Strategies for MAXIMIZING RECOVERY of Delinquent
Assessments
Like other types of organizations, community associations are not immune from economic downturns. Because they rely on homeowners’ timely assessment payments to operate, associations must be proactive in evaluating how to best minimize the loss of assessment income, particularly during the presence of challenges in the overall economy. In other words, associations must develop and carry out effective assessment collection strategies.
In Illinois, the standard method for the collection of delinquent condominium and common interest community association assessments is the initiation of eviction proceedings. In summary, the eviction procedure entails the association mailing a 30-day eviction demand to the homeowner, and if necessary, filing an eviction lawsuit. Assuming the association prevails in the eviction lawsuit, the association will obtain a court order allowing the association to have the county sheriff evict the homeowner and the other occupants of the unit. The association may also obtain a money judgment against the homeowner. If an eviction is completed, the association can then lease the unit to a tenant and apply the rental income toward the homeowner’s delinquent assessment account.
www.cai-illinois.org • 847.301.7505 | 41
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