|
| Saturday, February 04, 2012
|
|
|
|
|
|
|
| You are not authorized to post a reply. |
|
|
| Author |
Messages |
|
GregD1
(Louisiana)
Posts:14
 |
| 05/01/2010 2:22 PM |
|
| It is common with other HOA's to have 25% of there members delinquent with their dues a month after the due date? We had this issue last year as well and had to move money around in our budget until this money was collected. |
|
|
|
|
SteveM9
(Massachusetts)
Posts:1440
|
| 05/01/2010 2:30 PM |
|
Its common if you have no incentive for them to pay on time.
We have a $50 late fee at our association. The month it went into affect, guess what? No one is late anymore. |
|
|
|
|
MaryA1
Posts:0
|
| 05/01/2010 4:14 PM |
|
Steve,
State law in AZ limits a late fee to the greater of $15 or 10% of the amount of the unpaid assessment.
BTW, our rate of delinquencies is approx. 2% of the amount due each quarter. |
|
|
|
|
SteveM9
(Massachusetts)
Posts:1440
|
| 05/01/2010 6:59 PM |
|
Then call it:
Convenience fee - a charge in addition to the original transaction amount for the convenience of being able to postpone payment
or
Service charge - To pay for the additional paperwork and time needed to service your account
You get the point..... |
|
|
|
|
MaryA1
Posts:0
|
| 05/02/2010 7:07 AM |
|
Steve,
I don't believe most assn's have the license to just make up fees. There may be state laws to conform to. Also, if the specific fee you are wanting to charge isn't stated in the gov docs then it can't be charged. As I said before, you can only do what your gov docs and/or state law allow you to do. Unless of course, the BOD isn't concerned about being in compliance with either. :-( |
|
|
|
|
RobE4
(North Carolina)
Posts:12
|
| 05/02/2010 7:45 AM |
|
We follow a steady path to keep everyone in the boat ..
Late
1 month Ignore ... hope it is a simple mistake
2 Friendly Letter
3 Firm Letter
4 15 day demand letter
5 Turn over to lawyer ($75)
6 Lien ($150)
7 Foreclosure ($500) |
|
|
|
|
GregD1
(Louisiana)
Posts:14
|
| 05/02/2010 9:41 AM |
|
| We start charging interest once we mail out late notices. People know this and still we have 25 to 30 percent of our residents late with their dues. |
|
|
|
|
SteveM9
(Massachusetts)
Posts:1440
|
| 05/02/2010 1:48 PM |
|
MaryA1
Of course there is a process to get this fee added to your HOA. I never suggested to just start charging it tomorrow. Why your against doing this, in a completely legal way, makes no sense to me. |
|
|
|
|
MaryA1
Posts:0
|
| 05/02/2010 4:35 PM |
|
Steve,
As I said earlier, the late fee that you charge would be against the law in AZ. But, beside that, I personally think it's way too high. I see nothing wrong with charging a late fee but for us to charge $50 on a $125/qtr assessment would be akin to price gouging! |
|
|
|
|
|
| You are not authorized to post a reply. |
|
|
General Legal Notice: The content of forum messages are from the posting member and have not been reviewed nor endorsed by HOATalk.com. Messages posted by HOATalk or other members are for informational purposes only, are not legal or professional advice and do not constitute an attorney-client relationship. Readers should not act upon this information without seeking professional counsel. HOATalk is not a licensed attorney, CPA, tax advisor, financial advisor or any other licensed professional. HOATalk accepts ads from sponsors but does not verify sponsor qualifications nor endorse/guarantee any sponsor's product or service.
HindmanSanchez Legal Notice: (For messages posted by HindmanSanchez) This message has been prepared by HindmanSanchez for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Members of HOATalk.com should not act on this information without seeking professional counsel. Please do not send us confidential information unless you speak with one of our attorneys and get authorization to send that information to us. If you wish to initiate possible representation, please contact an attorney in our firm. Our attorneys are licensed to practice law in the state of Colorado only.
Legal Notice For Messages Posted by Sponsoring Attorneys: This message has been prepared by the sponsoring attorney for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Readers of HOATalk.com should not act on this information without seeking professional counsel. Please do not send any sponsoring attorney confidential information unless you speak with the sponsoring attorney or an attorney from the sponsoring attorney’s firm and get authorization to send that information to them. If you wish to initiate possible representation, please contact an attorney in the firm of the sponsoring attorney. Sponsoring attorneys that post messages here are licensed to practice law in a specific state or states as indicated in their message signature or sponsor’s profile page. (NOTE: A ‘sponsoring attorney’ is an attorney that is a HOATalk.com official sponsor and is identified as such in the posted message or on our sponsor page.)
|
|
|
|
|
|
|
|