Legal Question in Real Estate Law in Illinois

i am the president of a self governing 8 unit condo building. Recently I was served with forclosure notices on 4 of the units. Three of the 4 units havent paid assessments for the last 12 months. The Board and building is suffering. We are having a difficult time paying our monthly bills (i.e. water, scavenger, maintance, electricity, issurance). Seeing that we are on a very limited budget how can we legally make the other owners pay their overdue assessments? Are ther eany grants or funding that we can apply for to help us stay affloat until we can get owed assessments?


Asked on 12/16/09, 7:08 pm

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. I am sorry to hear that you find yourself in this difficult situation. If you are having difficulty collecting assessments from your units, you can proceed and file your own lien/foreclosure case. You may wish to start with demand letters and the like, however. There aren't any grants that I am aware of that would help you in this situation. Please let me know if you have any further questions. My email is: [email protected].

Thanks,

Adam Tracy

Read more
Answered on 12/25/09, 12:53 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois