Monthly Fees

July 1, 2005 by Administrator
Filed under: #06: July 2005 

This month the association had to write off $11,000 of income due to an ex-owner in the community losing their home to foreclosure at a Sheriffs Sale. This same individual has done this before in our community when residing in a different home in our community.

However, your Board of Trustees is on top of situations like this and works with the association’s attorney to do everything possible to either go after the individual to get paid or have the house foreclosed on.

Situations like these affect all of us living in Riverbend. The remaining owners in our community will have to fund that deficit in the budget. When an owner is late with their payments for any reason, the association is still required to pay for the common services it has contracted for. It is for that reason that your Board is extremely diligent and strict in collection matters regarding the monthly dues. If there is a shortfall in the association’s income, the rest of its members are required to make it up. Your Board, with the assistance of management, ensures that the association’s attorney files a Lien on any home that is over 3 months delinquent. In addition the Board will go after any other assets that the delinquent owners may have, such as owned vehicles, garnishing wages, executing from bank accounts and putting liens on other property they may own. It is within every owner’s best interests to make their payments on time, and for the Board to stay on top of delinquent owners.

We appreciate your cooperation and understanding while we protect your investment.

July 2005 Newsletter Contents

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