An uptick in condominium and HOA delinquency rates is expected, according to a new survey by Community Associations Institute (CAI), the leading authority in community association education, governance, and management. In April 2020, CAI began surveying members regarding payment of community associations assessments. Axela Technologies, the nation’s leading HOA collections agency, is joining CAI in alerting all condominium association and HOA management firms, managers, and Board members to pay close attention to this disturbing trend and to act now, before delinquency derails, disturbs, and disrupts community association budgets.
CAI’s Dawn M. Bauman, CAE, executive director for the Foundation for Community Association Research and CAI’s senior vice president for government and public affairs issued the following statement: “While assessment payments are holding steady, we expect to see an uptick in delinquency rates once mortgage companies are authorized to handle delinquent mortgage payments. Our benchmarking is an essential tool to inform community associations and help residents better prepare for short and long-term fiscal planning and forecasting.”
According to the report, in January and February of this year, 5% of homeowners were more than 90 days delinquent in paying assessments. Thousands of CAI members, including community association management company executives and community association board members representing tens of thousands of community associations throughout the U.S., responded to the surveys. You can read the full article here: https://hoaresources.caionline.org/covid-19s-financial-impact-on-hoa-assessments/
Axela Technologies, the nation’s leading HOA collections agency, is inviting all association management companies, community association managers, and Board Members to prepare for the upcoming increase is delinquencies by reviewing their collections policies and developing a plan to collect delinquent fees without burdening the good-paying members of the association with unnecessary legal fees. Schedule a Zoom presentation today to learn the best way to protect your association from the financial devastation that unmanaged delinquency will bring to your association.
