Legal Question in Real Estate Law in Illinois
Need assistance with rent with option
My fiance and I signed a lease w/ option for a period of 3 years, we pay a certain amount of rent and 25% is towards a rent credit. I just recieved in the mail the owners petition to file bankruptcy and surrender the house. Now techinically I guess this is 2 questions, 1 is it feasible for us to call the mortgage company to see if we can assume the mortgage and 2 I can't afford to pay rent and save to find a new place to live. The agreement is between us and the landlord, so what are the repercussions if I do not pay rent so I may have the funds to find a new place to live, if an assumable is something we can't do.
Thank you.
2 Answers from Attorneys
Re: Need assistance with rent with option
First you need to know who the players are. If the landlord filed Ch. 7, you can negotiate with the named Trustee. If it is a Ch. 13, then you might be able to cut a deal with the mortgage company. Why don't you make an appointment with a skilled Bankruptcy lawyer??
Re: Need assistance with rent with option
I agree with the first answer. Most banks aren't difficult to deal with if there is a potential buyer out there. Try your luck. Yes, you are still liable for rent.
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