Legal Question in Real Estate Law in Illinois
3 year lease option on a residential home in Illinois. Contract with builder that goes under and all assets are lost to the bank. Bank continues to work with us following the same contract and then sells numerous assets to an investment group. Get a call today from the investment group with news that they are closing on my house on June 30th and I need to buy the home or get out within 60 days. How can this be legal? My contract is only 10 months old!!!!
2 Answers from Attorneys
It would depend on how the property was "lost to the bank." If it was a foreclosure, your rights were possibly extinguished in the foreclosure. If the builder just gave the bank a deed in lieu of foreclosure, then your interest in the property is still possibly intact. You would need to have an attorney in your area review the relevant documents and court proceedings.
I agree with Tom and also suggest that you provide the attorney that you contact with copies of all documents, contracts, letters, emails etc.
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