Effective
Annual assessments are
due for the Lake Pointe Homeowners Association by the second (2nd) day of
January each year. If the assessment is
not received by the fifteenth (15th) day of January, a late fee of $25.00 shall
be imposed to compensate for the Association's administrative and processing
costs of late payments. All payments
received will be applied to pay the account in the following order; late fees
first, legal fees second, deed restriction enforcement expenses third and then
the oldest outstanding assessment.
Please Note: Payment coupons are issued to all residents of record approximately
mid-December each year. Residents who do
not receive their coupon are responsible for contacting the management company
prior to the first month’s due date to request a replacement.
Insufficient
funds checks Accounts presented with an
insufficient funds payment will be charged a non-negotiable insufficient funds
fee of not less than $20.00. Payment of
the outstanding account balance will be required to be paid with a money order
or cashier’s check. Personal checks will
not be accepted to satisfy an outstanding account balance when an
insufficient funds check makes up a portion of the balance.
The Accounts Receivable
Department shall send a statement to the homeowner for the delinquent
assessment, which will include a late fee.
60 Days Delinquent
The Collection Department
shall send the “First Notice Letter” and statement of account notifying the
homeowner of collection costs, legal fees and potential legal action if the
account is not current within 30 days.
90 Days Delinquent
The
Collection Department shall send a “Final Notice Letter” and statement of
account notifying the homeowner that their account will be referred to the
Association’s attorney whereby a Notice of Lien will be initiated should the account not be “current” within thirty (30) days of receipt
of the notice. The homeowner will be
notified of the collection costs, legal fees and potential legal action if the
account is not current within thirty (30) days.
The
Collection Department will place a “courtesy call” to the homeowner (if a home
telephone number is available) in an attempt to resolve the delinquent account
before referral to the Association’s attorney.
Approval of this collection procedure gives the Collection Department of
the Management Company authorization to refer delinquent accounts to the
Association’s attorney for collection as they deem necessary.
120 Days Delinquent
If
the assessments have not been paid in full, or the homeowner has not made
payment arrangements with the Collection Department, the delinquent account
will be referred to the Association’s attorney whereby a Notice of Lien will be
filed against the property. The
homeowner’s account will be assessed a flat non-negotionable
legal/collection fee amount totaling not less than $325.00 upon referral of the
account to the Association’s attorney.
At the time the Notice of Lien is filed, the Association’s attorney
shall send a demand for payment asking for full payment within thirty (30) days
of the receipt of the notice; otherwise a lawsuit for foreclosure will be
initiated.
If
the homeowner’s account has not been paid in full, or payment arrangements
established, a Board Resolution will be drawn up by the Association’s attorney
and presented to the Board of Directors for approval to file a lawsuit for
foreclosure. The homeowner will be
responsible for additional legal fees incurred after the initial Notice of Lien
is filed by the Association’s attorney.
PAYMENT ARRANGEMENTS MAY BE MADE BY
CONTACTING THE COLLECTION DEPARTMENT OF Liddiard Management Co.
The management company at the direction of
the Board of Directors and on behalf of the Association may elect to pursue any
available method of collection allowable under the Texas law, which may include
but not be limited to the filing of a lawsuit for collection/foreclosure
against the homeowner.