Condo foreclosures may now cost banks more

Condo With A View

By David C. Hartwell

David C. Hartwell is a founding partner of Penland & Hartwell LLC, a law firm concentrating exclusively in the representation of community associations. He can be reached at dhartwell@penhart.com.

Posted October 15, 2014 2:39 PM

The Illinois Appellate Court issued a ruling in August that potentially makes foreclosures on condominium units more costly for banks. Generally, when a bank forecloses on a condominium unit, it will bid its judgment at the foreclosure sale auction and, more often than not, will be the successful bidder and take over the unit. As a general precept, banks don’t want to be titleholders of large numbers of properties, but since the downturn of the real estate market several years ago, banks have not been able to …

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