Cohousing-L Mailing List: Re: Arrears HOA payments

[Robert Heinich (robert]

Racheli,

I have appended our policy.  So far we have not ever needed to take a lien on 
anyone's property.  So what we have seems to be have worked for us.  Of course, 
your mileage may vary.

-Robert Heinich
 Eno Commons Cohousing
 Durham, NC
 where the Secret Pal Brunch is this Saturday

:---
Dues Payment Policy:

Dues are due monthly, to be paid by the end of the month in question. (Thus, at 
current dues levels, $100 would be due by the end of January, another $100 by 
the end of February, etc.). Members who like to pay quarterly or semiannually 
can still do so, but payment would be due in the first month of the quarter, 
half year, etc.

If payment is late, the Treasurer will inform the member in writing that 
payment is past due. In case of temporary financial hardship, the member should 
inform the finance committee or a finance committee member of any problems in 
paying and meet to work out a mutually acceptable plan to make up past dues. 
Otherwise, interest at the rate of 8% annual will be charged on any unpaid 
balance. Past dues automatically constitute a lien on the property; however, if 
payments become more than six months past due with no payment plan worked out 
and followed, a formal lien on the house will be filed.  

Grandfather clause: For those members who are currently in arrears, interest 
will not be charged nor lien filed for the period preceding the adoption of 
this policy provided a plan for payment of past dues is worked out with the 
finance committee and followed. This plan and implementation must be in place 
within 3 months of adoption of this proposal.  Otherwise interest will be 
charged as of adoption date of this policy and lien filed.

The intent is not to be punitive; we intend to work with members in times of 
legitimate financial hardships, but we also recognize that it is crucial to the 
operation of the community that all members pay required dues in a timely 
manner.


----- Original Message ----- 
From: "Racheli Gai" <racheli [at] sonoracohousing.com>
To: "Cohousing-L communities" <cohousing-l [at] cohousing.org>
Sent: Tuesday, February 13, 2007 2:00 PM
Subject: [C-L]_ Arrears HOA payments


> Hi all,
> A member of my community (Sonora Cohousing, Tucson) wished me to
> find out what policies, if any, other communities have regarding late 
> payment
> of HOA dues (especially large sums of late fees).
> Have any of you experienced it?  What have you done about it?
> 
> Thanks,
> Racheli.
> 
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