Condo and HOA Financial Issues…Renter Escrow Deposits

Written by Mitchell Drimmer on . Posted in COMMUNITY ASSOCIATION COLLECTIONS, community association loans, condo collection agency, CONDOS, Escrow Accounts Condos, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., hoa and condo financials, hoa collection agency, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, maryland hoa collections, SNAP COLLECTIONS, Uncategorized, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

A condo that will remain anonymous has a unique problem that may not at first glance seem like a dilemma but let me assure it is. They have over three hundred and fifty thousand dollars in the bank. The bad news is that money is in an escrow account from renters in case their tenancy results in damages or fines. That’s a one thousand dollar deposit for each and every renter. It is interesting to note that the building only has three hundred units and let’s say it has 70% renters (210 apartments) as occupants. That means there is at least one hundred and forty thousand dollars that should have been refunded to the renters (minus damages) but never were, and are sitting in the association’s bank account.

HOA COLLECTIONS … Fourth DCA Decision Slams HOAs

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

In a decision by the Fourth District Court of Appeal, Of the State Of Florida Homeowner Associations have been handed another setback regarding HOA collections of past due maintenance fees. On May 27, 2015 the court rendered a decision in the Appeal in Pudlit 2 Joint Venture, LLP v. Westwood Gardens HOA, Inc., Case No. 4D14-1385 that declares that if a delinquent unit is purchased by a subsequent purchaser and the association has this specific language in its governing documents (“the personal obligation for delinquent assessments shall not pass to his successors in title unless expressly assumed by them”),  then the new owner is NOT jointly and severally liable to pay the accrued delinquent fees.

Community Association Collections … Helping Hands

Written by Mitchell Drimmer on . Posted in COMMUNITY ASSOCIATION COLLECTIONS, condo collection agency, CONDO COLLECTIONS, CONDOS, credit scores and community associations, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., hoa collection agency, HOA COLLECTIONS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, maryland condo collections, maryland hoa collections, SNAP COLLECTIONS, snap collections reports to credit bureaus, Uncategorized, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, Virginia condo collections, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

Community Association Collections

Community association Collections or for that matter any debt that is delinquent often deteriorates into a bitter cycle of pain.  The property owner may fall into hard times and cannot afford their payments due to unforeseen consequences and an unfortunate process begins.  First, there is the courtesy notes from the association and then when that fails to result into a payment the matter is sent to either an attorney or debt collector for action.

Fla. Community Association Managers Are Not Practicing Law By Doing Their Job

Written by Mitchell Drimmer on . Posted in COMMUNITY ASSOCIATION COLLECTIONS, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., HOAS

After much testimony and deliberation the Florida Supreme Court has finally ruled in the Unlicensed Practice of Law issue.  Florida Community Association Managers are not practicing law by doing their jobs according to the Florida Supreme Court. The 27 page advisory opinion, just released May 14, 2015, is summed up on the last page with the last paragraph concisely named “conclusion”: