Alright and welcome back everybody. So as we're starting to gear up to re-enter work again, if you will. Some of the things that are being brought up of major concern, of course— Oh! I’m gonna do this light differently. There we go! All right, welcome back everybody! James Phifer with ACCU Inc. If you haven't already, do me a favor! go and hit that like And subscribe button. It really helps generate some things that I need to be able to reach goals, specifically 200 followers. So if you go ahead and do that for me today, I’d sure like that a lot! So anyway, what I have to talk about today is what is going on in housing and real estate? FHA / VA those types of loans are giving a little bit of leniency on forbearance. so if a homeowner is currently paying $3,000 a month for their mortgage, in 90 days they will owe a single payment of $9000 which to me makes no sense because if they don't have the money to pay it now in 90 days, really, how are they going to get that money? I think that's going to lead us into— I don't want to call it crisis because I'm not trying to be Chicken Little but I think there are some real expectations here that need to be met. So for talking about mortgages not being paid, lets talk about what we do and a collection of HOA assessments. Some boards are being very lenient and saying all fines and fees associated with those delinquencies are Are hereby waived. Unless they redo the budget, I suppose they really cannot waive the assessment. The assessment is required in the Declaration. So Colorado does have a six month payment plan. I talked about it on a prior video. I said be proactive! Make sure that you call your management company. That's the best thing that you can do. "If you're going to have a hard time paying assessments be proactive!" boards and managers— If you start to see a large number of people stop paying their assessment, what are some of the tools available to you? So to be proactive as a board, You may want to reach out to your collection agency or your attorney. Law firms will have retainer programs that could possibly save you money. If you think that there's gonna be a lot of people in the association not paying assessments and then there's a high-risk high-reward style collections, which is the say they will not charge anything until they're successful in collecting a fee, but at that time they will take a larger percentage of that collection. So maybe start researching what tools are available to a board. Let me be very clear. There's a few I n t e r e s t i n g products on the market that you should be hesitant to take. Okay? Those that are coming in and wanting to buy the bad debt that’s something that's really owed to the association and if you can hold out you may want to think about holding out and trying to recollect on 100% of that debt instead of selling it off. If you are in a urgent need there are programs out there that will purchase the bad debt and some of them will even pay the assessments for those not paying moving forward. So if you want to hear a little bit more about who offers those Those types of things you can always reach out to me directly on my phone. We are going to be following on some tough times. We are going to be having to make decisions that we haven't had to make since, really 2008-2009. That was very difficult trying to be a neighbor and run a corporation at the same time often times those hats don't go on at the same time and can be very difficult! board members, You do have a fiduciary responsibility to the corporation and to make sure that you look out for its best interest. I think right now most communities are doing everything that they can to try and be lenient and compassionate to their Association members. There may come a time that we start to see higher foreclosure rates, A lot of people not paying assessments. So if you have things geared up to get done this year, you may want to sit down with your board and have a conversation of what real expectations are regarding the collection of HOA fees. So with that I'm going to go ahead and sign off! Again, like And subscribe to my YouTube channel! James Phifer with ACCU Inc. until next time, I forward to bringing you more content. Thank you. (Chicken Little)