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Answers (6)
- Matt Laricy, "Matt Laricy"
- Contributions:1621
I havent heard of too many people able to secure three loans in this type of market place. I think your best suited to speak with a real estate attorney about what your options are.
- Bob Brandt, "BobBrandtRealtor"
- Contributions:1019
The legal wisdom you seek will best be doled out by your favorite attorney or his reference. Not many lllinois lawyers on this list giving out free advice.
- Andrew Adams, "203K Specialist"
- Contributions:9349
You need to contact a real estate attorney in your area.
How you got into this and ho wmuch replacing a roof will cost will do nothing to get you out of it! You are asking for legal advice...you need to seel council.
How you got into this and ho wmuch replacing a roof will cost will do nothing to get you out of it! You are asking for legal advice...you need to seel council.
- Vivianne Rutkowski, "VivianneRutkowski"
- Contributions:925
Hello ballen,
Is your condo an apartment-unit style or a townhome style?
[Condominiums are a form of ownership and even single family homes can be condominiums, although it is rare.]
Having said that, to replace a roof on a hownhome should not cost more than $3K-$5K - depending on the quality of shingles, roof type, and the type of installation required ( striped, not stripped, completely new, etc.).
Are you sure your condo association did not pass the roof assessments for their golf buddies, uncle Terry and his good friend Opal to YOU, the new kid on the block, and hope that you are gullible enough to pay for them???
$25,000 roof assessment seems high.....
Is your condo an apartment-unit style or a townhome style?
[Condominiums are a form of ownership and even single family homes can be condominiums, although it is rare.]
Having said that, to replace a roof on a hownhome should not cost more than $3K-$5K - depending on the quality of shingles, roof type, and the type of installation required ( striped, not stripped, completely new, etc.).
Are you sure your condo association did not pass the roof assessments for their golf buddies, uncle Terry and his good friend Opal to YOU, the new kid on the block, and hope that you are gullible enough to pay for them???
$25,000 roof assessment seems high.....
- Philip Sencer, "Philip_Chicago"
- Contributions:551
I do not understand how you could get 3 mortgages of 365K for a condo in the past 4 years based on the type of real estate market we have had, particularly if you only paid 350K. You can try to renegotiate your loans with the bank, but that is not likely to work. You need to get a market analysis from an agent or 2 to see what the value of your place might be. I also do not understand what type of auction you signed up for.
If a storm damaged part of the roof your condo association should have insurance for it. I do not see how a roof can cost you 25K even if there are only 3 units int he association. It should be an association issue for which all unit owners need to contribute. 25K divided by 3.
If a storm damaged part of the roof your condo association should have insurance for it. I do not see how a roof can cost you 25K even if there are only 3 units int he association. It should be an association issue for which all unit owners need to contribute. 25K divided by 3.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2736
how were you able to borrow 365,000 when you only paid 350,000?
talk about being leveraged...........respectfully, what I'd really like to understand is why you put yourself in such a precarious financial position in the first place?
can you still afford to pay on your 3 mortgages, or Is it just the assessment that is the problem?
if so.....maybe you can work out a payment schedule for the roof repair.
Are you current with your paymetns ...or in arrears?
You ask..........What options to the lien holders have? Well.......they can foreclose on you if you stop paying..
talk about being leveraged...........respectfully, what I'd really like to understand is why you put yourself in such a precarious financial position in the first place?
can you still afford to pay on your 3 mortgages, or Is it just the assessment that is the problem?
if so.....maybe you can work out a payment schedule for the roof repair.
Are you current with your paymetns ...or in arrears?
You ask..........What options to the lien holders have? Well.......they can foreclose on you if you stop paying..
condo mortgages
I purchased a 2 bedroom condo and the purchase price is $350,000.00 which initially, i did not think that was alot of money. Failure to look ahead, i did not have money for a downpayment for furnishings.So i took out a mortgage for 315,000.00, a higher rate second mortgage for 35,000.00, and a third mortgage of 15, 000.00 to buy furnishings.The credit is maxed out and now this last storm took part of the roof-I have to pay an assessment fee of 25,000.00 or be forced to sell. The value of the fair market value of the property has dropped to 325,000.00 because of the assessment. so, i undertake an auction but was only able to raise a bid of 295,000.00- what options do the mortgage holders have against me and what options ddo i have against them to protect myself?
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