Associations should routinely update their debt collection policies and procedures. By reviewing homeowner information, managers and board members ensure that they can navigate effectively through the latest regulatory framework. Equity Experts can help you comply with changes, reducing homeowner delinquency and legal liability for things like:
- interest
- late charges
- reasonable costs of collecting, including attorneys’ fees
- related fines
- unpaid assessments
A community assessment lien affects the title to the property, hinders the homeowner’s ability to sell or refinance, and can end in foreclosure. The last thing your HOA wants to do is sell a property to satisfy a debt. You want the community to run smoothly with reassured homeowners.
Establishing a debt collection plan
The right debt collection agency can help you enforce the rules of the community and increase cash flow. Equity Experts breaks down recent accounts to show you how we document delinquent assessments, calculate fees, and determine the association’s share of recovered funds.
We operate nationwide according to state and federal laws and FDCPA regulations. Your association is as community with staff and residents that deserve respect and empathy in challenging situations. When scheduled communication are set according to guidelines for phone calls, letters, and email notifications, staff have access to the correct information owners need to resolve payments before unnecessary fees can accrue. This helps the association avoid legal issues resulting from miscommunication and emotional distress.
Equity Experts uses automated technology for a straightforward debt collection process. The digital age enables software applications to create workflow integrations, predictive analytics, and API data. With these tools, we outperform competitors in our industry in reducing delinquency rates. We resolve outstanding accounts within in an average of 90 days with a 98% success rate. In general, we charge 32% less than an attorney, and we defer association fees by collecting them directly from homeowners, saving a step in the process.
Superior debt collection programs use technology to eliminate manual tasks and free up staff to focus on other essential aspects of their jobs. We can check the status of accounts in real-time and generate reports for accounting more quickly. Compliance for debt collection actions is built into the procedures and updated when laws change to avoid liability between the association and its residents.
Updating for speed and accuracy
If your association struggles to stay up to date with debt collection regulations and processes and would like to review the status of accounts at the click of a button, contact us! Equity Experts can explain how we gather information for compliance, integrate it into other software systems, create a dashboard to access account status, and resolve debt to increase your cash flow. You can even review reports from your smartphone and other digital devices.
Simplify your operations and protect your community by learning more about today’s enhanced debt collection agency services and what is possible. Efficiency and accuracy in fiduciary responsibilities have never been easier. The stress of dealing with past due accounts is eliminated by Equity Experts! Contact us today.
Sources:
https://www.hoaleader.com/public/6-Tips-for-Choosing-Right-HOA-Collection-Company.cfm
https://www.nolo.com/legal-encyclopedia/hoa-liens-foreclosures-an-overview.html
