Legal Question in Real Estate Law in Illinois
I am a condo owner,the management company that oversees my condo sent out a letter to unit owners stating it was a census.In this letter they are demanding personal information of unit owners,such as our social security numbers,who our mortgage holders are,names of anyone residing in our units.Owners are being threatened with fines if the information requested is not given to them.Is this request legal in Illinois?
1 Answer from Attorneys
Who your lenders are and names (and relationship to you) of occupants are important. Social security numbers may also be if there are tax reporting issues (remember you can deduct your share of undivided taxes on tax returns....). Many associations are up against a wall with foreclosures, and people who want to refi -- lenders today won't refi if the condo has more than a maximum % of investor (rental) units, and the information is also needed on hand for certain governmental lending programs (FHA for example). But without seeing the actual demand, it's hard to see if they've overreached their authority.
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