Terms and Conditions (Midwest)


EQUITYEXPERTS.ORG MIDWEST, LLC, And

 

This Agreement is effective on , between EQUITYEXPERTS.ORG MIDWEST, LLC, and [hereafter “Association”].

Association and Equity Experts agree that Equity Experts will take action on all amounts due and all amounts that become due on any account until the full balance is paid, pursuant to the following terms and conditions.

It is important to us that you understand your role in this agreement and how you will work with us. If you do adhere to the below terms, it will be considered a breach and you may be required to immediately pay all our deferred fees and costs.   Please review these terms and conditions, which we have summarized under sub-headings for your convenience.  Note: The sub-headings are intended for clarity. The language below the sub-headings are the legally binding terms.

We get amazing results through a limited power of attorney.

  • Equity Experts is authorized to take any lawful means to collect on its behalf, including, but not limited to; written communication, verbal communication, skip-tracing, retrieval of public records, liens, lawsuits, foreclosures, judgment enforcement actions, as determined solely by Equity Experts.
  • If state law or the governing documents require direct board approval for specific actions, Association must approve such action at the time they refer the account for collection.
  • Under this agreement, an “account” is defined as a unit address. If the property owner changes on any account, for any reason, Equity Experts has the authority collect on such account.

We know your lingo and will communicate directly with the board.

  • Equity Experts is authorized to communicate with the board’s management agent, if any, and must have at least one contact with an active member of the board, including phone and email address.

Our fees are part of the full balance owed to the association.

  • Association will add Equity Experts fees and costs to the debtor’s account. If Association does not adjust their individual unit owner ledgers to include Collection Agent fees and costs, they agree that only Collection Agent will issue ledgers or account statements while the account is in collections. This will ensure that the full balance owed to the association is reflected.

You must review our fees and process to make sure this is a good fit.

  • By signing this agreement, Association acknowledges that it has reviewed all fees for the services described in this agreement and agrees to be charged these amounts.
  • Association agrees that the fees and costs incurred by Association for those activities, including interest up to the statutory rate on all unpaid fees and costs, are costs of collection owed by Association, explicitly authorized by the Association’s board of directors and the Association’s governing documents.

 

Accuracy matters, so verify your records and respond promptly to our requests.

  • Association records must be accurate. (This includes, ownership details, addresses information, and balances, among other things.)
  • Promptly reply to all requests, including but not limited to requests for verification, validation and documentation.

Mistakes in your records are your problem.

  • Any inaccuracy in the information maintained in the association records, or inability to properly validate, will allow Equity Experts, at its option to collect the remaining balances without the unvalidated amounts.

Accounts are “hands off” once you send them to us.

  • Association will not engage in any collection activities on these accounts, will not retain any attorney, or authorize any other person to collect these accounts, and will not make any agreement for the settlement of these accounts without Equity Expert’s prior consent.
  • This includes sending letters, having conversations, or making agreements on any account that has been referred to us unless we specifically authorize you to do so

All payments must be forwarded to our office.

  • Equity Experts has the exclusive right to collect and receive payments, including payment of its fees, unless contradicted by state law, in which case, payments will be received and applied in accordance with state law.

If you slow us down or stop us, you need to pay us.

  • If Association does not want Equity Experts to take any action on an account, Association must contact Equity Experts in writing. Any unreasonable delay or deferral of collection or legal action, which will be solely defined by Equity Experts, may result in Association immediately paying all deferred fees and costs currently owed.

We only defer our fees if we are allowed to follow the path from our data science, but we offer affordable options if you want to do your own thing.

  • Under this agreement, an “account” is defined as a unit address. If the property owner changes on any account, for any reason, Equity Experts has the continuing authority collect on such account, including the new owner after a senior lien foreclosure.
  • After a senior lien foreclosure, Equity Experts will be owed all its deferred fees and costs on the former owner account once any statutory redemption period expires. We can then, at the board’s option, continue to seek recoupment of those fees for the board through an unsecured collection account, pursuant to the charges listed on the fee schedule.
  • After a Bankruptcy has been filed, Equity Experts shall be paid all of its currently outstanding out of pocket costs on the pre-bankruptcy account. We can then, at the board’s option, continue to seek recoupment of those costs, along with the rest of the balance owed through the bankruptcy plan or in the case of a chapter 7, a lien only file, pursuant to the charges listed on the fee schedule for non-standard bankruptcy services. If the association chooses to not pay for continuing bankruptcy services on the account, all deferred fees owed to Equity Experts shall be paid at that time.
  • If we are prevented from pursuing the best collection path, as determined by our technology partner, due to either board intervention, statutory regulations, or any other reason, the board must choose one of the following: 1) Pay all of our current outstanding invoices in exchange for return of the file. 2) Pay our fee for service rates for collection options outside of the best path scoring model. 3) Pay a monthly service fee of $50.00 per month for continued non-legal collection activity.

The Other Stuff – Important Standard Legal Provisions

Indemnification: Association will hold Collection Agent harmless against any obligations, damages and settlement costs arising out of any complaints or claims made by a Unit Owner, mortgagee, city, state, or federal regulatory body or agency that are based, in whole or in part, upon any actions, inaction, errors, omissions or unlawful acts taken by Association or their designated management agents, including any violation of this agreement.  Collection Agent will hold Association harmless and indemnify Association for any damages that are incurred by Association that arise from a Court’s determination that Collection Agent’s collection activities were unlawful. If legal action is taken against both Collection Agent and the Association or its management agents, Collection Agent is authorized to, but is not required to, select and retain legal counsel of their choosing to represent all parties, unless Association or its Management Agent notify Collection Agent in writing of their intention to select separate counsel.

Updates: Collection Agent may, at any time, update the terms and conditions of this agreement, including, but not limited to, the fees and costs it charges, Collection Agent will notify Association of any changes to this agreement. Notification will be by any means that provide the reasonable expectation that Association, or its Management Agent, has received such notice, including but not limited to, by email, or posting the information to our website. Any changes will become effective within (30) days of the notification. If Association does not agree with any of the changes, they must notify Collection Agent within (30) days, of their intention to terminate the, and the Termination and Damages provisions will apply.

Termination and Breach: Either party may terminate this agreement upon 30 days written notice for any reason. If either party commences legal action against the other pursuant to this Agreement, the action will constitute a termination and each party shall be solely responsible for their own legal fees and court costs incurred in such an action, regardless of whether any party is considered a prevailing party.  Neither Association nor Collection Agent will be entitled to an award of its attorney's fees and other costs against the other, notwithstanding any contrary agreement or authorization of law, which are waived.  If either party does not abide by the terms of this agreement, the non-breaching party must notify the breaching party of the breach and allow (15) days for the opportunity to cure. If the breaching party does not cure, the agreement will be terminated, with no obligations from either party other than payment of any deferred fees currently owed to Equity Experts.

 Confidentiality:  Both parties agree to treat all information provided by each other as strictly confidential and shall       not disclose proprietary information to any third party.

Succession:  This Agreement is binding on and inures to the benefit of the parties and their respective successors and assigns.

Integration:  This Agreement constitutes the entire agreement between the parties and supersedes any prior oral or written representation(s) and agreement(s), if any.

Severability:  If any provision of this Agreement is deemed invalid or unenforceable, such provision shall not affect or make this agreement unenforceable and shall be interpreted as valid to the extent permitted by law.

Governing Law:  This Agreement shall be construed in accordance with, and be governed by, the laws of the state in which Association is located.  

 

IN WITNESS, WHEREOF the parties have executed this agreement. 

EQUITYEXPERTS.ORG MIDWEST, LLC           ASSOCIATION:  

By: Michael Novak,      By:   

President                       

 

 

 

AUTHORIZATION OF COLLECTION FEES 

The service package fees listed below are the rates for actions recommend by Collection Agent and will be deferred pursuant to this agreement. Rates for legal actions were determined using Fannie Mae guidelines. 

 

File Opening

$99.00

Account Set-up

$175.00

Property Lien

$295.00 + costs

Property Lien Release

$100.00 + costs

Proactive Outreach

$350.00-$650.00

Legal Qualification and Referral

$650.00

File Maintenance / Ongoing Outreach

$35.00 monthly

Enforcement through Foreclosure

Varies: $1,500.00-$4,500.00 (Est.)

Enforcement through Lawsuit

Varies: rates to be provided per file

Payoff through Transaction (sale or refinance)

$250.00

Bank Foreclosure Set-Up / Compliance

$500.00

Bank Foreclosure Lien Preparation, Recording and Release

$500.00 + costs

Bank Foreclosure Account Payoff through transaction (sale or refinance)

$400.00

Bank Foreclosure Property Monitoring and Inspection

$595.00 (monthly)

Bankruptcy: Prepare & File Proofs of Claim

$350.00

 

The alternative option fees listed below are the rates for actions not recommend by Collection Agent, or for non-standard collection actions and will be payable by the association at the time the requested action is completed. Rates for legal actions were determined using Fannie Mae guidelines and may be exclusive of costs. 

 

Enforcement through Foreclosure

Varies: $1,500.00-$4,500.00 (Est.)

Enforcement through Lawsuit

Varies: rates to be provided per file

Ongoing Outreach

$50.00 / monthly

Non-Standard Hourly Service 

$200.00 / hour – (Est)

 

Additional Services outside of the scope of traditional collections, available at discounted up-front rates. The below are estimates, which may vary. This list is not exhaustive, and other actions not listed here may be available upon request. Rates for legal actions were determined using Fannie Mae guidelines and may be exclusive of costs. 

 

Bankruptcy Monitoring

$195.00 / annually 

Bankruptcy Plan and Petition Review

$500.00 - $750.00 

Bankruptcy Motion for Relief from Automatic Stay

$750.00 - $1000.00 

Bankruptcy Objection to Final Cure

$500.00 - $750.00 

Eviction

$500.00 

Utility Suspension 

$175.00 - $375.00 

 

 

 

Acknowledged:

Association:  

 

By:

 

 

 

 

 

DURABLE LIMITED SPECIAL POWER OF ATTORNEY 

 

I, ,  

 

In my capacity as the   of  

 

  (the “Association”),  

 

Association hereby appoints EQUITYEXPERTS.ORG MIDWEST, LLC, through its Officers and Managers, to be the duly authorized Collections Agent of the Association and to act as its Attorney in fact (herein titled "my attorney"), being the true and lawful agent and attorney of the Association in any action taken by them on behalf of the Association.   

 

EQUITYEXPERTS.ORG MIDWEST, LLC is authorized to collect the Delinquent Association Assessments, interest, late fees, costs of collection, attorney’s fees and costs, and any other debts relating to any Delinquent Unit Owners Association Assessment files forwarded to Collection Agent and to take any lawful action, whatsoever, which the Association might take in regard thereto, including drafting and recording liens against property within the Association, contacting debtors having delinquent Association Assessments, filing claims with any Court, collecting such accounts, selecting and retaining legal representation for the Association in any action to collect a debt or to enforce any lien, and managing, directing and communicating with such legal representatives, alone or in cooperation with the Association.   

This power of attorney shall be governed by the laws of the state where Association is located and shall be effective from and after the date of execution hereof. 

 

Reproductions of this executed original (with reproduced signatures and the certificate of acknowledgment) shall be deemed to be original counterparts of this limited power of attorney. 

 

I have signed this limited power of attorney on

 

 

By:

 

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Document name: Terms and Conditions (Midwest)
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July 22, 2021 7:15 am EDTTerms and Conditions (Midwest) Uploaded by Patrick Sullivan - [email protected] IP 50.105.99.157