Legal Question in Real Estate Law in Illinois
condo purchase
I purchased a 2 bedroom condo, the purchase price was $350.000. Unfortunateley , I didn't have a down payment , as a result I took a first mortgage for $315.000. at a higher rate second mortgge for $35,000 and yet a third mortgage to buy furnishings for $15,000.
A Severe thunderstorm damaged the roof and I am expected to pay a special assessment of $25,000. I decided to to a private auctions sale but was only able to secure a bid for $295,000.
1. What options does each mortgage holers have against me?
2. What defenses do I have against each mortgage holder?
1 Answer from Attorneys
Re: condo purchase
They can foreclose and there are no defenses unless you have paid timely -you might want to talk to your lenders and work out some sort of agreement - they may work with you - you can also do a deed in lieu of foreclosure - but this will likely affect your credit history
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