Use collection law for financial health
Collection of a community’s common expense assess has been likened to a municipality’s collection of taxes. It is the “life blood” of the community. Correctly setting the assessment fee and diligently collecting fees from all members is a fundamental obligation of the association. Unlike most businesses where one can refuse to do business with someone who doesn’t pay for services, community associations must continue most services to delinquent owners for the good of the community. That’s why selecting legal counsel who is knowledgeable and able to make the most of the collection resources available to associations is critical. Radom & Wetter has that knowledge and ability and a proven track record of success in collection law.
The association’s board has a fiduciary duty to act in a reasonable and prudent manner in order to assure that the association’s best interests are maintained and that the association’s governing documents are being properly enforced. A well-established collections policy will provide a protocol on what the best next step will be for the Board. Consistent and persistent application of a cogent collection policy created in conformance with both State and federal laws pertaining to collection of debts produces positive and definitive outcomes without running the risk of subjecting the association to unnecessary liability.
Contact Radom & Wetter
If you require professional legal advice and representation regarding Community Association (HOA) issues anywhere in New Jersey, make sure your legal rights are protected by seeking the legal advice of an experienced Community Association law firm. Contact us at 908-707-1500 or 973-867-7053 or use our Contact Form.