Unlike any other collections agency, we collect delinquent payments via wire transfer. It is a quick and easy way for delinquent homeowners to bring their accounts current, and the funds are available to the HOA WITHIN 24 HOURS of collection!
The majority of other collection agencies require cashier’s checks which unnecessarily causes two to three week delays in getting the HOA paid. Also, unlike cashier’s checks there is no charge to the homeowner or the HOA for wire transfers. The delinquent owner is provided with very easy to understand instructions, and can make wire transfers from any banking institution.
Another unnecessary frequent delay is caused when the homeowner issues payment to the wrong payee. Payments are often made to the HOA or the management company, rather than to the collection agency. The latter (this?) requires the check to be mailed back to the delinquent homeowner with a letter advising of the correct payee name and having to wait for another payment to be sent. Receiving payments electronically eliminates this problem since funds are diverted directly into our client trust account, are immediately available and subsequently passed along to the HOA within 24 hours instead of the industry two to three weeks.
We also work with credit reporting agencies to motivate as well as help homeowners understand the importance of rectifying their account in a timely fashion.