Collection & Finance
Every community association needs effective policies and processes for collecting delinquent assessments. Timely collection of assessments is not only necessary to make sure that the association can pay its bills as they become due, but is also important for loan underwriting, FHA certification and borrowing funds, among other things.
Our firm can assist association clients with preparation of a comprehensive written collection policy, provide guidance on association and manager adherence to the policy and counsel clients on diligent pursuit of their policy’s specific procedures in taking collections actions.
There are several methods we use for collecting delinquent assessments after the lien has been filed and a demand letter has been sent. These methods include a monetary judgment obtained through Small Claims Court (if the debt is less than $10,000.00) or a foreclosure lawsuit. Each method has advantages and disadvantages. Our experienced counsel will work with you to identify and successfully implement the best option for each collection situation.
If you would like to talk to an attorney who has the experience in working on behalf of a community association regarding any of these issues please Contact Us today.