Bridgerland Meadows Homeowners Association
In order to be good stewards of your money, and keep your accounts receivable in line with income, the Bridgerland Meadows Homeowners Association will begin immediately to implement new policies for delinquent accounts. The current policy adds $10.00 late fee and interest, and when an account becomes 90 days late begins the process of attaching a lien to the property. Effective immediately, we will contact those who are two months in arrears and negotiate with them to get their account balance current. Beginning January 1, 2011 the following policy will be added to the existing practice of charging a late fee plus interest.
1. When an account becomes 2 months in arrears the unit owner will be given 15 days to bring the account current.
2. If the delinquency is not brought current within the 15 days, the unit’s water will be turned off until the account is brought current or a satisfactory payment schedule is established with the HOA.
3. The water will remain off until #2 above occurs, at which time a $25.00 reconnect fee will be charged.
We recognize that this action is harsh and aggressive. We also recognize that as stewards for HOA funds, we must strictly enforce payment, otherwise, those who do keep their accounts current are subsidizing those who do not. We hope you will support our efforts to keep your HOA financially solvent. Other remedies to collect delinquent accounts results in several months of delinquency, attorney fees charged to the HOA, and sometimes with little delinquent money reaching the HOA account.
We will implement this policy immediately and work with delinquent accounts to get them current by 2011 year’s end. Beginning in January we will implement the full policy.
Bridgerland Meadows HOA
Accounts Management
No comments:
Post a Comment