11/1 -
First maintenance fee billing is sent out for unit weeks 1 – 27. Statement will include the previous balance or credits, plus the following years maintenance fees due. This will be due by 12/1.
1/1 -
Delinquency date for weeks 1-27. A $25.00 late charge plus interest at the Citibank Prime Rate per annum will be added to all accounts on which payment was not received by 1/01. On or about 1/05 after December is closed out a past due notice will be sent to all delinquent owners. Owner will be informed of late charge, future charges and ensuing steps that will be taken in the event the delinquent status continues.
2/1 -
Interest continues to accrue on all delinquent accounts and will continue to be assessed monthly on the 1st at Citibank Prime Rate per annum.
2/1 -
SPM Resorts, Inc. will send and administer “Right To Cure Notice” with an additional $50.00 Right to Cure notice fee. (All $50.00 collected from this effort will inure to the benefit of SPM Resorts for administrative costs recovery). This will begin a soft collection process to attempt to have the owner begin working with the Resort before the involvement of a collections agency.
2/1 -
First maintenance fee billing is sent out for unit weeks 28 – 52. Statement will include the previous balance or credits, plus the following years maintenance fees due. This will be due by 3/1.
3/01– 10/31 -
On weeks 1-27 SPM Resorts Collections will turn all accounts not currently active over to a collection agency and will work one on one with the agency on a continual basis. Direct agency costs of collection will be assessed against the delinquent owners account.
4/1 -
Delinquency date for weeks 28-52. A $25.00 late charge plus interest at the Citibank Prime Rate per annum will be added to all accounts on which payment was not received by 4/01. On or about 4/05 after December is closed out a past due notice will be sent to all delinquent owners. Owner will be informed of late charge, future charges and ensuing steps that will be taken in the event the delinquent status continues.
5/1 -
Interest continues to accrue on all delinquent accounts weeks 28-52 and will continue to be assessed monthly on the 1stth at Citibank Prime Rate per annum.
5/1 -
SPM Resorts, Inc. will send and administer “Right To Cure Notice” with an additional $50.00 Right to Cure notice fee. (All $50.00 collected from this effort will inure to the benefit of SPM Resorts for administrative costs recovery). This will begin a soft collection process to attempt to have the owner begin working with the Resort before the involvement of a collections agency.
6/1 –12/31 -
On weeks 28-52 SPM Resorts Collections will turn all accounts not currently active over to a collection agency and will work one on one with the agency on a continual basis. Direct agency costs of collection will be assessed against the delinquent owners account.
11/1 – 3/31 -
Return “unsettled or inactive” accounts from agency and send to attorney (based on Board foreclosure policy). Attorney will incur costs that will be borne by the Association. SPM Resort Collections Department reviews each delinquent account and action will be recommended but may not be limited to the following actions based on the status of each account.
· Filing a Claim of Assessment Lien
· Filing of Small Claims Suit
· Attempt to secure deed in lieu of debt
Bankrupts - All collection efforts will stop immediately upon receipt of bankruptcy notice. Account will be turned to collection attorney to negotiate with court system on possible remedy.
Deaths - Discontinue collection efforts. Turn accounts to foreclosure attorney to deal with probate issues, and to attempt to settle with estate or redeed.
Foreclosure process to begin based on current Resort Foreclosure policy and budget.
Write Off Policy
Late fees and interest may be written under the following procedures.
For the 1st 30 days after the late fees are charged the resort manager or owner services manager may authorize a one time write off of late fees and interest by emailing the owner services rep (cc: the regional V.P.) and making a note on the account that this is a one time write off.
After the 30 days the write off may only be authorized by the regional V.P or higher. This request shall be via email with necessary detail included in the request. The authorizing person shall approve or deny the request by forwarding the request to the resorts owner services rep with proper recommendation. In all cases a note will be made on the account concerning the decision about the request.
Principal.
Only with Board approval unless the following applies.
Principal balance may be written off under the following circumstances only: Approval is granted by Regional Director, Owner Services Director or senior management and reported to Board President. Principal balance may also be written off under the following circumstances: Foreclosure or DIL by the Mortgage Holder, by Court order in a bankruptcy, non use settlement where a DIL is obtained or by Association Foreclosure. The new Owner whether it is the Mortgage Holder or a purchaser at the foreclosure sale will be required to pay fees going forward.
All costs associated with collections and internal collections will be added to the delinquent owner(s) account.