Understanding the New Timeframes for Collections

Associations frequently ask the question: “When should a delinquent owner be turned over for collections?” To fully answer to this question, the association must understand the relatively new statutory requirements that must be fulfilled before an account is turned over to legal counsel for collections, as well as understanding the increased timeframes an owner is given to remit payment in both condominium and cooperative associations. These timeframes impact how quickly an association can proceed with collections and foreclosure proceedings against delinquent owners.