Financial Protection in a Struggling Economy

In this struggling economy, it is more critical than ever before to have a clear and actionable strategy outlined for treating delinquency. When such a situation arises in which one or more owners are unable to make their monthly assessments, the association needs access to knowledge and resources to take appropriate action.

Condo boards are faced with two central questions:

      - What are the most effective strategies in dealing with a delinquent owner?

      - What are the legal rights of the Association and the Board?

Connected will educate the Board and work with its members to create a workable plan for protecting the association in the event of a delinquency. These are issues we’ve certainly dealt with before, and we’ve developed proven strategies to keep an association financially stable, even through unforeseen circumstances.

Delinquencies do happen. We, however, do our best to stave them off through direct communication – in the form of phone calls, letters, and e-mails – with owners who have outstanding balances on their accounts late into the month.  

We also provide the board with a full report each month of any owners who have not paid their assessments, in addition to suggested next steps, should the Board choose to pursue action against the delinquent owner.