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What happens to my condo loan if the Condo Complex goes bankrupt and I am unable to live there?
Chicago, IL
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Posted 7 months ago in Debt / Lending Agreements
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The Condo Complex that I live in is not financially stable. What happens to my condo loan if the complex goes bankrupt or if it falls into such disrepair that it is condemned? Do I need to pay off the loan if I am unable to live there? I have enough money in “savings” (IRA, retirement and savings) to pay off my loan but if I lose everything I have put into my condo, I don’t know where I could afford to live and it would wipe out everything I have saved. I would like to put extra money towards the principal of my loan so I can pay it off early but I am afraid to do anything because I don’t know if the complex will survive these economic conditions
Answers (1)
Erik Glen Swanson
This attorney is licensed in Illinois.
Posted 7 months ago.
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A condo association has a fiduciary responsibility to the residents to not be financially unstable and would need to take steps, including raising assessments or levying special assessments, to ensure its continued viability.
Disclaimer: This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship. |
