Posts Tagged ‘Colorado community association reserves’

Condo & HOA Boards…Eligible versus Qualified.

Written by Mitchell Drimmer on . Posted in Accounts Receivable, condo accounts receivable, Condo accounts receivables, condo collection agency, CONDO COLLECTIONS, condominium, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., hoa accounts receivable, hoa accounts receivables, hoa and condo financials, hoa collection agency, HOA COLLECTIONS, HOAS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, SNAP COLLECTIONS, snap collections reports to credit bureaus, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

The Florida Condominium Act says that “any unit owner or other eligible person” may be a candidate for the board of directors. An individual is not eligible for board membership if the person has been suspended or removed from the board by the State, is delinquent in the payment of monetary obligations to the condo, or has been convicted of a felony, unless his civil rights have been restored for at least five years as of the date such person seeks election to the board.

Condominium Fraud and Mismanagement

Written by Mitchell Drimmer on . Posted in Accounts Receivable, COLORADO COMMUNITY ASSOCIATION COLLECTIONS, COMMUNITY ASOCIATION COLLECTIONS WHITE PAPER, condo accounts receivable, Condo accounts receivables, CONDO COLLECTIONS, condominium, condominium fraud, CONDOS, hoa accounts receivable, hoa accounts receivables, hoa and condo financials, hoa collection agency, HOA COLLECTIONS, HOAS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, maryland condo collections, monopolized management firms, SNAP COLLECTIONS, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

Hundreds of condo owners marched through the streets of Doral on Saturday, April 16 to demand that authorities take steps to stop a wave of fraud hitting their neighborhoods. You can read the entire story in the link that I have provided below at the end of the blog:

After I read this story I sent it to my fellow board members and one of the directors on my board who has a lot of experience governing the condo replied with an outstanding observation of the condominium concept.  I have edited some names out so that we don’t get sued by the unscrupulous management company that had control of our condominium for ten years but everything else he says here is verbatim:

Fannie Mae required to Pay Condo ALL Delinquent Assessments and Fees

Written by Mitchell Drimmer on . 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.

Community Associations Must Keep Their Ledgers Accurately

Written by Mitchell Drimmer on . 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.”