illinois past due assessments

illinois past due assessments

Should I pay them, hide or not worry about this?

The answer: If you are moving out, the assessment bill dies as it regards you at the time the unit is either sold at foreclosure or simply sold.

Another way the assessment is recovered is when the unit is leased by the condominium association.  Here’s the kicker – when you file bankruptcy, you surrender your interest in the unit, but it isn’t actually transferred to someone else, instead, your lender would eventually foreclose on the unit or take it back via a deed in lieu of foreclosure.  Not to complicate this answer, but essentially, today because of the desire to clear title of multiple mortgages, it generally takes a foreclosure sale to transfer the property to a new owner.  However, if you move out after the bankruptcy, the condominium association still has to evict you to get clearance to lease out the unit to pay association fees.  The best thing you can do is to release your interest to the condominium association so that your unit is not empty, the association stays out of default and eventually you are released from the liability of ownership in the sheriff’s sale.

Bottom line:  An occupied unit is always best for everyone.  Therefore, if you are staying, pay your assessments until you are told by the lender to leave.  If you are leaving, help the association by releasing your interest so they can rent your unit.

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