Legal Question in Real Estate Law in Illinois

If your condo declaration allows rentals without limitation or restriction, this is the key issue. If it restricts rentals, you may have some hope. This is why many condominiums today have amended their declarations to eliminate or restrict rentals.In some places elimination is impractical, but restrictions may be. One way is to restrict them to a percentage of the total # of units at any time. But the amendment process takes time and if there is sufficient opposition because everyone wants to leave open the opportunity to rent if need be, there's more problems. You can also see if a bank that is not Freddie Mac or Fannie Mae might handle the situation for the unit owner(s) attempting to refi, but they are few and far between. You might also try a mortgage broker who may know of a lender who will take on the risk; sometimes they represent private parties who are looking for decent returns. But there are fees and points. But as to an amendment for the future, there are plusses and minuses, and it would take particular actions. I recommend that if the board will call a special meeting to discuss the issue and is open to ownership, that would be a good start.