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Condo foreclosures, delinquencies and the new 9 months rule (Illinois Senate Bill 2664, ISBA FORECLOSURE BILL) If you are a member of a condo board then you will eventually be forced to deal with owners that are delinquent in their payment of their monthly assessments. Unfortunately, severe assessment delinquency is often coupled with an impending foreclosure. After all, if a unit owner is not making their monthly assessment payment to the association, it's a good bet that the owner is struggling to pay their mortgage. If a foreclosure occurs within your association you have a financial interest in handling the situation...

Illinois House Bill proposes mandatory payment plans for delinquent owners HB 4154 (Rep. Madigan and Rep. Kifowit)ALTERNATIVE PAYMENT OF DELINQUENT ASSESSMENTS. Overview of the bill This bill proposes the creation a new Sec. 1-47 of the Common Interest Community Association Act which would mandate that common interest communities of more than 14 units adopt “reasonable guidelines” for delinquent owners to pay regular and special assessments. The bill would require the association to adopt and record in the county recorder’s office guidelines for a payment plan. The payment plan would need to be a minimum of 3 months and not extend greater...

Chicago is one of the United States’ largest cities, ranking third as of the 2010 census. New York and Los Angeles are the only two cities in the US with larger populations than Chicago. However, according to expatistan.com, the cost of living for Chicago ranks 11th in the nation, while New York ranks as the most expensive in 1st place, and Los Angeles ranks 7th. Not too terrible. On the cost of living index where, 100 is the national average, Chicago registers above that average at 112. That equates to Chicago’s cost of living being about 12% higher than the national...

Should You Allow Pets in Your Condo Building? As a property owner in Chicago you may be considering allowing pets in your buildings that you lease to tenants. There are many benefits to allowing the four-legged furry residents to join, but you should be aware of the downsides as well. While allowing pets to be a part of your rental community can add income, it can also bring some disadvantages to your property and your insurance coverages that you should know about. When making the decision for your property management team in Chicago to allow pets, be sure to consider the...

Advance Your Rental Property Business by Hiring a Property Manager If you own a rental property business, then your goal is to use the properties you own to make a profit. To do this, you need to have a steady stream of tenants and no vacancies, tending to tenants’ questions and concerns as needed. As a property owner, you can only handle so many properties. If you begin to become overwhelmed with tenant needs, its time to bring in the experts. The only way you will be able to advance your business is to hire a property management in Chicago for...