1. Manager Referral 2. Input the debtor’s information into the system 3. Initial Mailer a.We receive a nice response rate from the very first mailer 4. 10 day amnesty period (if offered in the first mailer, this is at the discretion of the board) a. We offer 10 days to pay with no increased collection fees. i. The association is responsible for the contingency fee during the first 10 days. Afterwards, the
debtor is responsible for it.
5. The next step requires individual attention a. Asset/Job locate i. If they have a job or assets 1. Prepare small claims court paperwork 2. Seek a wage attachment or garnishment 3. Process to completion (serve the employer or the bank) b. Equity Search i. If they have equity 1. Refer to an attorney to prepare the judicial foreclosure suit 2. HOA Receivables offers the Loss Mitigation Solution for those associations who do not
want to pay the cost of foreclosure.
c. Lien Preparation i. Provided to the association d. Report to Credit 6. If they have no equity, job, or assets a. Record the lien so we receive 6 months at the foreclosure sale b. Obtain a judgment and wait. Eventually they will have a job or we will find assets. i. Can possibly sell the judgment utilizing HOA Receivable’s Loss Mitigation Solution c. Report to credit and wait for them to contact us about credit issues. d. HOA Receivables Management offers the Loss Mitigation Solution which could be utilized in this
