Day 1    Receipt of Request to Prepare Lien
Day 3    Lien Ready for Signatures

Day 1    Receipt of Signed & Notarized Lien
Day 3    Record Notice of Claim of Lien.
Day 6    Notification by HOA Collections within ten (10) days of recording sent by certified and first class mail.
Day 37    Thirty (30) day waiting period, as required by the FDCPA (counting of the 30 days  begins the day after certified letters are deposited in the mail).
Day 40    Request authorization to proceed.

   
Day 1    Receipt of Signed & Notarized Notice of Default
Day 5    Record Notice of Default and Election to Sell.
Day 15    Notification by HOA Collections within ten (10) days of recording sent by certified and first class mail notifying owner when ninety (90) day redemption period will expire.
Day 75    Authorization for publication sent to Association (sent approximately 75 days from recording of Notice of Default).

Day 1    Upon receipt of written authorization and fees due, HOA Collections, will have  publication dates scheduled, at which time the advertising will begin.
Day 3-24    Publishing ( 3weeks ) and Posting ( 20 days ).
Day 31    Trustee Sale held.

What Happens Now

The Homeowner could …

Arrange through our office to pay in full, all delinquent assessments, late charges, interest and fees, to resolve their delinquency and bring them back into good standing with the Association.

Contact our office to arrange a contracted payment plan (Good Faith Agreement) to bring their account current over the next several months.

File for Bankruptcy, at which time we will then file the “Proof of Claim” for the Association and monitor the case at no charge to the Association. Should the Homeowner fail to keep current on their post- petition payments during bankruptcy proceedings, our attorneys will file the appropriate motions with the court to insure payments.

Allow the First Mortgage to Foreclose, at which time we will demand from the lender the 9 month Superpriority Lien (NRS 116.3116) amounts on behalf of the Association, OR, make a claim against any excess funds.

Example:
The Bank’s Foreclosure sale occurs on September 21, 2011, and the bank gets it back or  an Investor buys it just slightly over opening bid (amount owed to bank).

The Association can collect balances owed going back to March 1, 2011, and may have to write off the unpaid portion owed to bad debt.

If the property is sold for more than what is owed to the bank, the extra money is called  “Excess Proceeds” and HOA Collections will make a demand against those monies for everything that is owed.

The Homeowner could choose to ignore all proceedings, and the Association’s foreclosure would proceed.