How to Collect Assessments in a Sluggish Economy By Augustus H. Shaw IV, Esq. CCAL
The most important function of an Arizona homeowner association is the collection of special and annual assessments. Assessments are the financial lifeblood of the homeowner association; without assessments, a homeowner association would be unable to function.
As a result of the economic downturn, a number of homeowner associations are experiencing an increased number of owners failing to pay their homeowner association dues because of homes being foreclosed upon by banks and other holders of first mortgages and owners going through bankruptcies. This reality, unfortunately, is beginning to affect not only a homeowner association’s ability to collect delinquent assessments but also the homeowner association’s ability to provide vital services to the owners.
In his presentation How to Collect Assessments in a Sluggish Economy, Augustus H. Shaw IV, Esq., CCAL, of the law firm Shaw & Lines, LLC, offers ideas and concepts homeowner associations in Arizona can use to collect assessments and remain viable. Augustus Shaw discusses how first mortgage holder foreclosure, bankruptcy, and other issues affect homeowner association collections. Augustus Shaw also presents tools Arizona homeowner associations can use to better collect assessments and remain financially viable.
Augustus Shaw’s How to Collect Assessments in a Sluggish Economy can be found on his website ShawLines.com in the publication section.