If you have purchased a condominium or property in an HOA, one of the documents you may be required to sign in connection with your loan is a “Condominium Rider or a Planned Unit Development (PUD) Rider.” This rider is an attachment to the document recorded in the land records to secure the note given by the lender for your purchase.  In most states including Florida, it’s called the Mortgage.

One of the most important items contained in the Condominium Rider/PUD Rider is the information regarding the maintenance fees for that particular community association. It is very important to the lenders that these fees are paid because they have an interest in the condominium unit or HOA property.  It is especially important to them if the unit has equity, because the community association has the right to foreclose on the title for non-payment of maintenance fees.

SNAP Collections, The Community Association Collection Specialists, Hires Richard Duer for Midwest Region

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Community Associations such as Condos and Homeowner Associations often have good reason to report non-paying members to the credit reporting agencies. The only problem is that don’t have the ability to do so, and usually it is not a function of their community association attorney who has taken on the collection of this particular debt. Therefore, one of the most important and potent tools that exist for the purpose of effective collections is not being used. So what can a community association do to get credit collection services delivered to them and have delinquencies reported to credit bureaus?

Learn from SNAP Collections how your community association can engage the Latest, Newest, and most innovative collection program.

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