Equity Experts Contract

This Agreement is effective on ___________ between EquITY EXPERTS, (the “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 terms and conditions below.

Note: Sub-headings are summaries. The text below them is legally binding.

We get amazing results through a limited power of attorney.

• Equity Experts is authorized to take any lawful means to collect, including written/verbal communication, skip-tracing, public record retrieval, liens, lawsuits, foreclosures, and judgment enforcement.
• Where required by law or governing documents, Association must approve specific actions at the time the account is referred.
• An “account” means a unit address. If ownership changes, Equity Experts continues to have authority to collect.

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

• Equity Experts may communicate with the management agent and must have contact with at least one active board member.

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

• Association will add Equity Experts’ fees and costs to the debtor’s ledger.
• If the Association does not adjust ledgers, Equity Experts will issue statements while the account is in collections.

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

• By signing, Association acknowledges review and acceptance of all fees.
• Association agrees that all fees, costs, and statutory interest are collection costs authorized by the board and governing documents.

Accuracy matters, so verify your records and respond promptly.

• Association records must be accurate (ownership, addresses, balances, etc.).
• Association must promptly respond to requests for verification and documentation.

Mistakes in your records are your problem.

• If records are inaccurate or cannot be validated, Equity Experts may collect remaining balances without unvalidated amounts.

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

• Association will not send letters, communicate with owners, retain attorneys, or settle accounts without Equity Experts’ consent.

All payments must be forwarded to our office.

• Equity Experts has exclusive right to receive and apply payments unless state law dictates otherwise.

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

• Association must notify Equity Experts in writing if they do not want action taken.
• Unreasonable delays may require immediate payment of deferred fees and costs.

We only defer fees if allowed to follow the best collection path.

• Equity Experts maintains continuing authority after ownership changes, including senior lien foreclosures.
• After foreclosure or bankruptcy events, certain fees and costs become immediately owed.
• If Equity Experts cannot pursue the best scoring-model path, the Association must:
  1. Pay all current outstanding invoices for file return; or
  2. Pay fee-for-service rates for alternative actions; or
  3. Pay $50/month for continued non-legal collection activity.

The Other Stuff – Important Standard Legal Provisions

Indemnification

Association will hold Collection Agent harmless for claims arising from Association actions. Collection Agent will hold Association harmless if a court determines Collection Agent acted unlawfully. Collection Agent may choose counsel unless Association selects separate counsel in writing.

Updates

Collection Agent may update this agreement, including fees, with 30 days’ notice. Association must notify Collection Agent in 30 days if it does not agree; termination terms apply.

Termination and Breach

Either party may terminate with 30 days’ written notice. Legal action between parties constitutes termination, and each pays their own legal costs. Breaches must be given 15 days to cure; if not cured, the agreement terminates and deferred fees must be paid.

Confidentiality

Both parties agree to keep provided information confidential.

Succession

This Agreement binds successors and assigns.

Integration

This Agreement supersedes all prior agreements.

Severability

Invalid provisions do not affect enforceability of the remainder.

Governing Law

This Agreement is governed by the laws of the state in which the Association is located.

Execution

EquityExperts.org, LLC   |   Association: __________________

By: __________________ (President, Equity Experts)

By: __________________ (Managing Agent of Association)

Authorization of Collection Fees

Deferred Fee Schedule

• File Opening – $95
• Account Set-up – $175
• Property Lien – $295 + costs
• Property Lien Release – $100 + costs
• Proactive Outreach – $350–$650
• Legal Qualification & Referral – $650
• File Maintenance / Outreach – $35 monthly
• Enforcement via Foreclosure – $1,500–$4,500 est.
• Enforcement via Lawsuit – rates vary
• Payoff via Transaction – $250
• Bank Foreclosure Setup – $500
• Bank Foreclosure Liens – $500 + costs
• Bank Foreclosure Payoff – $400
• Bank Property Monitoring – $595 monthly
• Bankruptcy Proof of Claim – $250

Alternative Fee Schedule (Paid Upfront)

• Foreclosure – $1,500–$4,500 est.
• Lawsuit – varies
• Ongoing Outreach – $50 monthly
• Non-Standard Hourly – $150–$350/hr

Additional Optional Services

• Bankruptcy Monitoring – $150–$350 annually
• Plan & Petition Review – $250–$750
• Motion for Relief – $750–$1,000
• Objection to Final Cure – $500–$750
• Eviction – $500
• Utility Suspension – $175–$375

Acknowledged by Association:

By: __________________ (Managing Agent)