Collections Policy

1. All assessments are due on January 1st of each year
   and are considered late if not received by April 15th of each year.
   

2. An administrative late charge of $25.00 per month will be added for any late payment or on any balance of unpaid assessments. (Subject to increase upon further notice).
   

3. The Association will apply any payments in the following order:

   1. Interest owed to the Association

   2. Administrative late fees or enforcement assessments owed to the Association

   3. Collection costs, attorney’s fees, and paralegal fees the Association incurred in collecting the assessment

   4. Oldest principal amounts owed for common expenses, and any other individual assessments charged to the account.
      

4. Any unpaid assessment may result in the Association filing the lien, a suit for money judgment, and foreclosure. While a foreclosure case is pending, partial payments may not be accepted and, if the property is rented, a Receiver may be appointed to collect the rents. Once judgment is obtained, the Association may proceed with post-judgment action, including bank attachment and wage garnishment. (See Collections Escalation Policy Below)
   

5. Any costs the Association incurs in the collection of unpaid assessments, including non-sufficient bank fees, attorney’s fees, recording costs, title reports, and court costs, will be charged back to the account.
   

6. If any owner (either by their conduct or by the conduct of any occupant) fails to perform any act required by the Declaration, the Bylaws, or the Rules and Regulations, the Association, after giving proper notice and an opportunity to request a hearing, may levy an enforcement assessment, undertake such performance, or cure such violation. Any costs the Association incurs in taking such action will be charged back to the account.
   

7. If an owner is more than 30 days past due in the payment of any assessment, the Association may suspend privileges including the right to vote, the use of the amenities, or the ability to apply for architectural approval.

Collections Escalation Policy

Our goal as an HOA is to not conduct any collections activities. The people that live in this community are our friends, family and neighbors. We want to enjoy the community with each and everyone that lives in VAC. To do that we need to maintain our properties and the common spaces we have been tasked with maintaining. Therefore, unfortunately, we must maintain a strick collections policy to ensure that we are all doing our part to keep VAC the desirable community it is. If you are having trouble with paying your dues or addressing a violation notice, PLEASE reach out to the HOA Trustees. We will do what we can to work with you.

Below is the Collections Escalation Policy

1. Any lot / homeowner that has a balance due to the HOA for an amount between $500.00 USD and $999.99 USD, will be contacted by the law office representing VAC with a demand letter (any costs associated to this action will be added to the the balance due for that homeowner).

2. If the balance due to the HOA for any one lot/homeowner accumulates to an amount between $1,000.00 USD and $1,499.99 USD. The VAC HOA will file a lien on the property in the amount due. This lien will remain in place until the time that the balance due is reduced to $0.00 (any costs associated to this action will be added to the the balance due for that homeowner).

3. If the balance due to the HOA for any one lot/homeowner accumulates to an amount that meets or exceeds $1,500.00 USD. The VAC HOA will send a notice of intent to foreclose to the homeowner address on file. The legal office representing the VAC HOA will then begin the process of foreclosure on the property (any costs associated to this action will be added to the the balance due for that homeowner).