Legal Question in Real Estate Law in Illinois
On a homeowners declarations we have one that states amendments affecting the rights of the mortgagees shall require a two thirds vote approval of each approving owner's mortgagee. As far as i know all mortgagee's are the lien holders on the actual property such as the bank. So anything affecting the banks rights would require the banks approval. Am i reading this correctly and interepting that mortgagees are the lien holders?
2 Answers from Attorneys
Based on the information you have provided, it appears that you are interpreting the document correctly. However, the only way to confirm this is to review the document carefully.
Mortgages on Illinois property typically grant the lender the status of lienholder only. As Naheed says, the only way is to hve an attorney read the relevant documents.
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