Merrill Pines Condominium Association

New Collections Procedure - June 17, 2008

Sep 16, 2008

The Merrill Pines Board of Directors approved a new collection procedure at the June Board Meeting. The procedure will start July 1, 2008.

New procedure timeline:
???œ Day 1: Payment is due the 1st day of each month. Continue to use your coupon book to make the remainder of your 2008 payments.
???œ Days 15-30: Payment is late and interest is applied. Owner is sent a past due statement with a form letter.
???œ Days 30-60: Owner is sent an ??gintent to lien??h letter.
???œ Days 60-90: Association begins lien filing.
???œ Days 90-120: A lien is filed on the home owner??fs condominium.
???œ Day 120: The past due account is turned over to a collection attorney and a foreclosure letter is sent to the home owner.
???œ Day 150: Foreclosure process begins.

The new procedure accelerates the previous timeline about 30 days. This gives the Association a more efficient way to collect on delinquent accounts.

When everyone pays their dues, it is a win-win situation. New projects and maintenance are not delayed due to insufficient funds, so the Association is able to perform its main function: to keep the value of our homes from depreciating.

If you have questions about your account, contact MAY Management at 273-9832.