HOAleader.com - Tip of the Week - June 12, 2009
Published: Fri, 06/12/09
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Creating Successful Payment Plans for Delinquent Owners: Step One
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This week's tip comes from our just-posted article on dealing
with delinquent owners:
HOA Finances: Payment Plan Dos and Don'ts
http://www.hoaleader.com/members/297.cfm
Members (and trial members) can view the article for free now.
Not a member yet? Sign up here:
http://www.hoaleader.com/details.cfm
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If you're willing to work with delinquent homeowners, make sure
you create a plan that protects your HOA and that homeowners are
likely to follow.
Step one? File a lien.
"Once you have someone who's fallen a month behind, move toward
prompt collection activity," says Marc Andrew Landis, a partner
at Phillips Nizer LLP in New York City who advises associations
and co-ops.
"The important part is taking out that lien. In many jurisdictions,
the association's lien is going to be behind the mortgage and
income tax liens, but you must establish lien priority by filing
record notice of your association's lien so that everyone else
knows you're third in line.
"Even with a payment plan, I'd file a lien because it protects me
from anybody else trying to jump ahead of me in getting the money.
If the debtors are getting sued because they didn't pay a credit
card bill or are behind on their leased car, I want my lien to be
ahead of those judgments."
In our new article, you can get more tips for a successful
payment plan, including the documentation you need to get from
the owner, the documentation you need to create, how to decide
what the owner should pay, and whether you should get a
confession of judgment. Go there now:
http://www.hoaleader.com/members/297.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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HOA Finances: Payment Plan Dos and Don'ts
Sometimes it pays to be nice, and that can be especially true
when you've got delinquent owners. Not all people behind in their
assessments are lazy deadbeats. Often, setting up a repayment
plan is the best solution for your condo or homeowners
association and the indebted homeowners.
Click here to read full article:
< http://www.hoaleader.com/members/297.cfm >
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Sample HOA Collection Policy
Here's an example of wording in an HOA collection policy. Before
adopting similar language, be sure to run it by your attorney to
ensure it complies with your state law and your governing
documents.
Click here to read full article:
< http://www.hoaleader.com/members/296.cfm >
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Sample HOA Deductible Policy
Here's an example of wording in a deductible policy. Before
adopting similar language, be sure to run it by your attorney to
ensure it complies with your state law and your governing
documents.
Click here to read full article:
< http://www.hoaleader.com/members/295.cfm >
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Do You Have Squatters in Your Homeowners Association?
Take Back the Land is candid about what it calls its "housing
liberation movement." Other groups are acting more secretively.
The goal of all of these types of groups, however, is to break
into houses abandoned as a result of today's foreclosure crisis
and move in homeless families, with many of them returning to the
very homes they've lost through foreclosure.
Click here to read full article:
< http://www.hoaleader.com/members/294.cfm >
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How One Woman Helped Rescue Her Condo Association--and Hit Hard
Times Herself
Several years after leading the charge to turn her condo
association from a financial disaster into a financial success,
Lyletta Robinson's fortunes have turned. Now, a few of her fellow
owners consider her a "bad neighbor" because an 11-month
unemployment stint forced her to fall behind on assessments. Here'
s the story of how Robinson spearheaded the turnaround of her
association and her thoughts on her current "bad girl" status.
Click here to read full article:
< http://www.hoaleader.com/members/293.cfm >
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