CAI-NJ May 2017

while providing an association with a sense of the background of the mat- ter and the association’s chances of recovery on the account. Upon referral of a collection matter, association counsel should review with the board and management any pertinent information in order for the board to render an informed decision as to whether and how to proceed with collection efforts. Associations have multiple options available to them, including placing a lien against the property, pursuing a money judgment complaint, pro- ceeding with foreclosure, seeking the appointment of a receiver and negotiating a successful payment agreement with the unit owner. In every situation, the Association must evaluate the competing factors of money spent versus money recov- ered in order to determine, with the guidance of counsel, whether and how to move forward. With multiple options available, associations should consider the most prudent and efficient use of counsel and decide, with consultation with their attorneys, how counsel will best be utilized in the association’s overall collection strategy and with individual accounts in collection. Depending upon the pervasiveness of an asso- ciation’s collection issues and the resources available for an association to pursue those accounts, associations need to work carefully with counsel to maximize the amount of unpaid fees recovered. n BANG FOR YOUR BUCK... from page 22.

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