Unfortunately, sometimes homeowners pass away. When that happens and the homeowner owes a balance to the association, boards often have many questions about what that means and what they should be doing. First and foremost, remember that the heirs are grieving their loved one. Board members are often torn between wanting to be respectful ofGo to Resource
Collections Resources
When a property is set for a closing, the title company handling the closing will request a status letter from the management company or board. The status letter contains quite a bit of information, including telling the title company how much of the profits from the sale should be withheld to pay the balance dueGo to Resource
How time flies! In April 2021, I published Payment Plan Offer Letters & Top Pitfalls We’re Seeing. While the information contained in that blog is still relevant, when HB22-1137 became effective August 2022, a whole new slew of payment plan offer letter issues emerged. The 2022 law change upended the delinquency notice process and it’sGo to Resource
If a homeowner fails to pay a balance due to their association, there are two ways to attempt to collect that balance. The first is through the personal assets of the homeowner. The second is through the lien against the property. Personal Liability: Unpaid balances due to an association are the personal responsibility of theGo to Resource
It has been said many times that assessments are the ‘life-blood’ of an association. With costs rising for everything from pool chemicals and light bulbs, to snow removal, the adage continues to hold as true as ever in 2023. Just like the rest of us, associations are not immune to rising costs and cannot provideGo to Resource