Illinois | Bankruptcy
Legal Question
We have a small condo association (3 units) and one of the units is in foreclosure which was initiated over a year ago. Since that time the owner has not lived in the unit but has been renting it out and not paying association fees. We recently were informed the owner has filed for chapter 7 bankruptcy protection, which put a hold on the foreclosure process. We desperately want the bank to take possession so that a new competant owner will move in. Will the foreclosure eventually be finalized once the bankruptcy is complete given the facts above or will the owner be given another chance to "save his home"? Also is it appropriate for me to call the debtor's attorney and/or the bankruptcy trustee to ask questions? We don't have the funds as the association for legal counsel.
Share This On:
Legal Answer
|
Read More Answered By: Joseph Michelotti |
|
|
