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Adam J. Lysinski
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Adam Lysinski’s Answers

127 total


  • Do I have any rights with an FHA loan after renting it for a year? I don't seem to qualify for anytihing except foreclosure.

    I have an FHA loan. I attempted to rent for over a year to keep the property. The mothly loss on the property was too much to afford. I have attempted to work with my bank's retention department. The short sale was denied b/c we had a renter for o...

    Adam’s Answer

    My experience is that you will have greater success of getting this resolved during foreclosure process. Keep track of all the documents that you receive. See an attorney asap regarding putting a plan together (i.e. litigation, bankruptcy, etc) You might be able to negotiate a consent foreclosure with the bank. Good Luck

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  • Chicago Residential Tenant with family evicted by Sheriff without notice from Apt Owner, Condo Association or the Sheriff.

    Later, we were told by the Condo Association that Judge gave posession of the Apartment to the Condo Association as the ex-owners of this property owe a huge sum against unpaid Association Fee and the Association doesn't recognize the current owne...

    Adam’s Answer

    If the association obtained a valid court order of possession, they have a right to evict you, and rent the unit. I do not think that the person posing as the owner has a right to do anything, let alone evict you. You seem to be paying rent to an association that has possession rights. I do not see why you would have to pay rent twice. You should see an attorney asap. Good Luck.

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  • If condo HOA takes possession for non payment of special assessment, how does that effect my mortgage loan which is current?

    I know it's no defense but special assessment wasn't paid due to frustration with HOA. Regular monthly assessment was always paid and is current. HOA wants large payments over a short period and has rejected my proposal to make smaller payments ov...

    Adam’s Answer

    I agree, and keep in mind, the ownership of the unit along with the mortgage obligation stays with you throughout this process. The HOA has possession rights only. Depending on your financial position, and intent, this situation might force you into foreclosure or even bankruptcy. I suggest you see an attorney asap. Good Luck.

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  • Can i ask mortgage company to take my condo back or refinance to current current codo value or take low amount for the condo?

    i have lost my job and i'm having problem paying the mortgage and i can' sell the condo because condo value is about 50% of when i refinanced. When i refinanced the value on the condo was $160,000 now condo is worth $65,000 to $80,000. i have s...

    Adam’s Answer

    I agree. You can try to do a loan modification, but the odds of getting your loan amount reduced are very low. Also, if you do a modification, you will have to disclose all your financial, which might hurt you later on. If the property goes into foreclosure, you can offer a “consent foreclosure” to the bank. If accepted, you will give up the title, and the bank will give up the right to obtain a deficiency judgment against you. If that does not work, preparing for bankruptcy might be a good idea. Good Luck.

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  • Can I tow someone for parking in my parking spot?

    I own a parking spot, and another person in the condo complex has been parking in my spot for 6 years. The person refuses to move his car from my spot. What are my options? Can I just tow his car without notice? Do I need to get some kind of i...

    Adam’s Answer

    I would start with contacting the condominium association. It is likely that they have the authority to issues a warning or tow the vehicle. If this cannot be resolved through the association, hire an attorney. Good Luck.

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  • What is the statute of limitations for a real estate issue in illinois? I bought the house in August.

    I closed on my home in August of this year and I recently found a pile of wires under a kitchen drawer I had pulled out. I got an electricians oppinion and he informed me that it is illegal to have the wires where they are and how they're placed. ...

    Adam’s Answer

    This will mainly depend on the type of transaction and the documents that were executed. You might have a cause of action under Residential Real Property Disclosure Act. (link http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2152&ChapterID=62 ) but there is no way of knowing without review all the documents that were executed.
    I strongly suggest you take all the documents you have and take them to an attorney in the area where the property is located to see if you even have a cause of action. Good Luck

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  • Do i need a real estate attorney?

    My moms parents left their property to the kids theyve allowed the neediest siblings to stay there until its no longer needed then it keeps going on like that so far three different siblings have stayed there, but now that the recent sibling is i...

    Adam’s Answer

    Generally on owner of a property (owner of record – see the deed) can evict a non-owner (tenant). Even is not rent was ever paid, the owner can evict the tenant (usually a 30-day notice is needs to be served first). I suggest your mom sees an attorney that practices real estate law in the area where the property is located. Good Luck.

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  • Is there anyway to reverse a fraudulent quit claim deed or prove void ab initio without going to court? And what does it cost?

    In 2006, my uncle and his now ex-girlfriend purchased a rehab property with thusing her credit card. In 2008, she purchased a house by herself because she felt that the rehab house was not the home she wanted. My uncle continued to rehab the hom...

    Adam’s Answer

    I agree. Have your uncle see an attorney in his area asap. If she surrender the property in bk, that might be helpful too. Good Luck.

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  • What is the vicarious liability in LLC vs. LTD, S and C corporation?

    There are really three main provisions of how the company works that makes these companies slightly different. One is how they are taxed, another is the liability owners have in the company's wrongdoings or lawsuits filed against them, and finally...

    Adam’s Answer

    The attorneys that answered this question are correct. Here are few links to get you started (please verify them, as I did not and do not warrant the information on those websites), but you really need to sit down with an attorney before you proceed forward. Good Luck.

    http://mashable.com/2012/02/17/small-business-incporporation/

    http://www.bizfilings.com/learn/llc-vs-s-corp.aspx

    http://biztaxlaw.about.com/od/businessorganizationtypes/f/scorpllcliab.htm

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  • I have never been served a summons for an open small claims case from 2006. Can the case be dismissed?

    I discovered (through a local records search) that I have an open small claims court case against me from May 2006. I have since gotten married, changed my last name, and moved to a different state, so I was never served with a summons. The docket...

    Adam’s Answer

    I agree with the other answers. You (or someone on your behalf) can always pull the physical court file and verify this, but it sounds like the risk that you have a judgment against is nominal. Good Luck

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