Legal Question in Real Estate Law in Illinois

I am a widow and need to do something about my condo. If I sell and rent it will help my

situation - Problem I have a $129,000.00 mortgage and a home equity loan about $37,000,.

Total about 166,000.00 Condos in my area, Tinley Park, Il. are now. not going that high. My condo

was appraised at about $185,000,00 2 years ago. If I can't sell it for the amount I need - what

happens. Also If I don't sell it and leave it to my 2 adult children in case of my death - would

this affect their credit if they can't sell it for the the amount they need to pay off both the

mortgage and home equity. Please advise


Asked on 5/15/10, 12:34 pm

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Your question is a bit confusing. BUT, you find yourself in a common situation these days. You could attempt to sell ("short sale"). If you could ride out the "Democrat Recession", the market could go higher in 2014 when Obama leaves the White House. You could rent it; but remember, you still have to make the mortgage payments. You could also try to obtain a loan modification, but that "right" is largely illusory no matter what the Administration says. You could give up the condo, by surrendering it in a bankruptcy case.

The one thing that you didn't say was whether you are behind in mortgage payments....

GOOD LUCK!!

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Answered on 5/20/10, 1:23 pm


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