Haus Financial Services recently helped a client to recover a total of $18,986.75 in past due assessments, legal fees and late fees from the re-sale of several foreclosed units.
This windfall was thanks to current condo law, which allows an association to recover more than just past due assessments for units that have foreclosed if the association took legal action to address those unpaid assessments.
The passing of Illinois Senate Bill SB 2664, which will become law in July if Governor Quinn does not veto it, will limit an association's ability to collect amounts spent to address delinquent owners whose units are foreclosed. The change would mean that our client would only have been able to collect $9,945.00. That's a loss of $9,041.75! That's big money for a small association (14 units).
Please contact Governor Quinn and ask him to veto SB 2664. Small condominium associations will suffer if this bill becomes law.