Delinquency Procedures Policy
Delaware Trace / Commons Homeowners Association Inc.
The 1st Quarterly HOA Assessment fee due and payable.
30 days “REMINDER NOTICE” is sent to homeowner requiring full payment. A $25.00 late fee is added to the account at this time.
45 days “FINAL NOTICE” is sent to homeowner requesting payment in full within 15 days. If payment is not received within the allotted 15 days, the account is turned over to the Association Attorney for immediate legal action and filing suit, and a $50.00 management company collection cost administrative fee* will be added to the homeowner’s account.
60 days ATTORNEY ACTION; Delinquent account turned over to the
Association’s attorney to begin pursuing collection at the owner’s
expense (see note below).
HOMEOWNERS WILL BE RESPONSIBLE FOR ALL COSTS AND FEES RELATED TO THE COLLECTION OF THE ASSOCIATION’S FEES, DEBTS AND CHARGES!
NOTE: Legal action may result in the Association filing suit to seek a judgment, attachment of assets, garnishment of wages, a lien upon the property and foreclosure. If the Association has to send a homeowner’s account to the Attorney for collection; all of the Association fees remaining for the fiscal year will be accelerated (as applicable), as provided for in your documents. The owner will be responsible to pay all HOA fees, late fees, court costs, attorney fees and the management company collection cost administrative fee
*This fee is for the management company’s additional time and expense related to dealing withthedelinquent account and the Association’s attorney.