To initiate the appointment of the Receivership, FPR FORCE drafts and files a Petition with the Court
on behalf of the HOA/COA. This Petition requests the Court appoint FPR FORCE as Receiver to negotiate
with the owner/first lien holder to collect the entire delinquent balance, including unpaid assessments, fees,
penalties and interest, owed on the properties and to pay the current and past due HOA/COA fees for the
properties they occupy and manage. All Court filing fees are paid by FPR FORCE.
The Court then schedules a hearing date for the Petition, approximately three to six weeks after the date of the initial filing. At the hearing, the Judge will review the Receivership Petition and hear evidence that substantiates the financial difficulties facing the HOA/COA. Once the Order is approved and certified by the Court, it becomes effective immediately.
Once the Order is in effect, FPR FORCE proceeds with administration of the Order in accordance with our proprietary Receivership Policies and Procedures. FPR FORCE negotiates with the owner/first lien holder to collect the entire delinquent balance, including unpaid assessments, fees, penalties and interest, cleans up and rehabs the properties, assumes responsibility for the maintenance and operating expenses of the properties, places law enforcement, fire/rescue and military members and other vetted individuuals into the homes and pays the current and past due HOA/COA fees.
FPR FORCE does not function as a Receiver over the operations of the HOA/COA. FPR FORCE works inconjunction with the Board of Directors, Management Company and HOA to generate income to compensate all parties with outstanding balances. FPR FORCE submits quarterly reports to the HOA/COA.