Once the Association obtains a Judgment and Order for Possession, what can it do other than rent the Unit in order to collect on the Judgment? Many times, Associations do not want to do deal with the stress of being a Landlord. It can be difficult to find suitable tenants, maintain the upkeep of the Unit, change utilities, etc. If this is the case, here at KSN we offer our services on a contingency fee basis to pursue post-judgment collections. Post-judgment collections can only be pursued if a personal judgment is obtained against the owner. It would permit the association to pursue collections even after a foreclosure, and it can be used in conjunction with leasing the unit.
Post-Judgment collections consist of three (3) major court proceedings in order to try and collect on the judgment. First, we can issue a citation to discover assets and serve it on the Defendant, which requires the Defendant to appear in Court and testify under oath as to his/her assets. Second, if we are able to determine that the Defendant has a valid bank account(s), we would be able to file a Third Party Citation to Discover Assets to Defendant’s Bank with the Court. If there are funds in the account, we would then prepare a Turnover Order which directs the Bank to turn over these funds to the Association in order to satisfy the judgment. Finally, if we are able to determine that the Defendant is employed, we may begin Wage Deduction (garnishment) proceedings. Depending on the Defendant’s income and other support obligations, the Association may be able to collect up to 15% of the Defendant’s gross income.
Here at KSN, we understand that leasing Units to collect on the Judgment for unpaid assessments may not be for every Association. Because of this, we provide our clients with the option of Post-Judgment collections. We have an experienced team that utilizes state of the art technology that would be happy to assist any Association in collecting money that is lawfully owed.
Since 1983, KSN has been a legal resource for condominium, homeowner, and townhome associations. Additionally, we represent clients in real estate transactions, collections, landlord/tenant issues, and property tax appeals. We represent thousands of clients and community associations throughout the US with offices in several states including Florida, Illinois, Indiana, and Wisconsin.
If our law firm can be of assistance, please call 855-537-0500 or visit www.ksnlaw.com.
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