IMPORTANT INFORMATION REGARDING NOTICE OF DELINQUENCY
Have you received a Notice of Delinquency from your HOA and want to understand more about what this means and how this will impact you?
A NOTICE OF DELINQUENCY IS SENT BY YOUR ASSOCIATION WHEN YOUR ACCOUNT BECOMES SERIOUSLY DELINQUENT. THE PURPOSE OF THE NOTICE OF DELINQUENCY IS TO INFORM YOU THAT YOU ARE REQUIRED TO TAKE ACTION TO CURE THIS DELINQUENCY AND THAT YOUR FAILURE TO CURE THE DELINQUENCY WITHIN THIRTY (30) DAYS MAY, AND MOST LIKELY WILL, RESULT IN YOUR ACCOUNT BEING TURNED OVER TO A COLLECTION AGENCY, A LAWSUIT BEING FILED AGAINST YOU, APPOINTMENT OF A RECEIVER, THE FILING AND FORECLOSURE OF A LIEN AGAINST YOUR PROPERTY, THE SALE OF YOUR UNIT AT AUCTION TO PAY THE DELINQUENT ASSESSMENTS, WHICH COULD RESULT IN YOU LOSING SOME OR ALL OF YOUR EQUITY IN THE UNIT AND OTHER REMEDIES AVAILABLE UNDER COLORADO LAW INCLUDING THE REVOCATION OF YOUR RIGHT TO VOTE ON ASSOCIATION MATTERS IF ALLOWED BY THE ASSOCIATION’S DECLARATION OR BYLAWS.
The following information provides important information regarding the Notice of Deliquency which was sent to you.
- A statement was attached which shows an accounting of how the balance due was determined;
- You have an opportunity to enter into a payment plan;
- If you wish to enter into a payment plan, you must contact the Association Office by telephone at 970.285.7482 or by email at Manager@ElkPeaks.com within thirty (30) days;
- If you desire more ledger history than what was shown on the statement of account, you may obtain more account history by contacting the Association by telephone at 970.285.7482 or by email at Manager@ElkPeaks.com;
- The delinquency may concern: Unpaid Assessments, Unpaid Fines, Fees or Charges, or both unpaid assessments, and unpaid fees or other charges;
- If the balance owed includes unpaid assessments, the Association has the right and the intent to file a lien against your property which may lead to a foreclosure action being filed against you;
- Prior to referring this matter to a collection agency or an attorney, the matter will be discussed at a board of directors meeting and, at that meeting, the board will vote on whether to send your account to the Association’s attorney or pursue other legal remedies;
- If this matter is referred to the Association’s attorney, you will be required to deal exclusively with the Association’s attorney rather than with the Association; and
- More detailed information regarding this matter is available in the Association’s Collection Policy which can be viewed on the Association’s website under “AssociationManagement,” then choose the name of the Association where you own property, then click on “Documents.” Under “Documents” click on “Collection Policy.”
- More detailed information relating to the collection of assessments by an association, including the associations ability to foreclose an association lien for unpaid assessments and force the sale of the Owner’s home and the availability of online information from the Federal Department of Housing and Urban Development concerning credit counseling before foreclosure may be accessed by visiting the Department of Local Affairs’ website at https://dre.colorado.gov/hoa-center.
It is critically important that you understand tht if you fail to cure the delinquency within thirty (30) days and the Association chooses to exercise its legal remedies, it is the Association’s right and policy to add reasonable attorney fees and collection costs incurred in the collection of assessment or other charges to the amount due the Association.
Payments must be payable to your Association and mailed to 46 East Ridge, Ste. 100, Battlement Mesa, CO 81635 or you may pay via ACH (only) online at the Association’s Payment Portal https://smartpay.profitstars.com/express/Elk%20Peaks.