JC3
Posts: 290
Posts: 290
Posted:
What are your policies regarding late assessments/dues, and late fine payments?
What are some of the ways you use to collect them?
What are some of the ways you use to collect them?
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BrianB (California)
Posts: 2,820
Posts: 2,820
Posted:
payments are due on 15th of month, if owners pay monthly (instead of paying ahead by the year). After the 15th, a late fee is assessed for the month.
we send letters every six months or so, reminding folks of where they are in payments, late fees, etc.. If an owner gets more than 6 months behind, we send another letter worded more strongly, and then at 7 months, a second letter with legal action threats, and at 8 months, we file a lien.
at one year, we send two guys named guido and vic over to their home to have a chat with them.
we send letters every six months or so, reminding folks of where they are in payments, late fees, etc.. If an owner gets more than 6 months behind, we send another letter worded more strongly, and then at 7 months, a second letter with legal action threats, and at 8 months, we file a lien.
at one year, we send two guys named guido and vic over to their home to have a chat with them.
GlenL (Ohio)
Posts: 5,491
Posts: 5,491
Posted:
Condo fees are due on the first of each month with a 15 day grace period. At day 16 a $35.00 late fee is added and a letter sent. At 90 days it is turned over to the attorney who adds his fees (approx 50% of the debt) and files a lien. At 150 days foreclosure is started and in addition to all the past due amounts, fees and attorney fees, the HO is charged rent. (Section 5311.18 (B) (2) ORC) We also had a couple of people who would take it up to the foreclosure point, pay and start it all over again so the BOD enacted a measure doubling the late fee for people doing this which has so far (knock wood) stopped it. And yes there is a section in the declarations that allows the BOD to do this.
Studies show that 5 out of 4 people have problems with fractions
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