Tag: Assessments

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 […]

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Clarification 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 […]

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Illinois 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 […]

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Homeowner 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 […]

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Which 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., […]

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Are 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 […]

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Caps on Special Assessments in Condominium Associations

In reviewing condominium association declarations over the past several years, on a number of occasions I noted a similar provision in many condominium declarations which places a cap on the amount of a special assessment the board of directors can […]

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Associations 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, […]

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Options 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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Bankruptcies and the Impact upon Community Associations

An Association must be aware that once it receives notice that one of its owners has filed for bankruptcy protection, and as long as the bankruptcy case is pending, no further attempts to collect any unpaid assessments may be commenced without first […]

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