Legal Question in Real Estate Law in Illinois

Re: More answer and appearance

a lien is just a notice that there is a problem with the property.

If you do nothing, the property will be sold in the foreclosure process and your lien will be "extinguished" (Won't exist any longer) and a new owner will buy at the sale.

As a practical matter if the property is in forclosure, there is not a high likelyhood that you will ever collect anyway, but you might want to get a judgment just in case

Re: More answer and appearance

A lien is just a notice you have a legally recognized interest with the property. In the event that the owner tried to sell or refincance , you would have to be paid. However, in a foreclosure action, you have been sued because you have the lien and the mortgage company must name all lienholders.

If the property value is in excess of the mortgage amount the Association may wish to negotiate with the mortgage company and owner to try t osalvage something.

Re: More answer and appearance

The lien is the notice and it is up to the lienholder to follow through. Everybody party to the suit must file an appearance. To ensure you are on the list of payouts when the property goes to sale, you must appear. That will tell you in what order lien holders will be paid and where in that line you are. Then, it all depends on what the property sells for as to whether or not you get your money.