How do you collect delinquent assessments?
There is no one answer – depending on the circumstances applicable to each collection account, different actions may be recommended. However, the following are some common steps in the process. Call us today at 248.644.4433 and ask us about our flat fees for assessment collection that we offer Michigan condominiums, HOAs and subdivisions.
We review the account and the Association’s prior correspondence for compliance with applicable law and the governing documents.
We prepare a lien to secure payment of the amounts due in accordance with the governing documents, which is critical to preserve priority with respect to real estate transactions, refinancing, bankruptcy, estate, and other events that may occur.
Foreclosure may be necessary to recover delinquent assessments or at least effect a change in ownership so a new owner may begin paying assessments.
Do you have a collection policy?
An enforceable Delinquent Assessment Collection Procedure policy drafted in accordance with your governing documents and applicable state statute should form the basis from which you proceed in your collection efforts. The Meisner Law Group can work with the board of directors to review and revise your existing policy or prepare a new policy to ensure conformance to applicable law and best practices. Ask about our flat fees for new policies.
Give Us a Call
Let us know how we can help – call us at 248.644.4433. Together, we can plan a customized strategy that works.
After we begin collection on an account, we make it a priority to keep you informed of the status of the account and provide our estimate for resolution.
Our reputation as leaders allows us to maximize the amount recovered for the Association, which distinguishes our attorneys and paralegals.