The Importance of Delinquency Reports

        “Hey! I sent in my delinquent payment a week ago. Why is there a lien on my property?”

 

           When situations like this arise within an association, it is imperative that self-managed associations and management companies prepare and provide a delinquency report every month to the attorneys. The purpose of these reports is so the attorneys can stay on top of ongoing collection and litigation matters. Your attorneys will also review the report for any new offenders. If there is a substantial payment on an account, it is best to notify our office immediately so that we can halt any legal action, and address the issue of any outstanding fees, if need be.

 

           Sending monthly delinquent reports will also help your attorneys see if any payments occurred since a collection notice went out to an owner or if we need to release a lien or dismiss a case due to the delinquent owner paying in full. The last thing we want to do is put a lien on someone’s property when they paid their account off two weeks ago. We also do not want to waste association money on the preparation of unnecessary documents. Also, these reports help us stay on track with the association’s collection policies.

 

           Lastly, delinquency reports help our office close out old files. Our office likes to stay organized and ensure all your files are current. We want to be sure that any old or paid-in-full files are closed and archived in our system so we can focus on the ongoing ones.

 

           If you have any questions about our process or files you may have open but need to close, you can contact me at mlc@eques.law.

 

Meghan Cozens

HOA Paralegal

EQUES Law Group

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