FORECLOSURE FROM THE MANAGER & HOMEOWNER POINT OF VIEW PANEL PARTICIPANTS: Bill Cole, CPA – Kane & Company Kevin Ruth - Thoroughbred Mgt. Michelle Underwood,

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Presentation transcript:

FORECLOSURE FROM THE MANAGER & HOMEOWNER POINT OF VIEW PANEL PARTICIPANTS: Bill Cole, CPA – Kane & Company Kevin Ruth - Thoroughbred Mgt. Michelle Underwood, PCAM – Level Mgt.

HOW TO PREPARE  Budget: Bad Debts Allowance for Doubtful Accounts Attorney Fees Collection Costs

Example:  Original Budget of $100,000 for 100 owners  25% of owners not currently paying assessments  Remaining 75% must make payments to meet budget (or $1, each)  Total Budget now $133,333

HOW TO PREPARE  Obtain Line of Credit Recommended May not be easy to get Get Before you Need!  Special Assessment  Confirm Collection Policy in Place

Collection Policy – Key Points  Sample available  Assessment Due Dates  Collection Costs  Late Charges  Interest  Transfer to Collections

Collection Policy – Key Points  Demand Followed by Foreclosure proceedings  Assessment Lien  Payment Agreement  Recovery of Attorney Fees and Reasonable Costs of Collection  Effective Date of Policy

IDENTIFY PROBLEMS  Encourage community/homeowners in your newsletter, to become involved and alert the manager. Constables in neighborhood Poor upkeep in homes (landscaping, etc) Trash in yard / Vandalism Vacant homes (squatters) Pets left behind (barking, smell)

IDENTIFY PROBLEMS  Check foreclosure website: s/record/Pages/default.aspx s/record/Pages/default.aspx  Quickly start collections

WHAT DO WE DO NOW?!  Begin Collection Process  Contact Association Vendors to be aware of changes  Contact Code Enforcement  Go to: (luncheon) (area listing of utilities, county, code enforcement, animal control, etc.)

WHAT DO WE DO NOW?!  Consider Special Assessment (if needed)  Treat bank owned property as if regular homeowner

Coming Next Month……  More information regarding collection process.  Manager stories about community impact.  Find out how an REO (Real Estate Owned) Specialist can be a manager and communities best friend!

FOR TODAY’S INFO:  GO TO:  CLICK ON “LUNCHEON” TAB – SELECT APRIL