Landlord has not paid MTG for 7 months Now going to foreclosure

[kennyvette]

I have been renting from my landlord for over 4 years & after first 6 mo lease have been at month to month...I have found out that the landlord has not paid the Mortgage for at least 7 months & the proerty is going into foreclosure.
My friend has advised me not to pay anomore rent & I am in the process of looking to buy a home because I made over 100k on a sale in 04 & have been renting on advice from friends !! So I have a HUGE downpaymen & perfect credit!
The landlord still has a $1500.00 security deposit of mine & with the mortgage not being paid the likelyhood of me getting that back is prob slim to none So is my friends advice not to pay anymore rent good?

He says the if the landlord starts the eviction process it should take at least 90 days & by that time I should be a homeowner so what should I do?

PLEASE HELP I have till tomorrow on the 5 day notice to terminate lease

I think this is important info................The property is located in COOK county In ILLINOIS

Thanks Ken

 

[Michael Wechsler]

I don't know why you need to take chances here. If the landlord has a security deposit than there is no need to begin an eviction process. You should find out whether the property is in foreclosure, especially since you don't want to pay rent to an individual who no longer has the power to rent you the home. Best of luck and enjoy your new home.