Annual Assessment Collection Procedures

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.

 

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.

 

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.

 

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.

 

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-nonnegotiable 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 Spectrum 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.