The wave of foreclosures continues for many associations. And many foreclosed units are now being re-sold to banks. What are the bank's responsibilities for payment of assessments on a foreclosed unit and when re-selling?
Per the IL Condo Act, the bank is responsible for payment of assessments beginning on the first of the month following the judicial sale date (when the bank attempts to auction off the property). You can find the judicial sale date using the property's PIN.
When the bank re-sells the unit, the association may recover up to six months of assessments unpaid by the prior owner, if collection action was initiated against the delinquent owner. We've heard differing views about what constitutes "collection action," but at minimum a 30-day notice must be sent. This action is best handled by a condo lawyer.