When do HOA assessments become your responsibility? (IL)

A recent Illinois Appellate Court decision has brought to the forefront the ongoing dispute between foreclosure sale purchasers—usually mortgagees—and homeowners associations (HOAs) regarding the extent to which purchasers are responsible for HOA assessments. In a potentially significant ruling, the Appellate Court held that an Illinois foreclosure purchaser’s failure to pay assessments that come due after the foreclosure sale could result in liability for all previously unpaid assessments, including those that accrued prior to the sale.    Read more………


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