February 2025 CT

COLLECTIONS... from page 26.

However, once an account is referred to the association’s attorney, all commu nication should be handled by counsel to avoid misunderstandings such as inadvertently providing inaccurate infor mation to the unit owner. Association counsel must comply with laws like the Fair Debt Collection Practices Act (FDCPA), which regulates how debt collectors interact with debtors, as well as the New Jersey Condominium Act, which details certain requirements for liens, foreclosures, and other legal actions available to associations. In many cases, early intervention with delinquent owners who are in arrears for less than ninety (90) days can prevent further legal action — which would avoid additional legal fees for both the unit owner and the associa tion. However, associations should be mindful to consult legal counsel before entering into any settlement and ensure that a binding settlement agreement is properly signed by all parties. Effective collection practices are vital to maintaining the financial health of high-rise condominium asso ciations. By following a well-defined process, communicating proactively, and utilizing legal remedies when needed, associations can minimize delinquencies and ensure that all unit owners contribute fairly to the upkeep and operation of the building. n “...associations should be mindful to consult legal counsel before entering into any settlement...”

of industry-defining community management

Accounting Accurate accrual-based financial reporting Management Time tested maintenance solutions Communication Keeping boards, owners and residents informed Technology Leading-edge software platforms and financial tools

To learn more, visit IntegraMgtCorp.com or call Edward San George, MPA, PCAM at ( 973) 770-1500 .

200 Valley Road, Suite 203 Mt. Arlington, NJ 07856

Write for Community Trends ®

CAI-NJ and the Editorial Committee are always looking for new articles to publish in Community Trends. ® Visit https://cainj.org/community-trends/ for author guidelines and upcoming themes. If you are interested in submitting an article for possible inclusion in Community Trends ® , please contact Brooke Stoppiello-Nevins at 609-588 0030 or brooke@cainj.org.

28

FEBRUARY 2025