What is the statute of limitations on HOA debt collections?

In Delaware, the statute of limitations on Homeowners Association (HOA) debt collection is three years. This means that after three years from the date when the debt first became due, the HOA may no longer legally pursue collection of the debt. However, this statute of limitations may be extended in certain cases. For example, if the debtor signs a written agreement extending the time limit, then the limitation period can be extended from three years to five years. Additionally, the limitation period is also tolled, or halted, when the debtor is physically absent from the State of Delaware or is mentally incompetent. If any of these conditions apply, the HOA may have a longer period to collect the debt. It is important to note that the three-year statute of limitations only applies to the HOA’s ability to collect the debt. This does not mean that the underlying debt is extinguished and the homeowner may no longer be held liable for it. Homeowners may still be responsible for any unpaid debt after the three year statute of limitations expires. Therefore, any homeowner with an HOA debt should be aware of the three-year statute of limitations in Delaware and take appropriate action to ensure their debt is paid off within the designated time frame.

Related FAQs

What is the statute of limitations on HOA debt collections?
How can an HOA increase homeowner participation?
What is the procedure for calling a recall election in an HOA?
What are the requirements for HOA records and documents?
How can I protect my rights as an HOA owner?
What role does an HOA have in approving or denying service requests?
How can I dispute a decision made by my HOA?
What are the requirements for HOA financial statements?
Can the HOA board take decisions without members’ consent?
What kind of disputes are typically handled by HOAs?

What is the statute of limitations on HOA debt collections?

Related FAQs

Related Blog Posts