Legal Question in Real Estate Law in Illinois
What is a Distressed Property Purchaser and Distress Property Conveyance in the Mortgage Rescue Fraud Act?
I'm interested in being a Distressed Property Purchaser and Conveyance in Illinois? Does the Distressed Property Purchaser have to return the interest and property back to the homeowner at a later date as with the Distressed Property Conveyance in Illinois? Is a any type of license required to be a Distressed Property Purchaser and Distressed Property Conveyance in Illinois?
1 Answer from Attorneys
The law ((765 ILCS 940/) Mortgage Rescue Fraud Act) defines these terms. Whether the property or you fit into the definitions should be found by applying the definitions in the act to your facts. If you can't it's time to hire an attorney. As to buying and selling properties, you can buy or sell for yourself without having to be licensed, but if you try to do it for a third party (other than a spouse or child) and attempt to claim a commission, you need a State license.
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