Quality of Life in 60622>Question Details

Tim, Home Buyer in Chicago, IL

We also have a deadbeat who refuses to pay association dues; however, in this execrable market, there is no

Asked by Tim, Chicago, IL Wed Sep 10, 2008

chance that he could sell the place--we could place a lien and get paid ten years from now if he sells, but what if he goes into foreclosure (much more likely than selling)? Do we get anything back? Basically this guy is laughing at us, he knows we can't do anything short of an expensive legal procedure to initiate foreclosure, which we don't want to do anyway. Do we have any other options?

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And yes, you should initiate proceedings against him because he may not decide to sell but this could have a direct impact on anyone else in your building that needs or wants to sell. You don't mention the number in your association but if 15% are delinquent, potential buyers have a much tougher time getting a mortgage on the property. I'm not sure if this is currently affecting re-financing as well but it is worth being concerned about nonetheless. Good Luck!
Web Reference: http://www.atproperties.com
0 votes Thank Flag Link Wed Apr 8, 2009
I know a great collections attorney who specializes in this line of work. I used them many times successfully when I owned my former building supply business. They are located in West Chicago. Contact me if you want the name & number.
Web Reference: http://www.GregZaccagni.com
0 votes Thank Flag Link Wed Sep 10, 2008
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