Unfortunately, Senate Bill 2664, Condo Assessment-Nonpayment-Lien, which will limit the amount of money the Association can collect in a foreclosure, passed both Houses on May 22. Under SB2664, we will be able to recoup 9 months’ worth of assessments and nothing more—no attorney fees, past due special assessments, or damages.
It favors realtors and bankers, not condominium homeowners, and a lot of realtor lobbying has gone into getting it passed.
However, all is not lost. Please write, email and telephone Governor Pat Quinn and URGE HIM TO VETO SB2664.
Tel: 312-814-2121
http://www2.illinois.gov/gov/Pages/ContacttheGovernor.aspx
345 Fullerton Parkway 