Legal Question in Real Estate Law in Illinois
Is it legal for the HOA to charge me a foreclosure monitoring fee in Illinois?
1 Answer from Attorneys
If the HOA passed a set of fee rules that are consistently applied and across the board, they can charge for anything that is reasonable and costs them money. The way things are today, associations have to watch out for everything, especially foreclosures, since they can lose out on assessments as a result of the process and be left with only a right to sue the owner if any remain unpaid, which also costs money. Owners who are up to date on their mortgages wind up having to "cover" defaulting and foreclosed owners. So the best I can say at this point is to find out how and when this fee was imposed, and if it was imposed in accordance with applicable law and the condominium documents, yes.