Finding the Gold

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 Resource

Foreclosure as a Collection Tool

Board members have a fiduciary duty to ensure the association collects assessments. If your association has ever experienced a high delinquency ratio, repeat delinquent owners, or uncollectible delinquent accounts, then you should consider a judicial foreclosure action. The foreclosure option should be evaluated regularly and used aggressively when appropriate to do so. In order toGo to Resource

Collection of Assessments: Creating a Culture of Voluntary Compliance

There’s no doubt about it – assessments are the lifeblood of community associations.  Without the income derived from assessments, associations struggle to maintain the common elements, provide essential services to residents and protect property values.  While most residents are good about paying their assessments on time, some are not.  Furthermore, since associations traditionally operate onGo to Resource

Bankruptcy Overview

Bankruptcy is a means by which a person seeks relief from debt. The bankruptcy laws come from a long tradition of allowing people debt forgiveness and,in certain circumstances, freedom from debt. The bankruptcy laws are federal and are found primarily in Title 11, Chapters 7 and 13 of the United States Code. A bankruptcy doesGo to Resource

Bankruptcy FAQs

Q: What do I do if I receive a Notice of Bankruptcy Filing? A: You should inform your collections attorney immediately if you receive notification that a homeowner has filed bankruptcy.  If we have an active collections file against the homeowner, we are required to suspend further collections efforts against the homeowner while the bankruptcyGo to Resource
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