Recently an association inquired whether it would be a good idea to require an impound fund for all new owners in an effort to curb the community’s delinquency problems. The idea behind the proposed impound fund, also called a reserve or escrow account, is that each new owner would be required to put an additionalGo to Newsletter
Collections Resources
Having difficulty staving off the rising tide of delinquencies? And are the circumstances that have put your association in this position outside of your control? You can’t control the economy or extinguish the existence of foreclosures and bankruptcies in your community, but you can control how you respond to these and other scenarios that tendGo to Newsletter
Association Do you have a written collection policy? Do you periodically communicate the collection policy and procedures to owners? Do you obtain as much owner information as possible at each new closing? Management Does your manager provide a monthly list of delinquent owners? Does your manager provide an aging report of delinquent owners? Does yourGo to Newsletter
Whether you are a board member or an employee of a management company, you may be called to testify in court in response to a subpoena for records or as a witness to events. Here are some practical hints and suggestions on what to do and how to do it well when you are askedGo to Newsletter
Collecting assessments from delinquent owners is a little bit like mining for gold. First you have to find the gold. With delinquent owners getting a judgment is usually the easy part. Next comes the hard part, finding the gold. We have to locate attachable assets to satisfy the judgment. Generally attachable assets come in theGo to Newsletter