I think right now there’s about 8% of Americans in an HOA are on forbearance currently accounting for about eight billion dollars’ worth of unpaid principal. So, with that in mind, I think it is a responsibility of ours is as a community to start having conversations around “what if?” What if when the government funding gets lifted and delinquencies start to rise rapidly. What’s the emergency plan? How is it that you want us to handle the delinquencies? And you know, of course, there’s the collections, law firms and those types of things but that’s not what I’m talking about. I’m talking about the lack of service.
I think it is incumbent on the management company and the managers to get out be proactive with their boards and say Hey, listen, what do you want us to pay first? And how do you want to go through this because the education piece is going to be very important! my fear is that if there’s not enough money coming into the association, those good-paying customers those people that are keeping up with their fees are going to call in and say “I pay my HOA assessments. Why are we not getting service? You’re not doing your job!”
Without the majority of people paying assessments it’s not the management company’s fault. It’s not the board’s fault, but we need to figure out creative ways to work within the finances that a community does have. So I want to get that message out to everyone today.I want to hear your thoughts on this. You’re a board member a manager or homeowner in a community and you have an opinion on this go to the comments and let’s start having a broader discussion to continue service in the communities that we have grown to love so much. So that’s it for today and I look forward to bringing you additional content soon!
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