The association wants to do more than report owners delinquent. The association wants to collect the debt.
Check your governing documents to discover whether or not your assessments are automatically liens against the units. If so, then the association's attorney can file a formal lien.
The board may also have additional recourse to collect unpaid assessments, including perhaps selling the unit in order to satisfy the debt.
One way is to report the delinquent unit owners to a collections company, though these companies usually charge outrageous fees. I suggest the association retain a real estate attorney and file liens against the delinquent units. These liens may be foreclosed if not paid, which will be an incentive for the delinquent unit owners to pay up. Don't try to file liens without an attorney--if done incorrectly, thousands of dollars in attorney fees will likely be spent. The liens will then show up on the delinquent owners' credit reports.
In most states, it is not legal to publish a debtor's name, but you may be able to publish the unit number in your financial reports and board meeting minutes.
Once a lien is filed, it becomes public record and can appear on an owner's credit report.
Most associations have a collection policy. The policy should be drafted by an attorney who specializes in condominium law.
Generally, a delinquent owner is first notified by a demand letter explaining how much is owed and that legal action will be taken if the delinquent fees are not paid immediately. If that doesn’t work the association can file a lawsuit in the proper court depending on jurisdictional limits. If the association prevails it can obtain a judgment lien to file against the unit.
The final option if all else fails is to foreclose on the lien in court. The association should consult with its attorney if that step becomes necessary.
I've seen this done before. It's the credit report agency who determines it counts as being delinquent; not the actual creditor. It will be fine once you are done with the payment program but it'll hurt for now.
It depends on the specific regulations and bylaws of the association. Generally, the board may not disclose individual unit owner information in financial reports. However, they may provide aggregate data on delinquencies or identify delinquent owners to the extent allowed by state or local laws. It is advisable for the board to consult with legal counsel to ensure compliance with applicable regulations.
The collection agency typically does not report to the credit bureaus, the original lender does. Lenders report to the bureaus, collection agencies collect on delinquent debt.
You can only remove bills if you pay them or if the bills are listed incorrectly on your credit report. It is best to pay them off and then the bills will not be listed as delinquent.
No. A creditor can report a paid derogatory account as delinquent PRIOR to being paid. But if you paid it off, the correct status is "paid" (collection or charge off).
You bet your credit report they do. That is their right ... Banks and Credit Unions will also do this periodically if they so feel inclined. If one is paying all their bills on time and have no delinquent accounts or have their credit cards maxed out, then they should have nothing to fear from a credit report query.
..Que?
Any creditor you owe money to can report your delinquent accounts. Generally utility companies and cell phone providers will only report if you have an unpaid balance. Credit cards, mortgages and installment loans are 99.99% of the time reported.
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
Here is a frustrating legality If you report it stolen and she says you gave it to her then it was officially not stolen, you Will have to take her to court to get it back, in the mean time you are stuck paying for it, unless you can steel it back and return it to the legal owners who don't want it back so long as you keep on paying for it.
Operating fees -- assessments -- are paid by owners to support community expenses, such as insurance, basic utilities and so forth.Every association's governing documents detail the process whereby the association can pursue an owner to collect unpaid assessments.When the association files a lien on the title based on non-payment of assessments, the lien becomes public record and credit bureaus can include this in your credit rating.Whether the association chooses to report the non-payment prior to filing a lien is up to each board to decide.
Yes, if the association won the judgement.