ANSWERS TO YOUR QUESTIONS
Q. Why should a Board consider spending money to try and collect HOA dues from delinquent owners?
A. If an owner is not going to pay their association dues, the most effective process to achieve positive cash flow from the particular unit is to replace the delinquent homeowner with a new, viable owner; or enter the delinquent homeowner into a repayment plan. Stonehenge Trustee Services pursues both methods of optimal outcomes and will advise our Board member clients every step of the way.
Q. If the Board approves a homeowner’s repayment plan, does this remove the Lien on the property?
A. No. The Lien remains on the property. Should a homeowner fail to comply with the terms of the payment plan, the Board may re-instate the foreclosure process.
Q. Does Stonehenge offer online reporting?
A. Yes. Stonehenge has web enabled reporting available 24/7, seven (7) days a week, to you and your fellow Board members with the most current, avaialbe data in the Collection Process system (Stonehenge ReportCenter). In addition, reports may be scheduled for delivery to your e-mail mailbox upon demand.
Q: If a Board Member is approached outside a noticed meeting, by a delinquent homeowner, who wants to discuss their claim, should the Board Member discuss the account?
A: No. Refer the owner to their collection representative. Any discussion by a Board Member outside a meeting may be considered action by the Board and may expose the Association and Board Member to unintended legal consequences.
Q. Will Stonehenge Trustee Services (Stonehenge) attend Board meetings with me to discuss my Association’s collection accounts?
A. Yes. Stonehenge will attend board meetings, at no cost to you, to discuss Stonehenge services and specific accounts at your direction.
Q. Some collection companies do not accept partial payments or payment plans. Do you accept partial payments and offer payment plans?
A. Yes. Stonehenge offers a variety of flexible payment plan options to assist your homeowner. Stonehenge’s goal is to collect delinquent homeowner assessments quickly, efficiently, and effectively—not to alienate the homeowners or foreclose on their property.
Q: What sorts of services does Stonehenge offer prospective clients?
A: Stonehenge offers non-judicial foreclosure services as well as bankruptcy monitoring, proofs of claim, payment plan implementation, education for Associations, pay off/short sale negotiations, and small claims assistance. Stonehenge can refer you to one of our experienced attorneys to review and determine if judicial foreclosure is warranted.
Q: Who can sign the Decision to Record a Lien?
A: The Decision to Record (DTR) a Lien must be signed by a Board member at an open meeting after it has been approved by a majority vote of the Board. The DTR cannot be delegated to an agent of the Board.
Q. What is non-judicial foreclosure?
A. Non-judicial foreclosure is based upon an Association assessment lien and culminates with a Trustee Sale.
Q. Can the Board accept partial payments?
A. Yes. Partial payments can be accepted and is often recommended that the Board do so; however, we recommend contacting Stonehenge Trustee Services before accepting a partial payment so not to possibly jeopardize a pending foreclosure conducted by Stonehenge.