Archive for November, 2015

HOA And Condo Collections Questions Answered

Written by Mitchell Drimmer on . Posted in COMMUNITY ASSOCIATION COLLECTIONS, condo collection agency, CONDO COLLECTIONS, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., hoa and condo financials, hoa collection agency, HOA COLLECTIONS, SNAP COLLECTIONS, snap collections reports to credit bureaus, Uncategorized

Yikes,Mr. Collections Man:

our community association has some members who are not paying their maintenance fees and our attorney bills are already more than what is owed. Is there no other way to collect these fees without spending more money.


Sleepless in Saratoga

Dear Sleepless in Saratoga:

Of course there is a way to recover your money but your board of directors needs to think out of the box.  Your attorney is working hard but all that he/she can do is put a lien on the unit and if you want to become landlords foreclose on the unit and recover your money from rental revenue.  Maybe, that is not such a good idea because if a bank forecloses  its possible that all you will recover is the safe harbor amount of the lesser of 12 months or 1% you will be out of a lot of legal fees.