Delinquent HOA and Condo Association fees are a huge problem – here in sunny South Florida along with every pars of the country.
It\’s safe to say that a large percentage of homeowners who stop paying their maintenance fees assume that they have another 3-6 months before the Association puts a lien on the property and starts foreclosure proceedings. Up to now, anyway.
There seems to be a new trend taking shape regarding HOA maintenance fee payment policies. The new policy is that if full payment isn\’t received by the 10th of the month, the homeowner will receive a notice. If the full payment is not received by the 20th of the month, then the account will be sent for collections and the homeowner will be responsible for all fees and costs associated with the lien and foreclosure. This is serious. They are moving lightning quick. What used to take at least 3 months is now taking 20 days.
It\’s apparent that HOAs are tired of taking massive hits with delinquent fees, and so they\’re now doing something about it. It\’s just a matter of time before other HOA and Condo Associations start doing the same. All it take is for a few attorneys, board members, and management companies to talk to each other, and the trend will take off.
I\’m certain this new policy will come as a huge surprise to many.
Is there a delinquency issue in your part of the country? If so, how long does the homeowner usually have before the Association starts foreclosure proceedings?
Source: Active Rain