LM Funding recommends that every board adopt a collection policy. A collection policy creates a road map for how delinquencies are handled. It takes the emotional aspects out of collections and ensures the board is not accused of selective enforcement. Whether it be 30, 60 or 90 days, your association should have a firm deadline of sending accounts to collections. This is the first step in fully automating your collection process.
Has your association tasked someone with managing your policy? LM Funding will gladly work with you to create a custom collection policy at no charge. Please reach out to email@example.com for more information.