Willow Lake Homeowners Association Lien Policy
Willow Lake Home Owners Association Lien Policy
Willow Lake Association, Inc.
Lien Procedure
Ratified September 10, 2024
(Original January 2020)
The following information is to clarify the procedure that is followed for collection of late or non-payment of homeowners dues.
- Dues payments are billed on January first and July first of each year.
- Payment is considered “late” at the end of the month or 30 days after the billing date.
- If payment is not received within 30 days, the homeowner will be notified, and a late fee of $100 will be assessed if not paid by the end of a 10-day grace period from the notification.
- If payment is not received within 60 days a second $100 late fee will be assessed. After 60 days a 1.25% interest rate will be charged on the outstanding balance.
- After 60 days, The homeowner will also be notified that a lien will be placed on their property, resulting in additional charges to the late fees outlined above, and as follows:
- Administrative Fee: $250.00
- Cancellation Fee: $100.00
- Filing Fee: $10.00
- Once filed, the lien will be refiled (updated) in 6–12-month intervals with additional late fees and interest added.
- After 60 days, The homeowner will also be notified that a lien will be placed on their property, resulting in additional charges to the late fees outlined above, and as follows:
- Any fines assessed by the board and not paid within 30 days will result in the same collection process as outlined above.