FIRST OF EACH MONTH:



righttopRent Delinquency Policies & ProceduresFIRST OF EACH MONTH: Rent is due and payable. Any charges not paid by the end of the business day on the fifth of the month is considered late and the resident will be charged a $25 late fee. SIXTH OF EACH MONTH (or next business day): In the morning, all checks received must be entered into Yardi. A list of all resident balances is exported from Yardi to an Excel spreadsheet and sorted as follows. DELINQUENT STATUSACTION1. Resident who have not made any payment in the current month, and who owe the current month’s charges1. Charge the $25 late fee and send late notice2. Residents who have a Repayment Plan in place and who:a. Are CURRENT with that Plan…b. Are DELINQUENT with that Plan…a. No action necessaryb. Charge the $25 late fee and send Late Notice3. Residents who have a “Small Balance due,” not a full month’s rent.3. Verify that the balance is not the result of a subsidy change, then send a “friendly reminder” letter.SIXTEENTH OF EACH MONTH (or next business day): In the morning, all checks received must be entered into Yardi. A list of all resident balances is exported from Yardi to an Excel spreadsheet and sorted as follows. The action then taken is dependent on their specific category.DELINQUENT STATUSACTION1. Residents who a. Have NOT paid or signed a payment plan and carry a balance of greater than $100b. Have a small balance due; a small balance is defined as $100 and belowa. 5 Day Demand Letter Sentb. Assessed a $25 late fee and sent noticeTWENTY-FIRST DAY OF EACH MONTH (or next business day): Any Resident served a 5-Day Demand Notice on the sixteenth of the month who has (1) NOT paid the balance due in full, or (2) NOT signed a Repayment Agreement and met with a financial counselor, or (3) defaulted on their Repayment Agreement, is sent to the attorney for a court date (at that future hearing, we may agree to another Repayment Plan with the provision that it is ratified in court for expedited eviction if another default occurs). If, at this point, a Resident reaches out to a NWBRV or a PM representative for help, the court date can be cancelled and the legal fees will be incorporated into a payment agreement.TWENTY-EIGHTH OF EACH MONTH (Or next Business day): Property Management will submit an “End of Month” excel report listing all late residents who have paid in full, are on payment plans, and with existing balances. These will be entered into the NWBRV Resident database. ................
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