Our associations adhere to an assessment collection policy to ensure the bills get paid and that we make adequate contributions to the reserves. The collection policy lets you know what is required and when and what happens if you’re behind in your payments. The assessment collection policy answers the following questions:
· How will assessments will be collected?
· When is a payment considered late?
· Does the association charge fees for late payments and returned checks?
· What actions will the association take to collect delinquent accounts? Does it suspend privileges, levy fines or charge interest?
· How does the association notify homeowners of delinquent accounts? By phone, letter?
· How will the association charge interest on unpaid assessments? Only the unpaid monthly assessment or the entire balance?
· At what point does the association record liens against delinquent properties?
· Will the association grant waivers or negotiate payment plans for delinquent accounts?
Our association’s collection policy is consistent with state and federal law and the association’s declaration.