How do you handle policies and procedures for delinquencies, late fees, lien placements, collections, etc?

Ross Morgan & Company recommends a proactive late fee and collections policy. A late fee is applied to any account that is late past the 15th of the month, unless the documents of the HOA provide otherwise. If an account continues in a delinquent status we highly recommend beginning the legal timeline, which begins with preparation and mailing of pre-lien letter documentation after 45 days of non-receipt of payment. If not payment is received for another 30 days following the initiation of the pre-lien, the Board will have an opportunity to vote to place a lien on the account in an open meeting. Should the account continue in arrears, at $1,800 or more, or one year delinquent, the Board can vote in an executive session to start foreclosure proceeding on the unit, through non-judicial foreclosure or judicial foreclosure. Your community manager can help facilitate these steps along the way in each case.