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.”

Dear Collections Guy:

After four years a bank has foreclosed on a unit in our association that has not paid maintenance fees all that time.  We thought that when the bank took title the situation would improve, but now we see that the bank is not paying the dues, what can be done?

Signed,

Frustrated in Florida

Highly Unusual Win for a Collection Agency by Association Financial Services, L.C.

Palm Beach, FL (PRWEB) January 09, 2014

SNAP Collections has won the annual Readers Choice Awards for financial services sponsored by the Florida Community Association Journal and Florida Community Association Professionals. “This comes as a complete surprise to us, but is not undeserved,” said Mitch Drimmer, VP of Business Development at SNAP Collections by Association Financial Services.

There are over 65 million Americans living in Community Associations in the United States. Even in good times payments can be late or even ignored and that is not fair to the good paying owners in an association.  Maintenance fees are critical to keeping up the condition of a community association and therefore directly affect the quality of life in a condo or HOA.  Owners who have decided not to pay or even owners who pay late are hurting associations and creating shortfalls that result in increased maintenance fees or reduced services.  Its not actuarially fair because everybody has to pay their fair share.  So what is a community association supposed to do when the money is not coming in on time or not coming in at all?