In 2009, Kaman & Cusimano, LLC collected over Three Million, One-Hundred Thousand Dollars ($3,100,000.00) in 2009 for its community association clients! This figure represents all money collected as a result of bankruptcies, foreclosures, and liens for which we handle the payoffs. It does NOT include the money recovered by the associations directly for countless other liens and collection letters.
As part of the effort to weather and manage the economic crisis, Kaman & Cusimano, LLC has consistently recommended that community associations be aggressive with delinquencies. Collection action is a process. A key part of the process is a foreclosure action. A foreclosure sometimes takes time, but it ultimately yields the best financial result of Ohio’s condominium and homeowner association. By taking prompt collections action, associations stop the bleeding of bad debt and give delinquent owners a strong reason to pay. After a foreclosure, related actions such as wage garnishments and bank attachments also prove successful when available information shows the individual is employed or has other resources.
Delinquent maintenance fees and assessments have a tremendous, negative impact on the entire community. Our results have proven that if a Board is proactive and takes strong collections action, the best interests of the community and the property will be preserved and protected.