Collection of Delinquent Assessments
HOA and condo assessments (or “dues”) payable by your owners are the lifeblood for your Indiana community association. They cover your costs for essential services. They allow you to maintain the amenities that contribute to quality of life. If you don’t collect, you might need to make some tough decisions. Unfortunately, HOA fee collection is rarely easy.
Why Don’t Homeowners Pay HOA Assessments on Time?
Why Don’t Homeowners Pay HOA Assessments on Time?
In many cases, delinquent fees are simply an oversight. They also tend to occur when a home is in a mortgage foreclosure. In some cases, they are the result of miscommunication or ineffective policies. No matter the cause of the delinquency, collection can be difficult. Few people want to play the role of collections agent – especially as part of a volunteer position. Oh yes, and don’t forget that the folks you are trying to collect from are your neighbors!
Practice areas:
Covenants and By-Laws Preparation and Interpretation
Document Amendments and Restatements
Collection of Delinquent Fees and Assessments
How We Can Help You
Your board does not have to handle delinquent HOA fees yourself. We can:
Help your association adopt collection policies and procedures that will encourage prompt and consistent payment.
Advise on your association’s available remedies to collect from delinquent owners.
Advise and assist when an owner files bankruptcy.
Explain the differences between Chapter 7 and Chapter 13 bankruptcies.
Advise on what to do when a mortgage company is foreclosing on an owner in your community.
Recommend and implement actions to collect (demand letters, law suits, filing liens, etc.)
– testimonial –
“Our delinquent accounts were growing and impacting the cash flow of the HOA’s operations. Eads Murray & Pugh developed a practical but cost effective plan for our community. After we implemented it, we’ve seen a substantial decrease in our delinquencies.”
– Miami County, Indiana homeowners association Board member