Legal Question in Real Estate Law in Illinois
possible apartment foreclosure
I have 4 buildings (56 units) that I have not paid my morgage since July, 2007. They are letting me try to short sale my buildings. What will happen to me and tenants when they decide to foreclose? I also have a lien on the buildings from the real estate broker who wants 5% of the sale price. I have been told that this lien is legal because I signed the paper and it was recorded, but is it ethical???
1 Answer from Attorneys
Re: possible apartment foreclosure
The tenants are likely to have their leases honored. I'm not sure about the broker's lien; I'd need more info on that (what s/he did to sell it; was there a contract, etc.). Also, short selling your buildings may be a lot to handle on your own; try to get professional help.
Contact me or visit my website (ilrealestatelawyer.com) if you'd like further information.
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