2011). We asked what would happen if the bank decided to take over the apartment and we were told the bank would have to ask us first about moving out but they couldn't force us. Then we were told we would be given 45 days notice to move out. We were also told if we were forced to move we would be able to pay the same amount as our current rent at a new place. We have a copy of the lease (unsigned) but then received a lease rider that mentions Section 111 and 111.1 of the Illinois Forcible Entry and Detainer Act and says that if the Association were to lose the authority to lease the unit, then our rights would be terminated and we would waive any claims in contract against the Association as a result of the loss. We would like to know our rights in accordance to the foreclosure/bank process and if we need to sign that rider to lease/what that would mean? We really like the condo but are worried that the bank would decide to take action shortly after our move and we would be forced to move right back out. Can anyone offer some advice on what we should do? Thank you!June 15 2012 - Chicago00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.