Renting Foreclosed Parking Space

Started by AdamS10 • 2 replies • 537 views

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AdamS10 (Illinois)
Posts: 1

Posted:

Can the Condo Association legally rent out a deeded parking space for a foreclosed unit in Chicago?

TimB4 (Tennessee)
Posts: 21,062

Posted:

Legal question that should be answered by an attorney.

Laypersons opinion, if the Association has gained control of the unit through a foreclosure process, they own the unit and could likely rent out the space.

However, as I said, this question should be posed to an attorney as there would be a lot of background information required to properly answer the question and that information should only be shared with an attorney and not posted on the internet.

MelissaP1 (Alabama)
Posts: 13,836

Posted:

Defined who foreclosed? Is it a bank foreclosure or a HOA foreclosure? If it's a bank foreclosure, then no. The HOA does NOT own that property. If it did and the bank finds out, they may ask for that rent money back. Otherwise, I hope your HOA doesn't own it either. The HOA doesn't really want to own foreclosed property.

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