Homeowners Association of Cambridge Place, Inc.

What Homeowners Association of Cambridge Place, Inc.'s governing documents say

This is an Assessment Collection Policy for the Cambridge Place HOA (a single-family home subdivision in Colleyville, TX). It details the rules and procedures the Association follows when homeowners fall behind on assessments. The policy applies to all homeowners and is adopted by the Board; it does not replace the full CC&Rs.

• Assessment due dates & delinquency: Regular annual assessments are due on the first calendar day of the month charged. Any unpaid amount after the due date is delinquent, and late fees and interest (at the highest rate allowed by law) may be charged.
• Late fees and interest: If full payment is not received by the late date (grace period end), the Association may charge a late fee per month and interest. The exact amount is not specified here beyond 'highest rate allowed by usury laws.'
• NSF / returned check fee: A $30 fee is charged for any check returned for insufficient funds or stop payment.
• Payment plans: The Association must offer a payment plan to delinquent owners with a minimum term of 3 months and maximum of 18 months. Reasonable administrative costs and interest may be charged.
• Application of payments: Payments are applied in a specific order: delinquent assessments, current assessments, attorney fees/costs, other attorney fees, fines, then any other amount. Partial or conditional payments may be refused.
• Collection procedures & notices: The Association sends a series of notices (e.g., 30-day letter, credit bureau reporting warning, lien notification). A title search may be ordered. After 30 days of delinquency, use of common area amenities may be suspended.
• Lien filing and acceleration: If assessments (other than regular) are payable in installments and a default occurs, the Association may accelerate the balance after 15 days' notice. A lien may be filed; upon full payment, a release is recorded.
• Credit reporting and debt cancellation: The Association may report delinquent owners to credit bureaus after notice. If the Board deems a debt uncollectible, it may cancel it and report the forgiven amount as income to the owner.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.