Based in Burr Ridge, Illinois, Codilis & Associates delivers a host of legal services focused on the foreclosure process. One area of focus for Codilis and Associates is Home Owners’ Association (HOA) and condo assessments, as well as property violations. In accordance with the Illinois Condominium Property Act (765 ILCS 605), condo associations are required to collect assessments levied on owners. Failing to accomplish this can generate a lawsuit against the HOA. What this means is that, even when an owner fails to pay because of a financial hardship or another mitigating circumstance, the association is bound to take steps to collect the assessment (as a compromise, a payment plan may be offered). When an assessment has not been paid, the HOA typically takes a first step of sending a 30-day notice that contains three required pieces of information: the total amount due, when this amount was initially due, and a full payment deadline. In cases where there is no response, the next step involves filing a lien against the unit. This provides the association with the right to compel a sale of the unit. It also makes selling the unit a challenge, with buyers typically requiring that the owner pay the lien as a precondition to the transaction moving forward. In cases where there is still no assessment payment forthcoming, an eviction action may be filed in court and action initiated that forces the unit owner out. It should be kept in mind that the unit owner is still the owner: under the Eviction Act, the association has up to 13 months of renting out the unit to make up for past-due assessments. via WordPress https://ift.tt/Gywtcig
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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