Each month we provide the association members with H.O.A. account statements, return envelopes and any board approved correspondences. The billing statements provide the following information:
- Payments, Payment Posting Date and Check Number
- Management Contact Information
- Monthly Assessment Charges
- Detailed Charge Descriptions
- Special Assessment Charges
- Current Amount Due
- Past Due Amounts
- Aging Schedule
- Late Fees
- Due Date
We understand that maintaining a steady cash flow is essential to an association’s financial health and we have found that consistency is the most effective way to minimize late payments and delinquencies. We review each individual association member’s dues account on a monthly basis to identify delinquent accounts and late payments. Then, to prevent any losses from escalating we impose late fees and draft payment reminder letters in accordance with the association’s delinquency policy.
In the event that a delinquent homeowner requests a payment plan, we present the plan to the Board of Directors for consideration. If the plan is approved, we monitor the scheduled payments and update the board if the plan is not met or once the delinquency has been cured.
Our payment reminder letters provide a date by which we must receive payment in full. In the event that the homeowner hasn’t responded to our written payment request, with the Board’s approval we can we coordinate the lien filing process with a collection service company of the board’s choice and follow through with the non-judicial foreclosure process if necessary.