COLLECTIONS
Affordable. Fast. Effective.
If your owners owe you money, we can help you maximize your recovery.
Ignoring delinquent accounts is a problem. Owner delinquencies are serious business for Homeowners Associations and Condominium Associations. Even a single owner delinquency can grow astronomically—and result in losses for every single owner.
FACT: A $27,000 delinquency within a 90 home community is an actual loss of $300.00 per resident.
Collections are not a cookie-cutter process. Each unit has a story. Each account is unique and must be strategically reviewed to provide optimal recovery options. (And this is where the big law firm mills fail!) What works for one account will not work for another—the legal approach must be tailored to the specific case.
Owner delinquencies fall into a few categories:
- The owner is behind, but residing in the unit
- The owner is behind, and has abandoned the unit
- The owner is behind, and is renting the unit
- The unit is in bank foreclosure
- The owner has passed away, and nobody has claimed the unit.
Each one requires a different strategy.
A few of the strategies we incorporate:
- Repayment agreements with owners
- Ask absent owners to allow you to rent the unit and pay down the balance
- Offer cash-for-keys – giving owners a small amount of cash to skip collections and give you ownership of the home
- Push the bank to go faster on their foreclosure
- Demand rent from current tenants
We pride ourselves on our Collection Practices
And this is where we can help you. As a boutique association law firm, we pride ourselves on our tailored collection practices. We forge strong relationships with our clients as we work together to plan our courses of action on each case. And every single month, we provide a detailed review of your open files, with the cost for the next step that the board reviews and approves.
We don’t want you to be surprised by a bill.
We’ll tell you exactly how much everything costs and you can choose your strategic approach. Many steps of our collections processes are flat fee!
(that's right, no extra surprise charges for postage, copies,
certified mailings, or multiple owner phone calls)
We’ll tell you exactly how much everything costs and you can choose your strategic approach. Many steps of our collections processes are flat fee!
(that's right, no extra surprise charges for postage, copies,
certified mailings, or multiple owner phone calls)
It's best when collections start early in the delinquency - and those collection practices should be firm, following the fastest statutory timeframes. When the Association is proactive on their accounts, the community responds, with regular payments and fewer delinquencies.
But, for a number of reasons, delinquencies were not enforced.
We can help clean up those Accounts Receivable and nip those delinquencies in the bud!
But, for a number of reasons, delinquencies were not enforced.
We can help clean up those Accounts Receivable and nip those delinquencies in the bud!
Affordable. Fast. Effective.
Contact us today for a no-cost evaluative consultation.
How do you start the process?
1. Have us evaluate your Accounts Receivable/ledgers
2. We will review each property for a strategy and present possible scenarios
3. Retain the firm to begin the collections
2. We will review each property for a strategy and present possible scenarios
3. Retain the firm to begin the collections
Two Ways to Contact Us
you may have questions
(and we have answers)
(and we have answers)
FAQs
We've had other law firms and not gotten results on collections?
All we can say is, we have a track record of success, including accounts we've taken over from other firms.
Does the board or property manager have to deal with the owner?
Once a property/owner is turned over to the law firm for collections, neither board members nor the property managers should discuss anything with the owner.
How does the owner know the payoff figure?
Once we receive a ledger, we compute the appropriate interest, late fees, admin fees, legal fees, and come up with a payoff figure which we will present directly to the owner. It is usually higher than the ledger balance.
How do Repayment Agreements work?
If the owner cannot afford to make a payoff in full, the board may choose to accept a Repayment Agreement. We act as the liaison between the owner the board. We will present all offers made by the owner and relay any acceptance or counter-offers by the board to the owner. Neither the board nor property manager need interface wit the owner for the entire process.
What are your per page hard cost charges and do you mark up postage and handling fees on mailings?
We don't believe in nickel-and-diming you, the customer. We do not charge extra for copies nor do we charge for mailings, not even the hard cost postage or certified costs!
Take back control of your community!
We’d love to help you!
Take back control of your community!
We’d love to help you!
