Forget back assessments when owner's foreclosed -- chicagotribune.com: "If the unit proceeds to foreclosure, the association is unlikely to recover the delinquent assessments. The association will recoup delinquent assessments from a foreclosure sale only if the winning bid exceeds the amount due to the first mortgage holder, as well as other claims that may have a priority over the association."
---------------
So says Mark Pearlstein, Chicago lawyer and columnist. This is an answer to a question about $22,000 in unpaid assessments on a unit that the bank foreclosed on.
No comments:
Post a Comment