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Do you have to send copy of condo association bylaws to your mortgage company?
Anonymous3 views4 answers
Our homeowners association is attempting to update our condominium bylaws (currently the original ones from 40 years ago with a few amendments). There is a line on the form to vote for or against the new by-laws requesting the name and address of the mortgage holder. Do we have to provide this information?
If the mortgage company requests this then perhaps barring any regulation that Illinois has in place. As to voluntarily sending it I can't see a reason to unless again, Illinois requires such.
If your mortgage company requires a current copy of bylaws and any potential changes, your homeowners association will send it. You are under no obligation to send a copy.
There could be a couple of things going on here. It may be that the changes require the consent of mortgagees in order to be effective. If that is the case, they would need contact information for your lender. It could be that they want to be able to report delinquencies on dues and assessments to mortgage lenders. It also could be that some overzealous individual thought it would be a good idea to have this information for no good reason at all. This desire may be misguided, since mortgage companies sell and buy and merge and split and change structure as often as you change your socks. Keeping this data up to date is a fool's errand.
Your homeowners association should automatically send your updated condominium bylaws to your mortgage company. I would follow up with the association if you have any questions or further inquiries.
