Core Values

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Every successful organization needs something to help guide it through the turbulent world of change. Something that defines the organization and allows it to stand out from its competition. Although it is essential for the organization to remain flexible, nimble, and adaptive, there must be something there that stabilizes it, no matter what the outside world is going through.

For Equity Experts, that stabilizing factor is our Core Values, which are:

  • Community
  • Integrity
  • Resolution

At Equity Experts, Community is the essence of teamwork. We start every task as a team, and accomplish our goals as a team. This concept isn’t simply an in-house philosophy. We apply it to every connection, relationship, and partnership that we enter. This includes our clients and all of the homeowners that have accounts in our office. Those that choose to partner with Equity Experts benefit from our value of community, as we use communication to accomplish incredible results.

Integrity is a value that can only be displayed through actions. At Equity Experts our collections process is smoothly navigated with integrity at the helm. Our team of Recovery Experts demonstrate high levels of empathy and understanding when talking with homeowners. Instead of only focusing on recovering dollars from the debtor, they take the opportune time to educate them; helping them avoid being in similar positions in the future. Several of the homeowners with accounts in our office have taken time to leave positive reviews for our Recovery Experts online. For instance, a homeowner in Minnesota left a Google review stating,

“Ken (Recovery Expert), provided the best customer service that you can ask for during our conversation. He was professional, and resourceful with each conversation that we had within the last two weeks. All questions were answered, and he immediately emailed the information that was requested. Ken was knowledgeable and able to make decisions to help resolve all concerns.”

Resolution for our clients is not only our goal, it is our mission! Throughout the history of mankind, it has been proven that just about every equation that exists can be solved through sheer motivation and determination. At Equity Experts we are motivated to continue to define an industry through innovative collection solutions. We are determined to never give up in the pursuit of resolving every delinquent file that comes into our possession.

Our Core Values clarify who we are as an organization. They govern our personal relationships, guide our processes, and articulate what we stand for. That is why we are a successful organization. That is why our partners love us!

To find out how you can partner with us please contact [email protected]. To simply share a story of how our team has utilized our core values while working with you please comment below.

Keep Your Communities Prepared

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In today’s world, it is generally regarded as a keen move to have an insurance policy. Therefore, people get insurance policies on just about anything and everything. I’m sure you have heard stories of models insuring their legs, and singers insuring their vocal chords; however, those are some of the extreme cases that the standard person doesn’t have to worry about. Usually the things that your everyday person insures are: cars, house, phones, and their life.

The question that I would like to pose to you is this: When is it a good time to purchase an insurance policy? The answer to that question is surprisingly simple. You get an insurance policy before an unfortunate event occurs. You wouldn’t buy car insurance after your car has been in an accident, you buy it beforehand so that you are covered when the accident occurs. This concept holds true in all facets of life. Intelligent people and businesses are always prepared for the inevitable unfortunate event.

Community Associations also need insurance policies in place in case of emergency, namely HOA dues delinquencies. I hear far too often that a community doesn’t need our services due to them “not having a delinquency problem.” We all know that the economy drives the market place and debt. When the economy is good, debt is down. When the economy is bad, debt goes up. HOA delinquencies are one of those debts directly tied to the economy. So, when a community tells me that they don’t currently have a delinquency problem, I tell them just wait till the next recession and you will.

Every economist on the planet will tell you that there isn’t a question of if another recession will occur, the question is when it will occur. So, if another recession is imminent, wouldn’t it be smart for Community Associations to have an insurance policy in place that can totally cover them in the case of an increase in delinquent files? Equity Experts is that insurance policy. Our processes are uniquely built to relieve Community Associations of all financial and legal risk associated with recovering delinquent debt. No cost, no risk is the tagline that is changing the collections industry one client at a time.

Are you a part of a smart Community Association?

To learn more information on how we can help your community now or provide reassurance for future delinquencies email us at [email protected] or call us at 1-866-293-9636.

Dynamic Online Reporting

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Equity Experts was founded, to a degree, by a dissatisfaction with traditional HOA collection reporting. Detailed reports are crucial for community managers and board members to keep Association finances in order. It is important that these reports be accessible when necessary, easy to understand, and provide the most up-to-date information.

Our clients have the ability to reach out to their designated client liaison and request a report at any time. Clients have also had 24/7 access to bi-weekly updated reports through our secure web portal.

We asked for feedback and we listened!

Equity Experts is proud to present our new Dynamic Online Reporting! With the new online reports, you will have 24/7 access to reports with daily updates!

Other benefits include:

  • Notes from the Client Liaison and Recovery Experts. So managers and board members can see how many calls were made and when!
  • See historical reports from up to TWO years ago!
  • The total amount collected for the community is in plain sight and updates daily!
  • Columns can be sorted by debtor name, judgement date, balance, and more! See the information you need in the way you need to see it.

We are excited to add our new Dynamic Reporting system to the many benefits our customers experience working with Equity Experts. If you’d like to know more about the value Equity Experts can bring your community, please contact us! We look forward to hearing from you.

Defining An Industry

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As the leading collection solution for community association collections, Equity Experts is more than a mere collection service. Our team has an extensive background in community management, and our attorneys serve all of the markets within our national footprint. This expertise ensures our clients and their managers receive friendly, efficient service in compliance with federal and state regulations. Although delinquencies are often an uncomfortable topic for homeowners, it’s undeniable we’ve become an invaluable part of several communities across the United States.

In 2003, as the operators of a community management company, the owners were dissatisfied with the responsiveness, effectiveness, and reporting of law firms and collection services. They tried providing them with a format for reporting that would make recovery information more comprehensible to board members. However, they charged for their time assembling these specialized reports, which was frustrating for both the management company and its association clients. There had to be a better way!

They thought: What would it take for us to do this ourselves?

With that, Secured Collections was formed as a lower-cost, more effective way of collecting HOA debt. Upon proving itself to be a better collection alternative, the company began receiving requests from other property management companies. Secured Collections became Equity Experts in 2006 and grew to help several local community associations.

Our president joined the company around this time with ideas to enhance the current process. Drawing from former frustrations within the association management industry and examining community association collections from an outsider’s perspective, Equity Experts developed a no-risk solution to better suit its clients needs. This solution was more proactive than the typical process, incorporated constant contact with the debtor, and provided support to community managers at no out-of-pocket cost to the association.

Over the last 15 years, Equity Experts has grown tremendously! We’ve refined our process from a 70-80% success rate to our current Full Circle Process which boasts 98% success. We’ve also become a valuable partner to neighborhoods across 27 states, including Michigan, California, Georgia, Minnesota, Virginia, Texas, and South Carolina. As our business continues to expand, our staff and expertise is also growing.

Equity Experts is looking ahead to a future where no one pays up front for community association collections. As we define our industry, we intend to be the go-to method for HOA, Condo, and POA collections. If you would like to enjoy the benefits of faster, more efficient delinquency collections without any risk, feel free to contact us.

How March Can Mean More Collections for Your Community

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Over 14 years of business, we have noticed a recurring spike in delinquent association dues at the beginning of the year. While many factors cause homeowners to accrue HOA debt, the effect to the community generally means increased HOA fees, maintenance delays, and other frustrations within the neighborhood.

Our team at Equity Experts is excited for March! Why? Tax Season.

While Tax Day is April 17th this year, many taxpayers heed the advice of the IRS and attempt to “avoid the rush” by filing early. Last March, the IRS issued over 310 million tax refunds at an average of $2,939 each. According to a recent Credit Karma Tax™ survey, 62% of Americans expect to receive a tax refund in 2018 and about 24% intend to use theirs to pay down debt. The month of March is a great time to have an effective collection solution.

Equity Experts employs our core values – community, integrity, and resolution – in everything we do. We are proud to have a 98% recovery rate, and most homeowner association and condominium association delinquencies are resolved within 90 days. And the best part? Our services are at no out-of-pocket cost to the association.

Learn more about how Equity Experts can recover more delinquent association debt for your community!

Board Member FAQ: Collections Lawsuits

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A community association never wants to sue their members to collect unpaid assessments or HOA dues. But when informal efforts to collect those fees fail, your board members or staff may find themselves heading to court. Learn what to expect during collections lawsuits to make the most of your time in court.

While the exact procedure for a collections lawsuit will vary from state to state, you can count on certain things when you have to take a community association collections case to court.

Pre-Suit Notices

Many states require anyone trying to collect a debt to send out demand letters or notices before taking the matter to court. Among other things, these notices warn the people who owe you money that you will be filing a lawsuit if they don’t pay.

Choosing the Right Court

Where you file your collections lawsuit can be very important. Depending on your state, the court you need may be based on location, the kind of relief – like collections or eviction – or even how much money they can award. If you file in the wrong place, you may have to start over.

Service of Process

Once a lawsuit is filed, you have to “serve” the debtor (now the Defendant). Generally, this means someone has to physically hand a copy of the complaint to them. This may be easy when the people who owe you money live in your community. But, if your debtor has moved or passed away, it may be harder to track down where to send the paperwork.

Records Keeping

One of the best ways to speed the collections process along is to have clear records. If volunteers, staff, property managers or collections specialists like Equity Experts, have reached out to the debtor to try and collect unpaid HOA dues, make sure they keep a record. You should also give your collections specialists all the records regarding invoices, fees, interest, and past payments. All that will make it easier to prove the debt is owed.

Defenses

Your community member has the right to raise defenses – reasons why they shouldn’t have to pay the debt. This could include errors in invoicing, prior payments, or other technical issues. They do not include financial inability to pay.

Judgment

When the case is concluded, the court will enter a judgment saying how much the Defendant owes. Sometimes this will include a payment plan that spreads the expense over time. The judgment also gives your community association the right to use collections procedures to collect the debt out of the defendant’s assets.

A collections lawsuit is only one part of a longer collections process. Equity Experts can help you navigate the process and get your delinquent HOA fees paid. If you have outstanding accounts receivable, contact Equity Experts today to learn how we can help.

Board Member FAQ: Collecting HOA Dues After a Sale

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As a community association board member, you hope that your neighbors stay in your community for years. But sometimes, circumstances cause a member to sell a home and leave. If that member is behind on dues or assessments, that can leave your community holding the debt. You need to know where to turn to collect after the sale.

Members leave community associations for all kinds of reasons. They may have to relocate for a job. Maybe their families are growing and they need to expand. Or maybe they are hoping to avoid fees. When a sale happens while dues are outstanding, it can cause problems for a community association.

Collecting from the Selling Homeowner

If a sale is pending when a person is behind on their HOA dues, you may want to try to collect from the homeowner before he or she goes to closing. During the sales process, a title insurance company will investigate the state of any unpaid assessments. If there are unpaid dues, it could cause a buyer to renegotiate or even walk away from the sale. Because of this, a selling homeowner may be willing to resolve an outstanding claim to avoid problems during closing. This can sometimes be challenging if the resident moves out of state. The community association is best off working with a collections specialist to collect unpaid HOA dues before the sale is final.

Collecting from Co-Owners

If there is more than one person living in a home in your neighborhood, it could give you more options to collect your HOA assessment. Anyone who co-owns the property will most likely be covered by your community association’s rules. If you cannot collect from one owner, you can pursue another. This most often comes up with vacation properties, or in the case of divorce. When co-owners separate, they may agree on who is responsible to pay the debt. But if collection efforts with that party fall through, you may still be allowed to pursue a claim against the co-owner as well.

Collecting on an HOA Lien

As the collections process progresses, your community association may also have a claim against the property sold. Depending on your community association bylaws and local laws, unpaid assessments may create a lien on the home or condo. A lien protects your community association from the risk of unpaid assessments by filing a claim against the property. If a lien has been issued against a home or condo, the overdue assessment will be paid out of the proceeds of the sale of that property. Usually the seller’s mortgage and any home loans will be paid first. But a lien ensures that the community association gets its money before the seller is paid.

A sale can complicate the collections process and leave your community association holding an empty debt. Careful planning and proactive collections practices can make sure your assessments get paid, even after a sale. If your community association is facing collections problems, or you wish to have a plan in place in case your community faces an issue, contact Equity Experts to receive an expert’s assistance.

Board Member FAQ: Collecting Delinquent Community Association Dues

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In a perfect world, a community association would send out its annual assessment and all its members would happily pay their dues.

But when reality falls short of ideal, how do you deal with delinquent dues?

What do you need to do to collect unpaid assessments?

Not every community member is going to pay their dues on time. Sometimes, homeowners will feel the amount is excessive, or it doesn’t fit within their budget. But delinquent dues can send a community into financial crisis quickly. If your community association can’t collect the dues it needs, you won’t be able to maintain and repair its facilities.

So what can you do about it?

Check Your Bylaws

Before you begin collections, make sure you check the language in your bylaws and other governing documents. Most HOA foundational documents give the board of directors the right to take action against delinquent homeowners, but not all of them. You may need to amend your bylaws before you do anything else. For recommendations on this, email our team at [email protected].

Impose Late Fees & Interest

Consider adding late fees and interest to your annual homeowners assessment. If there is no penalty to paying a bill late, it often doesn’t get paid at all. Interest and late fees give your members a reason to pay on time: it saves them money.

Send Out Demand Letters

Before you can take any legal action against delinquent homeowners, you need to put them on notice. Send out letters to unpaid accounts that say:

  • The total amount due;
  • How late the payment is;
  • How much interest and late fees have been charged;
  • Warning of future collections efforts.

You may also want to offer a payment plan in the notice, giving your homeowners a way to get caught up over time. Some states may even require payment plan options, so make sure you check your local laws.

Get a Lien on the Delinquent Property

Your community association can also secure your interest in the property by getting a lien. This is a note in the public records that you are owed a specific amount of money. If a delinquent homeowner tries to sell the home, you get paid out of the value of the sale.

File a Lawsuit

If all your collections efforts fail, you can sue a delinquent community member for the past-due assessments, fees, and interest. How and when this is done depends on the law in your state. However, once you obtain a judgment, you can use it to get your money from the person’s income, bank accounts, and even tax returns.

If you are having trouble collecting unpaid community association dues, the experts at Equity Experts are here to help! Contact us at (877) 279-6977.

Board Member FAQ: HOA Foreclosures

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As a community association board member, the last thing you want to do is drive members out of your community. When every other attempt to collect on dues and assessments have failed, you may have to resort to an HOA foreclosure. But the process may be more difficult than you expect.

Most community associations’ bylaws create an automatic lien on the property of a member who fails to pay his or her HOA assessments and dues. But a lien is only a promise of money if a property is sold. If a long-time member of your community refuses to pay dues and isn’t planning on moving, your collections specialists may need to force the issue with an HOA foreclosure.

Judicial HOA Foreclosures

In states that follow the judicial foreclosure process (about 22 of them), your condo association will need to go to court before you can collect on your lien. Here are the steps in a judicial foreclosure:

  1. A Notice of Intent to Begin Foreclosure is sent to the debtor in default a certain number of days before the lawsuit begins. The homeowner then has a chance to catch up on missed payments, costs, and interest charges.
  2. A Lawsuit is filed in the local district court. This suit isn’t asking for a money judgment. It is requesting the court’s permission to sell the property the lien is attached to.
  3. A Notice of Intent to Sell is sent out after the judgment is entered.
  4. A Redemption Period allows the homeowner one last chance to pay everything off and keep their home. The length of the redemption period depends on the state.
  5. An Auction is held allowing anyone from residents to investors to purchase the property, often well below fair market price.
  6. An Eviction may be necessary to remove the non-paying former owner. This often requires a posted notice and another court order.

Non-Judicial Trustee Sales

Some states’ laws (as many as 30 in some cases) allow HOAs and other creditors with liens to skip the courthouse and go straight to the sale. In place of a formal lawsuit, the Trustee Sale requires several notices, including a Notice of Default and a Notice of Sale. Some states allow a redemption period after the sale during which the homeowner can pay off the debt and keep possession of the property.

HOA Foreclosure Defenses

No matter your state’s process, there will always be a way for a homeowner to challenge your right to foreclose. However, these defenses are limited to problems with the process, not a resident’s inability to pay. That’s why using skilled collections specialists is so crucial. Contact Equity Experts today to schedule an appointment with one of our Relationship Managers.

FAQ Delinquent HOA Dues

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In a perfect world, a homeowners association would send out its annual assessment and all its members would happily pay their HOA dues.

But when reality falls short of ideal, how do you deal with delinquent HOA dues?

What do you need to do to collect unpaid assessments?

Not every community member is going to pay their HOA dues on time. Sometimes, homeowners will feel the amount is excessive, or it doesn’t fit within their budget. But delinquent HOA dues can send a community into financial crisis quickly. If your condo association can’t collect the dues it needs, you won’t be able to maintain and repair its facilities.

So what can you do about it?

Check Your Bylaws

Before you begin collections, make sure you check the language in your bylaws and other governing documents. Most HOA foundational documents give the HOA board the right to take action against delinquent homeowners, but not all of them. You may need to amend your bylaws before you do anything else.

Impose Late Fees & Interest

Consider adding late fees and interest to your annual homeowners assessment. If there is no penalty to paying a bill late, it often doesn’t get paid at all. Interest and late fees give your members a reason to pay on time: it saves them money.

Send Out Demand Letters

Before you can take any legal action against delinquent homeowners, you need to put them on notice. Send out letters to unpaid accounts that say:

  • The total amount due;
  • How late the payment is;
  • How much interest and late fees have been charged;
  • Warning of future collections efforts.

You may also want to offer a payment plan in the notice, giving your homeowners a way to get caught up over time. Some states may even require payment plan options, so make sure you check your local laws.

Get a Lien on the Delinquent Property

Your homeowners association can also secure your interest in the property by getting a lien. This is a note in the public records that you are owed a specific amount of money. If a delinquent homeowner tries to sell the home, you get paid out of the value of the sale.

File a Lawsuit

If all your collections efforts fail, you can sue a delinquent community member for the past-due assessments, fees, and interest. How and when this is done depends on the law in your state. However, once you obtain a judgment, you can use it to get your money from the person’s income, bank accounts, and even tax returns.