We’ve been lucky enough to have some spring-like weather in Denver and this week is supposed to be much of the same! We’re already starting to think of warmer weather and the activities that come along with it – like swimming! Now’s a great time to take another look at your delinquencies and think of creative ways to gain control of them. Homeowners often start thinking about taking care of their debt to the Association this time of year (it’s tax time!) so that they can take a dip on those hot summer days in the community pool. Taking some (or all) of the following actions can help reign in those delinquencies.
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- Review your collection policy, or if your association doesn’t have one (it’s a required policy under CCIOA), adopt one.
- Consider offering owners amnesty from a portion of the debt (waiving soft costs, such as late fees and interest, can entice homeowners to start paying on their debt).
- Remind owners via community newsletter or email blast that the pool will be open soon. Members in good standing can pick up their pool key/pass etc. at a certain date/time. This will encourage homeowners to deal with their delinquencies NOW, rather than later.
For questions and answers to some frequently asked questions about reigning in delinquencies read our article, “Three Ways to Gain Control Over Delinquencies in This (Still) Tough Economy.” If you’d like assistance in drafting or modifying your collection policy, or want to discuss other options regarding collections, please contact one of our attorneys at 303-432-9999 or send us an email to [email protected].