We digress from our usual blog topics to focus on another issue that can radically effect Cedar Run homeowners and all other condo owners in Illinois.
SB 2664
There is a bill in the Illinois House of Representatives that will amend the condo act and change the 'Super-lien' rights that condo associations have against foreclosed units.
If SB 2664 is passed into law, associations will only be able to collect up to nine month in back assessments on foreclosed unit. Currently, they are allowed to collect six months PLUS legal fees PLUS special assessments PLUS some late fees and other fees PLUS maintenance & repair expenses.
Cedar Run homeowners know as well as anyone that foreclosures are already very costly to all paying owners in a condo community. Some units are vacant for years before working their way through the court system and finally being sold. All along, there are no assessments collected from these units, and the owners who do pay must pay more.
Nine months of back assessments is merely a small fraction of the costs an association can accrue on a typical foreclosure in our community!! The current laws are not perfect, but SB 2664 would be a HUGE STEP BACK! All experts say that this would result in RISING ASSESSMENTS for all condo owners!!
All of the condo advocacy groups like CAI and ACTHA oppose SB 2664. But the Association of Realtors (a strong lobby in Springfield) supports it. It passed through the State senate with only one 'NO' vote!!
We urge all Cedar Run homeowners to contact your state representative immediately and urge them to vote NO on SB 2664.
We've included the link below, which will automatically send a form letter to your state rep, telling them to vote NO on SB 2664:
<CLICK HERE TO TAKE ACTION NOW>
If you reside in Cedar Run and prefer not to use the form letter, please contact your State Rep:
Elaine Nekritz
Enekritz@repnekritz.org
847-229-5499
references:
CAI-Illinois
ACTHA
Illinois General Assembly
ACTHA Power Point on SB 2664
ACTHA Webinar on SB 2664 (WMV download)
SB 2664
There is a bill in the Illinois House of Representatives that will amend the condo act and change the 'Super-lien' rights that condo associations have against foreclosed units.
If SB 2664 is passed into law, associations will only be able to collect up to nine month in back assessments on foreclosed unit. Currently, they are allowed to collect six months PLUS legal fees PLUS special assessments PLUS some late fees and other fees PLUS maintenance & repair expenses.
Cedar Run homeowners know as well as anyone that foreclosures are already very costly to all paying owners in a condo community. Some units are vacant for years before working their way through the court system and finally being sold. All along, there are no assessments collected from these units, and the owners who do pay must pay more.
Nine months of back assessments is merely a small fraction of the costs an association can accrue on a typical foreclosure in our community!! The current laws are not perfect, but SB 2664 would be a HUGE STEP BACK! All experts say that this would result in RISING ASSESSMENTS for all condo owners!!
All of the condo advocacy groups like CAI and ACTHA oppose SB 2664. But the Association of Realtors (a strong lobby in Springfield) supports it. It passed through the State senate with only one 'NO' vote!!
We urge all Cedar Run homeowners to contact your state representative immediately and urge them to vote NO on SB 2664.
We've included the link below, which will automatically send a form letter to your state rep, telling them to vote NO on SB 2664:
<CLICK HERE TO TAKE ACTION NOW>
If you reside in Cedar Run and prefer not to use the form letter, please contact your State Rep:
Elaine Nekritz
Enekritz@repnekritz.org
847-229-5499
references:
CAI-Illinois
ACTHA
Illinois General Assembly
ACTHA Power Point on SB 2664
ACTHA Webinar on SB 2664 (WMV download)
Sadly, as of 5/22/2014, SB2664 passed the Illinois House by a vote of 64 to 47. It is now headed to the governor for signing.
ReplyDeleteYou can see details of the vote here:
http://www.ilga.gov/legislation/votehistory/98/house/09800SB2664_05222014_011000T.pdf
You'll notice that Elaine Nekritz (the rep for Cedar Run's district) did vote NO, as we've requested.
This was a bad day for condo owners.....Maybe the governor will veto portions of it, but it's not likely.