College of Community Association Lawyers Blog: Posts http://www.caionline.org/career/designations/ccal/blog/Lists/Posts/AllPosts.aspx RSS feed for the Posts list. Tue, 07 Sep 2010 20:11:45 GMT Windows SharePoint Services V3 RSS Generator 60 College of Community Association Lawyers Blog: Posts /career/designations/ccal/blog/_layouts/images/homepage.gif http://www.caionline.org/career/designations/ccal/blog/Lists/Posts/AllPosts.aspx A Bird in the Hand is Worth Two in the Bush a.k.a Less Money Today is Better Than More Tomorrow http://www.caionline.org/career/designations/ccal/blog/Lists/Posts/ViewPost.aspx?ID=36 Body:

by Loura K. Sanchez, Esq.

As a board member, you have a fiduciary duty to make informed and prudent financial decisions based upon the best interests of your association. One of the toughest decisions you may be faced with these days is whether to take a settlement offer for unpaid assessments.

Consider this typical scenario:

An owner is $1,200 delinquent ($880 in assessments, $250 in late fees, and $70 in interest). The account has been turned over to legal counsel and additional legal fees of $130 have been charged to the owner. The owner lost his job with a high-tech manufacturing company but is working at McDonald's to stay afloat. He is two months behind on his mortgage and he says he is borrowing money from his parents to pay the mortgage. The owner calls and offers to pay $1,000 as full settlement within 10 days - should you take the offer?  Read more...
Published: 9/3/2010 1:15 PM
]]> Michael Hedge Fri, 03 Sep 2010 19:18:34 GMT http://www.caionline.org/career/designations/ccal/blog/Lists/Posts/ViewPost.aspx?ID=36