Fannie Mae required to Pay Condo ALL Delinquent Assessments and Fees

Written by Mitchell Drimmer on May 20, 2014. Posted in COMMUNITY ASSOCIATION COLLECTIONS, CONDO COLLECTIONS, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., HOA COLLECTIONS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, SNAP COLLECTIONS, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

After Loss in Appellate Court where Lender Did Not Act Properly
Significant and Historic Victory for Condos

Miami, Florida (May 15, 2014) The Florida Third District Court of Appeal recently ruled in favor of the Alden Hotel Condominium Association against Federal National Mortgage Association (Fannie Mae) requiring Fannie Mae to pay the association nearly $100,000 plus attorneys fees and costs, following an appeal during a non jury trial.

Why a specialized Collections Company Makes Sense for Your Community Association

Written by Mitchell Drimmer on April 17, 2014. Posted in COLORADO COMMUNITY ASSOCIATION COLLECTIONS, COMMUNITY ASOCIATION COLLECTIONS WHITE PAPER, COMMUNITY ASSOCIATION COLLECTIONS, CONDO COLLECTIONS, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., HOA COLLECTIONS, HOAS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, SNAP COLLECTIONS, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

Why A Specialized Collection Company Makes Sense For Your Community Association

In good times or bad times community associations (Condos and HOAs) will experience some level of delinquencies that affect the entire association. As a not for profit business your association depends on timely payments every pay period to maintain services to members of the association. Failure to effectively act on a delinquent account does a disservice to the community and to the delinquent member as well. By allowing a member of sink deeper and deeper in debt the association only makes it more difficult for them to remedy their problem.

Maintenance Fee Increases…Sometimes A Necessary Evil

Written by Mitchell Drimmer on April 13, 2014. Posted in COLORADO COMMUNITY ASSOCIATION COLLECTIONS, COMMUNITY ASSOCIATION COLLECTIONS, CONDO COLLECTIONS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., HOA COLLECTIONS, HOAS, SNAP COLLECTIONS

As a member of a condo it is my dream and fantasy to keep our maintenance fees low and avoid the necessity of special assessments. I never want to see my monthly fees go up, and it terrifies me that I could get slapped with a special assessment of an unknown amount. I also wish for world peace, a cure for all diseases, and an end to world hunger. Unfortunately, as noble as these dreams may be I know that they are not possible. So what to do?

Community Associations Must Keep Their Ledgers Accurately

Written by Mitchell Drimmer on March 18, 2014. Posted in COMMUNITY ASSOCIATION COLLECTIONS, CONDO COLLECTIONS, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., HOA COLLECTIONS, SNAP COLLECTIONS

In any business it is imperative that proper Accounts Receivable ledgers be maintained, and this is especially important for community associations. It should be a simple task as every month, quarter, or year an amount is due and when its paid the ledger goes down to zero. Not too much math involved here, and when a unit owner is paying on time it’s quite simple. Yet, what happens when a unit goes delinquent, or when payments come in on an irregular basis and the ledger is not kept properly? That I can answer in one word, and that would be “trouble.”