Dear Owner,

Many homeowners are complaining that their accounts have charges that are wrong and cannot get their statement corrected.  With the new rules that are being passed on August 16th, here’s the breakdown of how much it will cost a homeowner when the account is put in collection.  Let’s assume $340, a typical monthly assessment for 2 bedroom, was lost.

$  340.00 – outstanding amount not credited to account

$    56.51 – at 18 % interest, compounded each month

$  300.00 – $25 per month late fee

$  212.00 -  tract search

$  172.25 – demand letter

$  185.00 – filing of lien

$  400.00 – forcible action filing

$2500.00 – attorney fees [estimate]

$  500.00 – court costs [estimate]

________

$4665.76 – Homeowner now owes this amount.  The board evicts you and rents out your unit taking the rent money.  Whose interests is this board promoting?  Do we need a board that wants to swindle the paying homeowner?

Naper Place News