The solution to your financial burden.
WHO WE ARE HOA Financial Solutions was founded by industry professionals that have over 70 years of combined finance and real estate experience. Our proprietary program removes the burden and financial obligation facing homeowner’s associations during the collecting of past due assessments from delinquent owners and banks.
Instead of waiting for the banks, we always seek to collect the full balance before the mortgage foreclosure.
5 STEPS TO MOVING FORWARD 1. Submittal Complete a client questionnaire and submit the required association documents.
2. Proposal We provide you with an agreement.
3. Execution Both parties sign the agreement and the association’s management company supplies us with account ledgers.
4. Acceptance & Funding
5. Account Recovery
Your association signs a document assigning the delinquent accounts to HOA Financial, and the association begins receiving regular assessments directly from us.
We take a multi-step approach to bringing your accounts current. All collection work is done by your attorney once we’ve determined the best way to move forward in the collection process.
WHAT WE DO We take the burden of non-paying owners off your plate and can provide immediate financial assistance to your association while eliminating the upfront legal cost of collecting against non-paying owners. You no longer have to throw good money after bad to try and get delinquent owners to pay their dues. • We advance non-recourse funding to cover costs of a lien foreclosure action so your attorney can move forward with the collection case. Non-recourse means the association doesn’t owe us the money back if the amounts due to us are not collected by the attorney. • We provide funding for qualifying accounts up to 1 year’s worth of assessments per account. • We offer unit owners several options to avoid the foreclosure process whenever possible, while ensuring the unit owner pays all current and past due assessments. • We always seek to collect the full balance BEFORE the mortgage lender foreclosure action is completed.
MEDIAN SALES PRICE (Central Florida 2012)
Normal $158,230
Short-Sale $110,000
Bank-Owned $85,000
• We work with banks to collect all past due assessments, not just the statutory limit. • The association keeps all the assessments, late fees, and interest.
COMPLETE TURN-KEY SOLUTION Our solution was designed exclusively for homeowner’s associations with the ultimate goal of increasing the financial health of the association as well as increasing property values. To that end, we never charge the association and never ask to share in your assessments, late fees, or interest due. We work with attorneys, banks, and delinquent unit owners, not only to get all past due assessments paid, but also to avoid a mortgage foreclosure action. Not only will this method ensure that the association receives all past due assessments, it also avoids the negative impact multiple lender foreclosures have on property values within the community. In the event a unit owner surrenders the property or the association takes the property back after a lien foreclosure, we will rehabilitate the property, market the property for rent, and manage the rental process. We provide the financing to perform these tasks, so the association doesn’t have to come out of pocket with any money. This method ensures the association recoups all past due assessments through rental income without having to wait for the banks to actually foreclose.
FAQ’s How much does it cost the association to engage HOA Financial’s services? Absolutely nothing—the association never makes payments to us for our services. Our profits are generated once the attorneys make a successful collection on each account. With our program we only keep the one-time fees that we bill to the delinquent account. We never bill the association for our work. Additionally, the association doesn’t have to give up interest, late fees, assessments, or anything else due to them on the account ledger.
Is the association charged if HOA Financial cannot collect on a delinquency? Absolutely not! Associations will never write HOA Financial a check for our services, regardless of the amount of assessments recovered and returned.
Will HOA Financial fund accounts already with an association attorney or in the lien or foreclosure process? Yes, HOA Financial works with several law firms across the state so we will fund accounts that are already with an attorney. We’ll also consider accounts the association has taken title to through our rental management program.
Does the Association have to repay the money funded if HOA Financial is unsuccessful in collecting the debt from owners? No, HOA Financial assumes all risks associated with collecting delinquent assessments. In the event the attorneys are unsuccessful in collecting the assessments, the association has no financial obligation to us.
What if the Association has already taken title to a property through a lien foreclosure? You can still assign that account to us. We’ll provide the rehabilitation funding, and we will rehabilitate the property, market the property for rent, and manage the entire process. All with no money out of pocket from the association.
1820 NE Jensen Beach Blvd., Suite 526 Jensen Beach, Florida 34957 Tel: 407-362-0016 Fax: 888-899-9133 www.hoafinancial.com