This is a press release submitted to Vegas INC. It has not been verified or edited by Vegas INC.
HOA Collection Costs to Lower in Nevada
The New York-based company takes a “softer approach” to recovering delinquent HOA dues, said Richard Slater, director of HOA operations. The firm charges $20 to collect past-due amounts, eliminating costly legal fees and preventing HOAs from having to file liens that could lead to foreclosure.
“Many homeowners complain they could pay their late dues, if it weren’t for costly legal fees that get added to their bill,” said Slater.
Nevada HOA collection companies charge as much as $300 to send a single letter. Collection costs can quickly add up to thousands of dollars, burying homeowners. Once fees are added, collection agencies may foreclose on homeowners to recoup their costs, increasing Nevada’s foreclosure rate.
RecoverHoaDues.com has recovered 40.2% of its clients delinquent HOA accounts nationwide and prevented foreclosures for 781 families in 14 states.
The company uses a phone and letter campaign, skip tracing, and an attorney written letter to communicate to residents the importance of working with their HOA, to avoid being credit reported to Experian, Equifax, and TransUnion.
Credit reporting is at the discretion of the HOA’s Board, and is done in compliance with all Federal Fair Debt Collection Practices Act and Fair Credit Reporting Act regulations.
This new approach is endorsed by the National Homeowners Advocate Group, an organization dedicated to protecting homeowners from abusive HOA collection practices.