My condo just became foreclosed - it had been listed with a real estate agent as a short-sale property for about a year. I bought it as an investment as a rental property 4 years ago, but the tenant stopped paying rent and it took 6 moths to evict him - winter time, sheriff understaffed, etc. caused huge delays In short, I could not afford it and it had to go, the only option left was to let it become foreclosed. I stopped making payments to the bank and HOA in January 2010. I need to add that I also have a house that carries a mortgage (over $100k), but never was late on a single payment.
Yesterday, I was served with a summons to appear in court for HOA back fees, penalties, attorney fees, courts fees, etc. A letter I received two months ago from a lender announced that the property will be placed for sale at public auction and the buyer will be responsible for all HOA back fees, penalties, attorney fees, etc. Called the real estate agent today and was told that the property was sold - not sure if someone bought it or the bank took the ownership. Have hard time contacting the real estate agent again. Will be contacting the lender tomorrow or Monday to find out the details of the sale.
Do I need to hire a lawyer to represent me in court? Or, should I just show up in court and agree to pay what I owe to HOA? Do I have any other options? I live in Illinois in Cook County if it helps. Any help will be greatly appreciated. Thx. Adam.
Yesterday, I was served with a summons to appear in court for HOA back fees, penalties, attorney fees, courts fees, etc. A letter I received two months ago from a lender announced that the property will be placed for sale at public auction and the buyer will be responsible for all HOA back fees, penalties, attorney fees, etc. Called the real estate agent today and was told that the property was sold - not sure if someone bought it or the bank took the ownership. Have hard time contacting the real estate agent again. Will be contacting the lender tomorrow or Monday to find out the details of the sale.
Do I need to hire a lawyer to represent me in court? Or, should I just show up in court and agree to pay what I owe to HOA? Do I have any other options? I live in Illinois in Cook County if it helps. Any help will be greatly appreciated. Thx. Adam.