Billing and Collection Policy:
1. Payments are due monthly on the 1st.
2. A Notice of Late Assessment is issued on the 16th day after the due date for the month's payment, giving the homeowner(s) 30 days to pay the outstanding balance. A late fee of $25 is assessed. Additionally, interest will accrue at 18% per annum. (Administrative fee of $15.00 will be charged to the owner’s account.)
3. An Intent to Lien is issued upon expiration of the Notice of Late Assessment. Expires 45 days from the date of issuance. (Administrative fee of $125.00 will be charged to the owner’s account.)
4. A Claim to Lien is filed immediately after expiration of the Intent to Lien. (Administrative fee of $115.00 and an attorney fee of $60.00 will be charged to the owner's account.)
5. An Intent to Foreclose is issued upon receipt of the recorded Claim of Lien. Expires 50 days from the date of issuance. (Administrative fee of $110.00 and an attorney fee of $70.00 will be charged to the owner’s account.)
6. The file is transferred to the Attorney to initiate a Lien Foreclosure action if payment is not received by the Association before the expiration of the Intent to foreclose. (Administrative fee of $100.00 will be charged to the owner’s account.)
You will be responsible for costs and charges against you, including recovery of attorney/paralegal fees, court costs, etc. All correspondence with the Association will stop and you must deal directly with the attorney at this time.