Myths About Judicial Foreclosure
Myth #1 “It takes longer”
This is not true. Most matters are uncontested, and the uncontested judicial foreclosure takes about the same time as the normal non-judicial foreclosure process. In fact, once the lawsuit papers are served, the delinquent owner only has 30 days to respond, or default judgment papers can be filed.
Myth #2 “Far too expensive”
Again, not necessarily true, and certainly not true with R|O Collect. Some law firms do treat assessment collection cases as if they were normal business lawsuits, and ‘run the meter’. If the law firm is not efficient in its handling of the files, its fees will be more. With R|O Collect most of the fees are task-based and the cost for most of the tasks are capped by the nature of the fixed task-based fee.
Myth #3 “We can’t afford to pursue these claims”
This is a myth. Judicial foreclosure by a highly efficient law firm should cost about the same as a non-judicial matter.
Myth #4 “We will have to pay each month’
Not true. With R|O Collect, the fees are deferred to when the owner pays, or when a judgment is obtained from the court (whichever is first).
Myth #5 “I cannot get status reports when I need them”
This is not a problem when you use R|O Collect. Status reports are always available and can be created by the client or manager in about three mouse clicks. The status reports can be printed, or simply e-mailed to the Board.