Country Place Home Owners Association

Collection Policy

CPHA SUMMARY POINTS

 REVISED “ASSESSMENT AND COLLECTION POLICY”

Date approved by CPHA Board of Directors:        November 11, 2011

The policy calls for dues to be paid annually.

Dues are to be paid each January, on or before January 31st, whether or not the homeowner receives an invoice from the association.

A late charge of $50.00 can be charged to the homeowner if the homeowner’s dues are not paid by March 31, at the option of the CPHA Board of Directors.  The Board of Directors may grant hardship relief.

Dues checks returned to the homeowner as not having been paid to the CPHA by the homeowner’s bank may have a $25.00 charge applied.

Legal fees and notification costs associated with the collection of delinquent dues shall be charged to and become payable by the homeowner.

Application of charges to the homeowner for late payment of dues will be in the following sequence:

1.       Late charges

2.       Notification costs

3.       Legal fees incurred by CPHA in the collection of dues

4.       All other costs incurred by CPHA as a result of the homeowner’s actions or inactions

Schedule of collection letters for delinquent dues:

·         After the final due date of March 31st has expired, notification will be sent by April 15th.

·         After the assessment becomes sixty days (60) past due, the CPHA Board may send a late notice to the homeowner advising of any late fees and may send a notice of delinquency to the mortgagor of the property.

·         After the delinquency has passed sixty (60) days to ninety (90) days, the CPHA Board may send a notice of delinquency to the homeowner with the attachment of late charges and/or proceed with legal action for collection.  A lien may be placed of the subject property.

At its option, the CPHA Board may use certified mail as a means of notification to the homeowner.

The CPHA Board may file a lien for delinquent assessments, and a copy of the Notice of Lien may be sent to the homeowner.

Delinquent accounts may be referred by the CPHA Board to attorneys, collection agencies, or Justice Court for collection.

The CPHA Board has the right of waiver of assessments, late charges, and/or other costs upon petition in writing by a homeowner showing hardship. 

The CPHA Board may continue to evaluate each delinquency on a case-by-case basis.

 

 

COUNTRY PLACEHOMEOWNERS ASSOCIATION

(CPHA)

REVISED ASSESSMENT AND COLLECTION POLICY

The following document sets forth the revised Assessment and Collection Policy as of November 11, 2011, approved by the Board of Directors of Country Place Homeowners Association, hereinafter referred to as CPHA Board. The policy has been adopted by the CPHA Board pursuant to Mississippi Law, at a regular meeting of the Board of Directors.

1.       The CPHA Board is charged with certain responsibilities regarding the care, maintenance, and service of certain portions of the common areas in Country Place.

2.       The CPHA Board must have the financial ability to discharge its responsibilities.

3.       The CPHA Board is required to pursue collection of dues, delinquent dues, and other charges from homeowners.

4.       The CPHA Board of Directors adopted the revised uniform assessment and collection policy, as follows:

NOW, THEREFORE, BE IT RESOLVED that the CPHA Board does hereby adopt the following revised procedures and policies for the collection of assessments and other charges of the Association.

1.       Due Dates: The annual assessment, as determined by the CPHA Board, and as allowed for in the Declaration, Articles of Incorporation, and Bylaws shall be due and payable annually each

 January 1st.   Assessments or other charges not paid to the CPHA by January 31st each year shall be considered past due and delinquent.

 

2.       Invoices:  The CPHA Board may, but shall not be required to, invoice an owner as a condition of an owner’s obligation to pay assessment or other charges of the Association.  If the CPHA Board provides an owner with an invoice for annual assessments, although invoices are not required, the invoice should be mailed between the 1st and 31st day of January each year.  Non-receipt of an invoice by a homeowner shall in no way relieve the homeowner of the obligation to pay the amount due by the due date.

 

3.       Late Charges Imposed on Delinquent Installments:  A late charge may be applied, at the option of   the CPHA Board, for invoices that become past due and delinquent when not paid by the 31st day of March each year.  The CPHA Board may impose a late charge of $50.00 on the outstanding or past due balance.  The late charge shall be a “common expense” for each owner who fails to pay dues in a timely manner (on or before March 31st each year).   The late charge shall be the personal obligation of the owner(s) of the property for which such assessment or installment is unpaid.  All late charges shall be due and payable immediately, without notice, in the manner provided by the by the Declaration and as set forth above for payment of assessments.

 

4.       Attorney’s Fees/ Legal Costs in Collecting Delinquent Accounts:  As an additional expense permitted under the Declaration, Articles, Bylaws and Statutes of the Association,  the CPHA Board is directed to recover reasonable attorney’s fees/legal costs and collection costs incurred by the Association which shall be due and payable immediately when incurred, upon demand.

 

5.       Application of payments made to the Association:  Payments received from a homeowner shall be credited in the following order:

a.       Charges for legal fees, court costs and other costs of collection

b.      All late charges

c.       All other charges incurred by the Association as a result of any violation by a homeowner, his/her family, employees, agents or licensees, of the Declaration, Articles of Incorporation, Bylaws, Rules and Regulations or Resolutions

d.      The yearly assessment for an individual property, including any accelerated or special assessment due, as applicable; payment shall be applied toward the oldest assessment then owed.

 

6.        Collection Letters:

a.       After the final payment due date of the 31st of March has expired each year, the CPHA Board may send a note of delinquency, reminding the homeowner of the delinquency and any applicable late fees due. 

b.      After the annual assessment or other charges due the Association becomes sixty (60) days past due, the CPHA Board may cause, but shall not be required to send, a “late notice” to the property owner.  The Board may simultaneously send a copy of the notice to any applicable mortgage lender of the property.  This late notice may reference any late fees or collection costs.  The notice may outline alternate actions of the CPHA Board in collection of delinquent dues, including placement of a lien on the homeowner’s property or any other collection alternative available to the Board.

c.       If payment in full is not received within (90) days, the CPHA Board may send, but shall not be required to send, a “Notice of Intention to Refer Account to an attorney or court” to the property owner.  The CPHA Board may simultaneously send a copy of the notice to any applicable mortgage lender of the property.   This late notice may reference any late fees or interest due and may suggest the CPHA Board’s alternative actions for collection including placement of a lien on the homeowner’s property or any other collection alternative available to the CPHA Board.

 

7.        Use of Certified Mail/Registered Mail:  In the event the CPHA Board shall send a collection or demand letter or notices to a delinquent owner by regular mail, the Board may also send, but shall not be required to send, an additional copy of that letter or notice by certified/registered mail, the cost of which may be charged to the property owner.

 

8.       Liens:  The CPHA Board may file a Notice of Lien against the property of any delinquent owner in accordance with the terms and provisions of the Declaration, Articles of Incorporation, and Bylaws.  A copy of the Notice of Lien shall be mailed to the owner and to any applicable mortgage lender with a request that the lender send a letter to the delinquent owner, advising the owner of the lender’s option to accelerate the mortgage debt.

 

9.       Referral of Delinquent Accounts to Attorneys/ Courts:  The CPHA Board may, but shall not be required to, refer delinquent accounts to attorneys or courts for collection.    Upon referral to the attorneys/courts, CPHA shall take all appropriate action to collect the accounts referred.

 

10.   The CPHA Board may grant a waiver on any provision herein upon petition in writing by a homeowner showing a personal hardship:  Such relief granted a homeowner shall be appropriately documented in the files with the name of the person or persons representing the Board granting the relief and the conditions of the relief.  In addition, the CPHA Board is hereby authorized to extend the time of the filing of legal actions and liens, or to otherwise modify the procedures contained herein, as the Board shall determine appropriate to fit the circumstances.

 

11.   Ongoing Evaluation:  Nothing in this policy shall require the CPHA Board to take specific actions other than to notify homeowners of the adoption of these policies and procedures. The CPHA Board has the option and right to notify homeowners of the adoption of these policies and procedures.  The CPHA Board has the option and right to continue to evaluate each delinquency on a case-by-case basis. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   IN WITNESS WHEREOF, The undersigned have executed this Policy the 11th day of November, in the Year 2011.

 

 

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CPHA BOARD PRESIDENT                                                          CPHA BOARD VICE PRESIDENT

 

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CPHA BOARD TREASURER                                                        CPHA BOARD SECRETARY

 

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DIRECTOR                                                                                        DIRECTOR

 

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DIRECTOR                                                                                        DIRECTOR

 

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DIRECTOR                                                                                        DIRECTOR

 

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DIRECTOR