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Foreclosures need to be monitored on a regular basis because if a homeowner brings the account current with the lender or enters into a monthly payment plan with the lender, the Association can proceed in their collection activity with confidence, knowing that the owner does not want to loose the property because they are working with the lender. So, monitoring assists in knowing what collection activity should be next. This is why it is so important to have a company like A.S.A.P. handling the foreclosure monitoring for you.
If the property is sold at a trustee's sale, A.S.A.P. prepares the Split Account Instructions for the bookkeeper informing them of whom the new owner is and the exact amount due from them. The Bookkeeper then sets up an account for the new owner and begins sending them billing statements. The instructions also tell the Bookkeeper if A.S.A.P. will be proceeding on the previous owners balance due or if the balance should be written off as a bad debt.
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