WilliamS1 (South Carolina)
Posts: 113
Posts: 113
Posted:
South Carolina -
We have a medium sized HOA of just over a hundred homes.
I want to throw out some numbers and hopefully grab some comments.
-All fees and schedules are set up by HOA Board in compliance with governing documents.
-Homeowners that are current on HOA assesment fees are sent a statement only every six months.
-If a homeowner is not current on HOA fees, they receive a statement and $10 Open Balance Fee per month.
-If a homeowner is two months delinquent or associated dollar amount, the lien process begins
-There is a 30 day and a ten day written notice of intent to create a lien.
The lien is to prompt the homeowner and protect the HOA from losses due to changes in homeowner status.
-The management company files the lien with clerk/RMC, charging the homeowners account a fee for application and removal.
-These charges usually add about 25% to the delinquent amount owed.
-If the delinquencies continue to six months or associated dollar amount, the account is turned over to our lawyer.
-The lawyer goes through a series of steps to collect or enter into a forclosure proceeding.
-The lawyers varies but can add up to 50% to the deliquent amount.
We usually have 4% to 7% of homeowners in the process at any given time.
I am always interested in how others do things and are interested in your comments.
Thanks
We have a medium sized HOA of just over a hundred homes.
I want to throw out some numbers and hopefully grab some comments.
-All fees and schedules are set up by HOA Board in compliance with governing documents.
-Homeowners that are current on HOA assesment fees are sent a statement only every six months.
-If a homeowner is not current on HOA fees, they receive a statement and $10 Open Balance Fee per month.
-If a homeowner is two months delinquent or associated dollar amount, the lien process begins
-There is a 30 day and a ten day written notice of intent to create a lien.
The lien is to prompt the homeowner and protect the HOA from losses due to changes in homeowner status.
-The management company files the lien with clerk/RMC, charging the homeowners account a fee for application and removal.
-These charges usually add about 25% to the delinquent amount owed.
-If the delinquencies continue to six months or associated dollar amount, the account is turned over to our lawyer.
-The lawyer goes through a series of steps to collect or enter into a forclosure proceeding.
-The lawyers varies but can add up to 50% to the deliquent amount.
We usually have 4% to 7% of homeowners in the process at any given time.
I am always interested in how others do things and are interested in your comments.
Thanks