Due to the economic times we are in, homeowners who fall behind on their payments are not likely to have enough money to pay all that is due in a single payment.
This is where we shine. The most important and rewarding aspect to collection is to give a homeowner an opportunity to bring their account current and become a productive paying member of the Association. Using respect and dignity, we assist the homeowner with an acceptable plan to bring their past due balance current while maintaining the payment of their current dues, which increases the Association’s “Bottom Line”. This area takes experience and finesse. Our trained staff does everything possible to find the most satisfactory resolution without waiving any of your rights.
When we set up a payment plan we provide the owners with a “Good Faith Agreement” for them to sign, that outlines all of the terms and conditions of the agreement. We also provide the owners with a complete breakdown of all charges, including assessments, late charges, and interest that will accrue during the payment plan. This way they can make one larger payment per month and when finished with the plan, be in current status with the Association. Some payment plans are set up for 6 months to a Year depending on the owners’ ability to pay. However, in many cases, the payment plans are 3 months or less.
When a payment plan is set up, the owner sends the new monthly amount due, which includes the current assessment and a portion of the delinquent balance. We basically just set up a new monthly payment amount for the owners to pay until the balance is brought current. This means that the Association receives a check from HOA Collections LLC, on a monthly basis and just applies it to the balance due. The bookkeepers love this service because they do not have to worry about whether or not an owner has paid, HOA Collections LLC handles everything including late payments, missed payments, default notices and termination notices. If a payment plan defaults, or is terminated, HOA Collections LLC resumes the next step of collection.