Can a Condo Association rent an absent owner's condo?: We are a Condo. Association with two empty condos. The owner of the two empty condos is either mentally incapacitated or has left the country. He owes the Association close to $30,000 in assessments. The two empty condos property taxes are being paid by someone. Whether it is the owner or someone else, the Condo Association does not know. Additionally, we are not sure whether there is a mortgage or not. The renting of these two units by the condo association would contribute to our monthly assessments. The idea is great. Legally we are concerned about any recourse from the absentee owner. We do not wish to create any further financial and legal hardship on our property.
Matthew's answer: I would agree with the previous answer. Take advantage of a free consultation with a real estate lawyer. There are several firms out there (including mine) that will gather the details and give you an idea of your options, without charging you anything. Generally speaking, Illinois law allows recourse to a condo association for outstanding assessments, but the options should be discussed to determine which is most beneficial. Please let me know if I can help further.
We are getting up in age and have thought of selling our home to our children and we would take a life lease on it.: how do we go about this and will this stop the home from going into probate after we're gone.
Matthew's answer: I agree with both prior answers and would add that using a "Lady Bird Deed" could have tax benefits for your children (assuming that the value of your property will be significantly higher when it is transferred to them). Take advantage of a free consultation with an estate planning lawyer to get a better idea of your estate planning options (my firm offers free consultations and practices in your area). In addition to real estate, consider personal property gifts, who is going to make health care decisions for you when you cannot make decisions for yourself, who is going to help maintain your property and finances, etc. Please let me know if I can help further.
Can bank come after my wife for balance of money owed on short sale. Illinois: I bought my condo before marriage, and only my name is on the mortgage, most of our assetts are in my wifes name. If I get the bank to approve a short sale, can the bank come after my wife if they try and make me pay the balance due on the mortgage. We filed as jointly on our last 2 tax returns, I was told because this they can come after her assets, or both of us, is this true..
Matthew's answer: Your wife typically cannot be held liable for any of your personal debts (this is especially true with a deficiency on the debt associated with your mortgage). Please let me know if I can help further.