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Adam J. Lysinski
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Adam Lysinski’s Answers

127 total


  • I have a court hearing for a Motion For Default. Do I need to mention my tenant and live in as income?

    I haven't paid my mortgage in over 2 years, I want to walk away. Property is underwater. I bought a 2 flat, and I have a tenant downstairs who is paying half his rent- his partner moved away. I am living with my partner and he is not on the mor...

    Adam’s Answer

    You probably have more options than you are aware of, one of them being collecting rent. There is no need to mention partner’s name to the bank. But you should really get more information from an attorney that handles foreclosure cases. Good Luck

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  • My lease is up 3-31-12, was told he's not renewing my lease. Not in writing, a phone call. What if I cant find a place by then?

    Ive been here for 3 years . He just bought the building 2 months ago . I have a cat and small dog , Its very hard to find a suitable place . Also , I just started a new job after being unemployed for 6 months so money is extremely tight . A ...

    Adam’s Answer

    I agree. While the eviction process will take a few months, it is likely to result in a money judgment against you. Maybe you can try to renegotiate with the landlord. Good Luck.

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  • I need to sell my house asap. What is the best way to get rid of my tenant that is prepaid till April 15?

    The tenant is on month to month with an expired lease. They do not cooperate in any fashion have changed the locks, and make entry impossible. Last time I changed the locks, they merely change them again!

    Adam’s Answer

    I agree with the above answers. One other possibility is to offer them money to move out. If you consider how much time and money it takes to evict your tenants, maybe an offer to move out by a certain date for certain amount of cash would help you out. There is no guarantee that they will agree, but it might be worth a try. If not, start of by serving them with the proper notice. Good luck.

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  • I have not been personally served Summons re: foreclosure case. Should I show up to court so I am not a "no show"

    Chase's attorney mailed me a "notice of initial case management conference" but I have not been officially served. The county court docket states "alias summons issued and returnable". Will the judge enter a default judgment against me because I...

    Adam’s Answer

    • Selected as best answer

    You have received great advice. You might have some options, but what path you take will really depend on what you like to accomplish. What are the realistic goals: loan modification, no judgment against you, extra time to relocate, eliminate other debts, etc? I would definitely see a foreclosure/bankruptcy attorney asap. You will certainly benefit from understanding you realistic legal options, both in short term and long term. Good luck.

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  • What does it mean to have an IN REM deficiency judgment?

    My condo went to sheriffs sale on 10/31/12 we received a copy of the Judgment for Foreclosure and Sale. It states there be an IN REM deficiency judgment against the property. Am I responsible for paying this? if not What can I be held responsible ...

    Adam’s Answer

    I agree, the main issue to worry about now if the eviction that will follow the sheriff sale. Get more information asap, you might be able to walk away with “cash for keys”. And even if you’re not, you certainly do not want the sheriff knocking at your door one morning to evict you. Good luck.

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  • Does signing a an acceptance of work letter stand up in court?

    I am a painting contractor who is also trained in epoxy floors . Last summer we did an epoxy floor for an auto repair shop ( office area ) . This was a new construction so there were no doors or air conditioning in that area . Hence some flie...

    Adam’s Answer

    It is difficult to give you an answer without looking at the documents. I would suggest you look at this in the most practical way possible: compare the cost of a lawsuit (i.e. court cost, attorneys fee, time away from work, etc.) vs a possible settlement. I do not know if the owner will ever actually sue you. He might not want to spend the money, or he might be afraid that he would collect anything if your company files a bankruptcy. Either way, think this though and be prepared. Good luck.

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  • I have just formed an S Corp. I'm a single shareholder but I've listed my spouse as secretary . Can we expense the annual meet?

    According to the bylaws, the Secretary must be present at shareholder meetings to take the minutes. In that case, can I have my annual meeting in Bermuda, bring my spouse to take minutes, and write off the entire trip as a business expense? Seems ...

    Adam’s Answer

    I agree. I would also recommend you hire an experienced CPA and have an initial meeting to discuss your tax options. Good Luck.

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  • Can a bank foreclose on a home without a genuine copy of the promissory note?

    The note is forged. What defense should be applied in answer... fraud? fraud upon the court? No standing to foreclose?

    Adam’s Answer

    I agree with the above answers. If you believe your have a valid defense, you certainly have the right to argue that in court. However, this must be done at the right time. Regrettably, should you fail to file the correct documents at the right time, your defenses are not likely to succeed. I suggest you hire an attorney asap. Good luck.

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  • My spouse want to buy a house, he applied for a loan, he want to put my name on the loan as co-signer that makes credit for me,

    My spouse want to buy a house, he applied for a loan, he want to put my name on the loan as co-signer that makes credit for me, as I do not have any credit. Is it possible that one day I remove my name from co-signer and I will not be responsible ...

    Adam’s Answer

    I agree with the above answer. Not only will you be obligated to the bank until the full amount of the loan is repaid, but this might not necessarily help you get future loans, if other lender believe you over extended yourself financially. In short, you cannot remove yourself form the loan without the banks permission, and the chances of that happening are slim to none. Good luck

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  • Does commingling of Security Deposit apply to suburban IL.

    I have a tenant who failed to pay rent in Suburban IL. The amount due was $10,450.00. I went to court to evict for possession only and the tenant agreed to vacate the premises. Due I owe the Security Deposit?

    Adam’s Answer

    Agreed. The Security Deposit Return Act is applicable to 5 units or more (see 765 ILCS 710/1). My educated guess is that you probably will not have to return the security deposit, but more information is needed to answer your questions. Good luck.

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