|Re: Late HOA payments||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Tue, 14 Aug 2018 11:02:53 -0700 (PDT)|
> On Aug 14, 2018, at 11:28 AM, Elizabeth Magill <pastorlizm [at] gmail.com> > wrote: > > Do you all have policies or procedures for very late HOA payments? How > late do they have to be before you act? Or how many missing payments? > When you act, what do you do? In the beginning being overly solicitous, we never charged late fees. The treasurer would just talk to the person and work it out. If there was some reason that they would be late or have to catch up over time, they would work out a doable agreement and take it to the board for approval. The policy has always been that a letter is sent on the 15th for payments not received and it costs $50 for the management company to send that so the late person has to pay that unless it has been charged in error. Delinquency interest starts on the 30th of the month. We rarely, rarely have late payments. One a person got behind 5 months because she was unemployed. She worked out a payment plan. Another had sent the wrong payment for a year but no one informed her so she had to catch up over a few months. Those are the only two I remember, literally. And I’ve been on the board about 50% of the time and would have known at least during those 9 years. Then a new treasurer who was also a new resident who was used to typical condo laws and who actually read our policy, reminded the management company to send letters. He thought they had just forgotten. They have been sent ever since. It was a new era in several ways related to finances. He was more liberal in other areas. He was in the DC budget office and viewed the budget as a planning document, not a restrictive document written in stone. One year we were $12,000 under budget. His view was that we budgeted funds to be spent on things we wanted to spend them on. If we didn’t spend them then we were in danger of short-changing ourselves. Not doing repairs that needed to be done or under-supporting community events. At the beginning of the year people often pay the wrong amount because they forget to update their automatic payments. That isn’t treated like a late payment. Our management companies are always amazed at how consistently and promptly condo fees are paid. I’ve seen them check with each other because they don’t believe it. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
- Late HOA payments Elizabeth Magill, August 14 2018
Results generated by Tiger Technologies Web hosting using MHonArc.