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of Dimitrie Bogdan Umbrarescu

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Home Q&A QUESTION & ANSWER: REAL ESTATE

QUESTION & ANSWER: REAL ESTATE

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1.    A foreclosure lawsuit has been filed against my house while a short sale is pending. What options I have got?
In such a case, time is of essence. You need to close the short sale as soon as possible. Usually the foreclosure lawsuit takes about one year. A short sale takes about 3-4 months; however, the approval of a short sale is not guaranteed. The property may be sold at the foreclosure sale (sheriff sale) during the short sale.

2.    I live in a condominium. I failed to pay the assessment while I was trying to pay the mortgage. The condominium association gave me an eviction notice. Is this legal?
Even though you are the owner of your condominium, the condominium association has the right to get you evicted for failure to pay the assessment. The condominium association’s lawyer shall get a court order for your eviction. Moreover, you may be responsible for attorney fees and court costs.

3.    I would like to buy a condominium. About half of the condominiums in that building are vacant. The City of Chicago has filed a lawsuit against the condominium association. However, the condominium association has refused to give me more information about this situation.
It is possible that the City of Chicago is trying to get the possession of the building. If the court holds that the building is vacated, then the City of Chicago has the right to appoint a company to take possession of this property. (Receivership). Your lawyer has the right to find more information about this situation.
Last Updated on Tuesday, 23 March 2010 10:14  
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