NBJ PR Wire

Nevada Association Services Inc. Helps Challenged HOAs Collect

Release Date: August 15, 2008

Contact: Ruth Furman

Foreclosures and bank-owned properties abound in Nevada, with the silver state among the country's hardest hit by the real estate slump.

A Las Vegas-based company is successfully bailing out struggling homeowners associations throughout Nevada, filling a much-needed niche.

Nevada Association Services Inc., founded in 1999, does collections for homeowners associations and specializes in non-judicial foreclosures. Owner David Stone says his business is up 25 percent in the last year. Settlements and "work out arrangements" (where the company serves as a liaison between the delinquent homeowner and homeowners association) are up 47 percent.

Eight months ago, Stone expanded his office and staffed up his new accounts and foreclosure department. He even has team members working at night to process accounts and fill demand for the company's services.

Stone and his staff are responding to opportunities to educate and inform homeowners association boards about the state of the real estate market. This proactive education, which includes regularly attending board meetings and offering free foreclosure seminars, is netting new clients and more business from existing clients, who are struggling right now to collect on delinquent accounts. Nevada Association Services Inc. also offers seminars on bank-owned properties and other HOA-related topics.

Talks led by Stone and his staff these days are geared toward what associations can do to ensure they are financially solvent. "I like to expand the textbook reality," Stone said. "These are hard times, but if you follow certain procedures you will end up having a higher level of success. Our goal is not only collecting from homeowners but helping the homeowner stay in their home. And when a bank has foreclosed on a property we work closely with the HOA client to collect monies due to them."

While many collections agencies and attorneys charge HOAs a fee or percentage, Stone's business model is that the delinquent homeowner pays his firm's fee. Not only is this policy attractive to HOAs and residential management companies hiring his company to collect, but it provides incentive for Stone's team to collect successfully.

With homeowners associations in the state facing serious financial struggles and challenges with the current foreclosure crisis and credit crunch, Stone sees it as his role to work with board members and help "talk them off the ledge."

He said, "Our clients have never seen the level of bank foreclosures that they are seeing now and we are providing greatly needed advice and counsel. Our rate of successful collection is very high."

Stone also urges his HOA clients to seriously consider settlement offers rather than dismissing them. Stone's approach is to come in with a calm, logical approach to problem resolution.

"We are trying to help out desperate homeowners by negotiating payment plans. While we don't do loans, we act as the middle person between the homeowner and the association. If they are trying to sell their properties, we try to facilitate sales so they do not lose their homes to a foreclosure sale."

ABOUT THE COMPANY:
Nevada Association Services Inc. (www.nas-inc.com) is a licensed collections agency and assessment collections firm serving homeowners associations and management companies throughout the state. The company specializes in the non-judicial foreclosure process. Owner David Stone is a licensed real estate broker, qualified manager and real estate investor. The company may be reached at (702) 804-8885 or (775) 322-8005.

Back to NBJ PR Wire