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Don’t Needlessly Write Off Association Assessments
In conjunction with Equity Experts bank negotiation efforts, we also offer a service to pursue the previous homeowner after the bank assumes the property ownership. We have found that associations are unnecessarily writing off thousands of dollars in association assessments from prior to the bank’s foreclosure. Equity Experts’ clients are not left with this option.
Considering association assessments are a personal obligation of the homeowner, the homeowner is personally liable for all assessments during the ownership of the property. We aggressively pursue the full balance owed through the following process:
STEP 1: Dunning Letter / Skip-Tracing: Equity Experts will complete a thorough investigation of the debtor including locating their current postal address, social security number, place of employment, and any other affiliations. We will then mail notification to the homeowner informing them of debt owed and requiring them to respond within 30 days.
STEP 2: Constant Contact/Asset Identification/Credit Reporting: Using the information gathered from the prior step, we will begin contacting the homeowner by mailing weekly letters and placing multiple phone calls throughout the week, locate recoverable assets, and report to the Federal Credit Bureaus.
STEP 3: Intent to File Lawsuit: This step encompasses the entire lawsuit process.
- Pre-Litigation: We send a final notification to the debtor via both first class and certified mail. The notification informs the debtor of our intent to file a lawsuit if they do not respond within 15 days.
- Litigation Filing: We prepare the complaint and file the lawsuit. If the debtor or their attorney contacts us prior to the scheduled hearing, we will conduct settlement negotiations.
- Trial: We will appear in court to begin our case. In most instances, the defendant will not show up, resulting in a default judgment. If the defendant does appear, we will proceed to trial if necessary.
- Judgment: Once we obtain the judgment, we will take the necessary steps to collect on the judgment, which may include garnishment of wages or bank accounts, as well as recording a judgment lien and attaching it to any recoverable assets.