Collecting Assessments from Condominium Units In Foreclosure
CONDOMINIUM UNITS IN FORECLOSURE DURING A RISING REAL ESTATE MARKET In 2017, Illinois had the fourth highest rate of foreclosure filings in the United States. While the overall number of foreclosures being filed is […]
Read moreReviewing Delinquencies
IT’S NEVER A BAD TIME TO REVIEW YOUR DELINQUENCIES With the budgeting and annual meeting season in the rear-view mirror and with the opening of pool season still a couple of months away, now is the time to review your […]
Read moreClarification on Six Months Rule
APPELLATE COURT PROVIDES SOME CLARITY ON SIX MONTHS RULE Under Section 9(g)(4) of the Illinois Condominium Property Act, a foreclosure purchaser, other than a mortgagee, or a third-party who purchases a foreclosed unit from a […]
Read moreIllinois Supreme Court Upholds Appellate Court Ruling in 1010 Lake Shore vs. Deutsch Bank
On December 3rd, the Illinois Supreme Court issued an opinion confirming the holding of the First District Appellate Court in the case of 1010 Lake Shore Association vs. Deutsche Bank National Trust Company. If you are reading this article, you […]
Read moreHomeowner Bankruptcy… Don’t Wait to file that Proof of Claim
SECURED OR UNSECURED, NO LONGER A QUESTION: ASSOCIATIONS MUST FILE PROOF OF CLAIM BY THE DEADLINE IN ORDER TO BE INCLUDED IN CHAPTER 13 BANKRUPTCY PLANS A recent federal court decision highlights the importance of an […]
Read moreWhich Six Month Rule Applies?
CONDOMINIUMS vs. COMMON INTEREST COMMUNITIES A common source of confusion among property managers, association boards, and even attorneys is how to calculate the amount of charges that must be a paid by a third-party buyer (i.e., […]
Read moreAre Pre-Bankruptcy Assessments Recoverable?
Collection of Pre-Bankruptcy Association Assessments . . . It Can be Done When a homeowner in an association files for chapter 7 federal bankruptcy protection, bankruptcy law triggers certain rights and responsibilities for that […]
Read moreDéjà Vu All Over Again: Declarant Rights
For those of you who live in a condominium, townhome or single family community association that was built during the last development boom, you may find that where you now live doesn’t look exactly as you expected it to when you first made your […]
Read moreAssociations Obligation to Collect Assessments
Fiduciary Obligation to Collect Assessments, Use of the Forcible Entry and Detainer Act and its Impact upon Associations While few take pleasure in pursuing their neighbors, friends, colleagues, etc. for the collection of assessments, […]
Read moreOptions for Collecting Unpaid Assessments
Trauma Evictions Collections of Assessments and Other Sordid Tales Assessment Collection for Community Associations I. Obligation to collect assessments While few take pleasure in pursuing their neighbors, friends, colleagues, etc. for the […]
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