MattD7 (Illinois)
Posts: 10
Posts: 10
Posted:
Very long story short: 3 unit flat in Chicago, 1 owner now deceased was/is 2.5+ years behind on HOA assessments, estate is hands-off and there is no money to be had.
The unit has been sitting vacant for 2 years, there was a leak and a subsequent severe black mold problem that we remedied, we are paying for the unit's heat in the winters and covering it's share of insurance premiums beyond it's share of common bills/expenses.
BOA holds the mortgage and has been "waiting to schedule for judgment" every time I inquire. They have rejected several short sale offers within 8% of the amount owed (prior to the leak/gut). They clearly are avoiding any foreclosure to avoid the maintenance and HOA dues, and now that the place is gutted down the studs as a result of the damage, it is even more of a reason for them to delay.
The HOA has no money as a result of this and cannot afford an attorney to foreclose on it to rent it out, and even if we could, the unit is uninhabitable as this point.
I have written our Alderman, written letters to the attorney's on both sides, spammed every BOA executive I could with emails, and writing a story with the local media. I have exhausted all of my resources to try and get an answer on why this is taking so long and conveying the amount of work I have had to put in to protect the unit, our building and other units, but ultimately the bank's interest as well and they sit back as we sit in limbo and do all of their work for nothing but the hope that our units will survive all the problems this has created.
All we want is to see this place foreclosed upon and moved along so we can get an owner in to nurse it back to life. The Association would even to control and rebuild it to rent it out if we had a guaranteed stake in it to invest the time and our own money to do so. At this point, until the bank forevloses or gives the Association the title free and clear and writes this off, the domino affect of this negligence is going to get out of control.
Any lawyers in IL that have any recommendation on what we can do at this point?
The unit has been sitting vacant for 2 years, there was a leak and a subsequent severe black mold problem that we remedied, we are paying for the unit's heat in the winters and covering it's share of insurance premiums beyond it's share of common bills/expenses.
BOA holds the mortgage and has been "waiting to schedule for judgment" every time I inquire. They have rejected several short sale offers within 8% of the amount owed (prior to the leak/gut). They clearly are avoiding any foreclosure to avoid the maintenance and HOA dues, and now that the place is gutted down the studs as a result of the damage, it is even more of a reason for them to delay.
The HOA has no money as a result of this and cannot afford an attorney to foreclose on it to rent it out, and even if we could, the unit is uninhabitable as this point.
I have written our Alderman, written letters to the attorney's on both sides, spammed every BOA executive I could with emails, and writing a story with the local media. I have exhausted all of my resources to try and get an answer on why this is taking so long and conveying the amount of work I have had to put in to protect the unit, our building and other units, but ultimately the bank's interest as well and they sit back as we sit in limbo and do all of their work for nothing but the hope that our units will survive all the problems this has created.
All we want is to see this place foreclosed upon and moved along so we can get an owner in to nurse it back to life. The Association would even to control and rebuild it to rent it out if we had a guaranteed stake in it to invest the time and our own money to do so. At this point, until the bank forevloses or gives the Association the title free and clear and writes this off, the domino affect of this negligence is going to get out of control.
Any lawyers in IL that have any recommendation on what we can do at this point?