Adam J. Lysinski’s Answers

As your rights are governed by the written contract, along with any riders and written modifications, you might have a hard time getting an accurate answer online. A good place to start is to check your short sale rider, and default remedies. Keep in mind, if a closing date has passed, that can mean that a party is in default, or that the contract is no longer enforceable, or that it has been automatically extended. But that will depend on the language of the actual contract and any...

… what that means is that the lender initiated a foreclosure action against you, and all other parties that might have interest in this property. The lender’s goal of the foreclosure action is to place the property for a judicial sale at an auction, so that the lender can recover some money, or more likely, take the title to the property. That will result in you losing your title, being evicted, and possibly have a money judgment entered against anyone that singed the promissory note. Please...

I agree, most Chicago matters should be filed in the Daley Center. Although there is consideration given to where the defendant resides, if the defendant files an appearance in the Daley Center, and does not challenge the venue, it will stay in Daley Center. Good Luck

Unless you have a written agreement that outlines the conditions for a buyout, the only way you will take your partner’s ownership away is by an agreement or a court order. As majority interest holders, you and your remaining partner can always vote to pay yourself salaries for the work that you perform which would reduce or eliminate the money left to be distributed. I suggest you seek legal help, and consider negotiating.

I agree. I'm sorry to hear about your situation. It is difficult to resolve these matters without filing a lawsuit in court. And generally these are not the type of cases that are taken on a percentage fee basis. However, you might have certain rights under your agreement, and a demand letter from an attorney might help you out. Good Luc.

I agree, you need to look into this asap. Check with the clerks office to see where you are at, here is the link: http://www.cookcountyclerkofcourt.org/?section=CASEINFOPage&CASEINFOPage=2400 Good Luck.

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.

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.

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

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.