Chances are your Association doesn’t have spare money lying around. Chances are your Association has five or more “regular debtors” – the ones who are on the arrearage list year-in and year-out. Chances are that, since the recent recession, 10% of your budget and/or 10% of your homes are in arrears. Chances also are that some debtors have abandoned their units and the Board has had to deal with frozen pipes, mold, vandalism or all three.
Our job is to get non-payers out, get vacant units occupied and get cash flowing. We do this in one or more of the following ways. Unless you want to increase the bad debt expense line item in your budget year after year, you should be pursuing one or more of these methods:
Payment Plans/Settlement Agreements.
Membership Privilege Suspension (Pools and Parking Too!)
Money Judgment Lawsuits.
Bank Account Levies.
Receivers in Aid of Execution.
Rent Sharing Agreements.
Mortgagee In Possession Lawsuits.
Quit Claim Deeds.
Sheriff’s Sales Based on Foreclosure or Money Judgment Suits.
We give presentations, throughout New Jersey, on various collection techniques, including those listed above. Please contact us if you would like to schedule a free collection presentation for your New Jersey Home Owners Association, Condominium Association or Co-Op.