A professional HOA management company will be very well-versed in collecting on delinquent accounts. They’ll be up-to-date on state law regarding collections and ensure that the notices sent to delinquent owners are compliant with those requirements. Debt management with an HOA management company involves:
- Billing
- Reporting delinquent accounts and updates to the board
- Sending Delinquent notices at the Board’s direction
- Initiating legal action for collection of funds according to the Board’s directives/policies
- Working with the association’s Attorney when coordinating legal action