When you have delinquent HOA dues, there are many things that you can do to get back on track. Some of those things will be legal and some of them are not, so understanding the laws and how they affect you will help you in getting the money you owe your association back as soon as possible. How to Collect delinquent HOA Dues – What to Do If You Fall Behind On Your Dues: In many cases, a homeowner will fall behind on their dues because of poor budgeting practices.
If you have become late on all of your payments because of financial difficulties, it,s important to hire a professional to assist you in collecting delinquent dues from your HOA association. The professional you hire will be able to determine which debts are delinquent and which are legitimate. If you find that your delinquent dues are legitimate, you will be able to have those dues removed from your credit report. This will help you restore your credit score, and the fact that you paid your delinquent dues on time, your credit score will show a difference as a result.
You may want to start by contacting your association and requesting the number of delinquent dues that you currently owe. The best way to do this is to contact your HOA representative or by contacting the local county clerk,s office in the area where you live. Once you,ve got an accurate amount of delinquent dues from your association, you will then need to contact your credit card company and begin the process of repayment.
Delinquent hoa dues can sometimes be removed from your credit report if you pay them off in full, with the exception of fees for late payments. To avoid having to start over on your repayment, you should seek the advice of an attorney who specializes in bankruptcy law before taking any action. An attorney will be able to advise you on how to keep your credit record clean and prevent you from having to deal with creditors or other creditors once you have filed for bankruptcy.
What is a Homeowner,s Association – What Is a Homeowners Association? Homeowners Associations (HOAs) are often set up to help homeowners avoid being financially burdened. Although they can be helpful to homeowners who have fallen behind on their monthly payments, they can be detrimental to other homeowners, too, so it,s important that you fully understand all of their rules before signing on the dotted line.
Credit card companies and creditors also work very hard to get their money back. They may negotiate for you to pay only a portion of what you owe, or for you to pay the entire balance owed. While these types of negotiations are typically done through settlement companies, you can also do them yourself. by contacting the credit card companies and explaining your situation and asking if they would be willing to settle for less than the whole amount of your debt.