Foreclosure in Illinois>Question Details

Condonightma…, Home Buyer in Forest Park, IL

Condo Developer being Foreclosed on, pending settlement, disaster!?

Asked by Condonightmare, Forest Park, IL Wed Apr 15, 2009

The developer of my condo, a 9 residential and 3 commercial unit building, is being foreclosed on. There are only four occupied units, due to contracts that failed because the units could not be given certificates of Occupancy. Two units have never even been worked on. One of the commercials units belongs to the developer and the other two are onwned by a third party. The owners of the building have entered into a forced "agreement" with developer regarding exorbedent amounts of unfinished work, structural issues, water leaks, and overall negligence, etc. Now that the bank is foreclosing, the same bank I have my mortgage with, what do I do? We have not yet established the association as it hasn't been 3 years, nor do we have the appropriate percentage..... Help, please? Note: we are in contact with an attorney, but looking for any advice thoughts?

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