Can you rent out a condo you own? Q: I want to know if you can rent out a condo you own. I live in a four-unit condominium in Chicago. My understanding is that in a condominium building of this size, only one unit can hold a license for short term rentals. One owner already [...]
Mortgage Scam How to protect your single biggest asset Q: I have paid off the mortgage on my home. But, I am concerned. I have heard that someone can take a loan out against your home without you knowing and you could lose your home. To address my concern without knowing other options, I am [...]
How to record a quit claim deed without hiring a lawyer Reader doesn't understand why recording a quit claim deed to transfer title is to complicated Q: I wanted to record a quit claim deed to transfer title of our home into our respective living trusts in order to avoid probate. Our plan was to [...]
Will Quitclaim Deed Remove Ex-Spouse from Mortgage? Q: My ex-spouse will sign a quitclaim deed to me on the house we lived in. Will that quitclaim deed remove her name from the mortgage? Her name is not on the loan promissory note but she did sign on the mortgage document. How can I remove her [...]
Do Revocable Trusts Need a Separate Tax ID Number? Q: I have a question regarding my mom’s revocable trust. My brother and I are the beneficiaries of the trust. The home was put on the market while my mom was alive but she has since passed. We actually received an offer for the home on [...]
Mortgage due but daughter isn't paying. Is the IRS a threat? Q: I lent my daughter money to buy a home. It's been a couple of years since she made a payment to me. That’s mostly due to Covid shut-downs of her work and her health issues. Her home has continued to appreciate. I am [...]
Aging in place: forgetful seniors cause property damage Q: What do you do about forgetful seniors who are hellbent on aging in place and are causing property damage? We live in an upscale condo high rise building. We have a sizable group of aging residents who cause damage to units around them and common areas. [...]
Can't pay mortgage. Final payment is due. Now what? Q: Let's say your home mortgage's final payment comes due and you can't pay it before the due date. How many days do you have after the due date to make the final payment, without losing your home? A: If we understand your questions correctly, you’ve [...]
Bad Home Inspection: How do we report him? Q: We had a bad home inspection before we sold our rental property. Our buyers’ inspector came out to our property to do the inspection. I don’t live near the home and wasn’t there for the inspection. I went to the house a week later. I discovered [...]
Elevator not working. How do we deal with a broken elevator and help our condo residents when the main one is out of service for repairs? Q: Our elevators aren't working. We are scheduled to begin an elevator modernization project soon. The project will require that one of the two elevators in our building be [...]
