Condominium and Homeowner Associations have been hit hard during the last five years by writing off amounts owed to them after a bank forecloses on a unit or home owner.
Miami, FL (PRWEB) January 30, 2012
A new tactic has been developed by Association Financial Services of Miami, Florida that has proven to be a boom to financially hurt condos and HOAs. Condominium and Homeowner Associations have been hit hard during the last five years by writing off amounts owed to them after a bank forecloses on a unit or home owner. When a bank forecloses on a condo or HOA, associations are often stuck with the debt accrued by the old delinquent owner, in effect leaving the association holding the bag for thousands of dollars in losses. A little known fact is that this money is still personally owed to the association and Association Financial Services has just taken the lead in recovering that money for Condos and HOAs.
Association Financial Services (AFS), a collections and finance company based out of Miami, Florida, rolled out the Write-Off Recovery™ and to the delight of the community associations who have just signed up it has been effective. According to senior Account Executive Mitchell Drimmer who has been bringing this service to condos and HOAs, “the success has been phenomenal and associations are now lining up to sign up for this program.”
“When Association Financial Services recently brought this product to my attention, I asked my client association to sign up not really expecting to see any money come back to the association” said Carlos Mejia, President of Global Management Services in Miami Lakes. “Since there was no cost and no risk, and we had already written off the loss, I advised my board to sign the agreement. We had nothing to lose.” Mr. Mejia continued, “So when Association Financial Services recovered thousands of dollars for Magnolia Lane which is one of the associations my company manages you can imagine my surprise and delight. You can be sure that I will now bring this agreement to all of my clients for review.”
Ken Arnold, CEO of Association Financial Services further elaborates, “What people don’t realize is that a foreclosure of the property does not discharge or extinguish the debt owed to the association from the former unit owner, and that money is in fact recoverable.” With Write-Off Recovery™, AFS pays all the costs and fees of collection, so there is absolutely no risk to the association. Mr. Arnold continues, “Many individuals and investors who walked away from their condo or HOA have plenty of income or assets to pay the associations what is owed. It’s just a matter of having the unique systems and skill set in place to collect this particular type of debt.”
About Association Financial Services LC
Association Financial Services, L.C. (AFS), formed in 2006, specializes in providing collections services, specialty lending and other financial services to condominium and homeowner associations nationwide.
To learn more about Association Financial Services please visit http://www.associationfinancialservices.com or call 305.677.0022 ex 804.
305.677.0022 ex 807
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