Many Florida homeowner associations have faced the issue of collecting delinquent assessment fees after foreclosures. Since there are considerable amounts involved in a delayed foreclosure action, homeowner associations should be aware of the amount that they may or may not be able to recover. Consider using a debt recovery service to ensure you receive the maximum amount of the money owed.

SNAP Collections is an easy, efficient and cost effective HOA collections platform for homeowner associations. Our goal is to ensure that homeowners associations recover more money on delinquent accounts than any other collections solution in the industry. Below are the most common ways in which properties are transferred during a foreclosure and what can be recovered.

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.