A recent Illinois First District Appellate case may end the common practice of foreclosing banks not paying condominium assessments until re-sale of foreclosed property by giving a large incentive to pay assessments as quick as possible following the judicial sale.
Tenant friendly laws in Illinois and Chicago just got a whole lot friendlier
In recent years, Chicago has gotten a reputation as an extremely tenant friendly city. Now, in Chicago and all of Illinois, even more tenant-friendly laws have recently been enacted that cut off the owner's right, be it a bank or private owner, to evict or forcibly remove tenants at foreclosed properties, except in very limited circumstances.