Collections policies help ensure that all owners are treated equally and are contributing fairly. Simplify the process by following this general framework for a collections policy.
Much like local, state, and federal governments collect taxes to fund public services and programs, assessments are part of living in a community association. Homeowners have a responsibility to pay their assessments on time. Unfortunately, some owners refuse to pay or can’t pay assessments. What does that mean for the community? And how should board members respond?
Homeowners facing financial hardship due to the COVID-19 pandemic can benefit from an extension to the federal foreclosure moratorium and new rules limiting collections of delinquent mortgage payments.
When the widespread threat of COVID-19 in the U.S. became evident in late February, community association board members and managers began asking questions and taking necessary actions.
Nearly 75% of community association board members express being “confident” or “very confident” regarding the current budget, though almost half expect assessment delinquencies to increase in 2020, according to a CAI survey conducted in late April.