There are over 65 million Americans living in Community Associations in the United States. Even in good times payments can be late or even ignored and that is not fair to the good paying owners in an association. Maintenance fees are critical to keeping up the condition of a community association and therefore directly affect the quality of life in a condo or HOA. Owners who have decided not to pay or even owners who pay late are hurting associations and creating shortfalls that result in increased maintenance fees or reduced services. Its not actuarially fair because everybody has to pay their fair share. So what is a community association supposed to do when the money is not coming in on time or not coming in at all?
Archive for November, 2013
By Mitch Drimmer, VP Association Financial Services
Community associations are faced with having to deal with collecting delinquent assessments in good times and bad. If a community association were to advertise for a collections company this is how it may appear.
HELP WANTED FOR COLLECTIONS
The board of directors of our community association is looking for a collections solution that will not only help us recover our delinquent assessments, but will not cost us five dollars to collect one dollar. We have been working with our community association attorneys, and although they know the community association business well, they are not effective with their collections efforts. We need more than an attorney placing a lien and then maybe foreclosing on said lien. We need action and we need it now because our collections are costing us an arm and a leg, and we are not seeing any return on our investment with our current solution.