Does your condominium or homeowners association (HOA) have owners who don’t pay their assessments? Owners are finding more excuses to avoid paying their assessments. Filing multiple bankruptcies, submitting payments with conditional language, NSF payments, claiming they don’t owe since they don’t use the common elements. . . The list goes on and on.
So how does your association handle these “Sophisticated Debtors”? Does your Association have a strong written collection policy? Are your governing documents updated and in compliance with current law? If not, your association will spend more than you should be in trying to collect unpaid assessments.
To ease the pain and headache of collecting unpaid assessments, make sure your association has:
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