Presented by Haus Financial Services, LLC - Elevating Small Condo Management.
Presented by Haus Financial Services, LLC - Elevating Small Condo Management.
Governor JB Pritzker extended Illinois’ moratorium on residential evictions for another 30 days, until at least September 21st.
Eviction lawsuits cannot be initiated against any condo owners for non-payment of assessments until the moratorium expires. Pending (previously filed) lawsuits are also on hold until at least September 21st.
During this time, however…
Read more, here.
The Illinois Housing Development Authority (IHDA) has established a crisis assistance program in light of COVID-19 to help Illinois homeowners secure their housing.
Emergency Mortgage Assistance (EMA) provides a direct, one-time payment to mortgage holders for homeowners at less than 125% medium income who cannot cover mortgage payments as a result of coronavirus. The portal will be accepting applications from August 24 - September 4, 2020.
Learn more, here.
The COVID-19 pandemic will lead to a rise in delinquencies. The question remains - how bad will it get and how can boards soften the blow?
While restrictions have begun to lift, financial troubles haven’t for the millions who have found themselves unemployed.
While it is unclear how bad it will be, there have been comparisons made to the Great Recession, which stymied community associations nearly a decade ago and dried up associations.
Professionals say the issue of collections is on the front burner, but a variety of strategies could help associations weather the storm.
Learn more, here.
KSN attorney, Omar Malik, recently released a podcast episode in which he discusses the challenges he and his team faced while closing a $6.15M deconversion sale amidst coronavirus. He also discusses the deconversion process, applicable legislation, and changes in the closing process.
Listen to the podcast here.