Every Condo and Homeowners Association have owners who are either habitually delinquent or have stopped paying entirely. What can be done to recover these delinquent condo and HOA maintenance Fees?
Can your management company provide provide Skip Tracing for HOA Collections?
Must you engage a lawyer to collect for your Condo or HOA?
Today we are going to discuss the benefits of using a licensed collection agency to collect delinquent HOA and Condo Maintenance fees. An important utility in the collection agencies bag of tools and is “SKIP TRACING.”
What is skip-tracing?
Skip-tracing is the process of obtaining information on individuals. Finding out important information that will enable a collections company to proceed with a HOA collection pursuit. The most important things that a skip trace reveals is if the debtor is alive or dead. Its one thing going after a living breathing individual, but its another going to recover money from a probate court. A skip trace can tell you is if the debtor is in bankruptcy. The most important part of the HOA collections process is to engage the debtor to work out a solution to pay their debt. This information is out there but only collection agencies and other licensed entities can obtain such sensitive information.
Information is power and skip tracing is a crucial part of the HOA collections process. With a skip trace you can not only find the debtor you can also locate their families, where they work, and the assets they may have. Knowing if a debtor is worth pursuing is very important. You will also need to know certain information if you decide to report them to credit bureaus. This is a great benefit of working with a collections company for your condo or HOA collections.
Must I use a collection agency to find a debtor?
Your management company and even your lawyer are focused on many issues, and HOA Collections may not be their specialty. With a collection agency working to collect your delinquent maintenance fees for your condo and HOA you know that they are focused on that task and not Pets, Parking, People and Petunias (the four Ps in community association management). A technologically advanced collection agency will have these tools on hand and with the press of a button come up with all the information needed to make a successful collection. Its cheaper, faster, cleaner, and more effective to have a professional do this task for your condominium or HOA Collections.
Skip-tracing is a very important tool in a collection agencies’ bag of tools. To be able not only to locate debtors but obtain important information about them will drive the action plan to recover your community association’s money. This is not a task for the amateur and its best to engage a professional company. Its key is to find a company that has the right technology and knows how to use it.
If your condominium or HOA is having problems collecting maintenance fees from delinquent owners contact us. Your community association’s money is not lost until you say it is.
