FREQUENTLY ASKED QUESTIONS
Q. Is there any costs for Fully Funded Services?
A. No. There are no costs for our services. Fully Funded assumes all the risks and pays all the legal costs associated costs associated with the delinquent owner’s accounts. Fully Funded gets paid when we collect on an account.
Q. Is there claw back for attorney’s fees.
A. No. Fully Funded engages and pays for outside legal counsel to collect the delinquent accounts. The association will never have a legal fee again related to collections.
Q. Will you collect previous past due accounts for the association?
A. Yes. Fully Funded will engage legal counsel to collect any amounts due to the association from previous past due accounts and collect them on behalf of the association. We will also return any previous legal fees and costs collected.
Q. How will the association know what has been collected?
A. Fully Funded will provide the association with a monthly report on all accounts turned over to Fully Funded.
Q. Will you foreclose and buy the properties inexpensively?
A. Fully Funded is not in the business of buying and selling property. We help our client with their finances and focus on our core business model of collection management.
Q. If I signed up with Fully Funded today, when can I expect to be funded?
A. All accounts that are over 10 days past due on the current month are assigned to Fully Funded and will have the money in your bank account promptly.
Q. Will this program help the association in getting FHA and Fannie MAE approval?
A. Yes. Lenders avoid communities with high association delinquencies, therefore, when a lender sees no delinquencies for the association, they are more likely to be offered credit.
Q. Does Fully Funded Offer this Program to all Associations?
A. No. Fully Funded has specific guidelines regarding the eligibility of our clients to qualify for the Fully Funded Solution. Please call us today for a free consultation.
Q. How Does the Insurance Product work and what is the cost?
A. The insurance product provides for coverage that covers the loss against of an account that is uncollectable, and is required for eligibility under the Fully Funded program. The cost is nominal and usually costs about one percent of the associations’ annual budget. To the associations benefit, the cost is rolled into the annual budget which will in turn be funded by us.
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