Non-Payment of Assessment and Other Charges
One of the other significant issues facing HOA's is the non-payment of the monthly and other charges assessed by the HOA's Board (commonly referred to as the monthly and special assessments, or maintenance). The collection of these monies requires expertise and experience! HOAs are permitted to file a lien and, thereafter, foreclose that lien if the monies owed to the HOA are not paid. We have a department in our firm devoted to the collection of these monies and HOA lien foreclosures. As importantly, after the liens are foreclosed, our firm provides the HOA’s Board with practical advice on the options available (for example, selling or renting the unit and the risks involved or negotiating with a first mortgage holder to buy the HOA’s interest). We also work hard to collect all the monies owed to the association, such as interest, legal fees, and any other fees permitted by the association’s governing documents or the law. We strive to expeditiously proceed with the collection efforts, resulting in the HOA obtaining a paying homeowner or collecting its monies through other means much sooner.
