As a resident of a community that is run by a homeowners association, you may be accustomed to paying a monthly HOA fee in addition to your mortgage. Maintenance fees may be frustrating to some homeowners due to the fact that they are unaware of the importance of it and where it goes. It’s the responsibility of the homeowners association to educate its residents about what is covered in the assessment and to ensure that no one is left behind. HOA Collections are key to maintaining a top notch community.
With the economic recovery in full blossom it would seem that community associations including, Condo and hoa collections are out of the woods and happy days are here again. Sorry, but no. You may see new projects popping up all over and prices on the rise but if your association was established before 2013 chances are you are still plagued with delinquent owners, saddled with doubtful debt and are low on reserves. In other words your association lacks the financial vitality it should have in order for it to be a worthwhile investment. Curb appeal and amenities aside buyers are now more cautious and considering how financially robust the association is before they make their purchases. There is still a lot of work to be done for many associations.
HOA fees play a crucial role in the functionality of a community that if one or more residents fail to pay, it impacts everyone. Late and unpaid maintenance fees prevent a community from providing the services needed for it to thrive and improve property value. In cases such as these, it’s important that the association has basic guidelines in place to get them through the collection process as efficiently and smoothly as possible.
Many homeowners have an HOA fee that they are responsible to pay for in order to live in the community they purchased their home in, whether it be a townhouse, condo or house. This maintenance fee covers many amenities and services required to keep the community in good shape and protect the community in times of crisis (insurance). Homeowners must adhere to these fees and pay them on time, or there may be serious consequences involved.
One concern many homeowners have is whether they will be affected if other homeowners don’t pay their HOA dues. At SnapCollections, we understand your concern as a responsible homeowner. As a collections agency in Florida serving the entire United States, we have emphasized the importance of HOA dues and how it affects community life.