Real estate — past due condominium assessments

Posted May 4, 2016 3:13 PM

Where a wholly owned subsidiary of a mortgagee purchases a condominium at a foreclosure sale, they are also considered a mortgagee and not liable for delinquent assessments incurred by the prior owner in the six months preceding and which accrue to the party purchasing it from the subsidiary.The 1st District Appellate Court reversed a decision by Cook County Circuit Judge Sandra Tristano.In 2010, RealWorks LLC experienced financial difficulty and had trouble making payments on a condominium unit they owned. RealWorks …

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