What happens if a homeowner does not pay the assessments timely?
If a homeowner’s quarterly assessment payment is not received by the 15th day of the month due, then the homeowner is late and is assessed an additional $10 penalty. If the homeowner does not pay within 30 days of the due date, the homeowner is delinquent. The management company will then send a reminder notice to the homeowner. If the assessment continues to be unpaid for 2 quarters, the LVCA attorney will begin collection action, which will include notification of credit bureaus and possibly a lien being placed on the property. All attorney costs and legal fees will be added to the homeowner’s bill. Interest in the amount of 8% annually will also become the homeowner’s responsibility.
