New Owner - Forgot to Pay MF

[spaulino]

I just purchased MKO last year and totally forgot about the MFs being due middle of Jan. (shame on me). Going through mails and saw the bill there. I'm going to pay it now but do they add lots of penalty fee if paid late? What happens if owners pay MF late?

 

[StevenTing]

I want to say it's $25. But that might have been just for my destination club points with 4 Beneficial interests.

 

[StevenTing]

Also, if this is your first time, ask them to waive the fee. They did that for me once.

 

[jpc763]

I just purchased MKO last year and totally forgot about the MFs being due middle of Jan. (shame on me). Going through mails and saw the bill there. I'm going to pay it now but do they add lots of penalty fee if paid late? What happens if owners pay MF late?

It is 10 days late. Check online if you can pay it with a Credit Card right now. I have not seen a late fee. Should be no problem.

 

[dioxide45]

The late fees and interest are likely covered in the governing documents. This is what the Grande Vista documents say about late MF payments.

Interest, Late Charges, and Application of Payment: Assessments and installments on them, and special charges, if not paid within (10) days after the date they become due, may bear interest at eighteen percent (18%) per annum, or the highest rate allowed by law until paid, if that rate is greater, and may also be subject to an administrative late fee of $25.00 or such other amount determined by the Board of Directors not to exceed (5%) of the unpaid assessment installment. All assessment payment shall be applied first to interest, late fees, costs of collection and then to the assessment payment due.

If Ko'Olina is the same, it seems that you will at a minimum a $25 late fee. They may or may not apply interest at this point in time.

If you don't pay by April or so, they will file a lien against the deed.

 

[lily28]

I was charged $25 last year. I did not realize that Harbour Lake and grand vista have different due dates

 

[Big Matt]

I was two days late this year paying on line and there wasn't a late fee.

 

[BocaBoy]

I would hope and expect that there would be at least the $25 charge, to be fair to those who are not two weeks late paying.

 

[SMHarman]

I would hope and expect that there would be at least the $25 charge, to be fair to those who are not two weeks late paying.

To be fair?

From an accounting perspective the two week late people make no difference, just fees.

Timeshare MF is a strange beast. You collect all 52 weeks in week 1 and spend the operating budget through the year.

2 week late guys MF will sit in the bank until week 52 to pay the cleaners and the December utilities.

 

[Clark]

I would hope and expect that there would be at least the $25 charge, to be fair to those who are not two weeks late paying.

Heh -- I never realized how cheated I was because of all the forgetful people. At least now I realize I can take comfort in that so many people have been feeling good because we have always paid on time.

 

[dioxide45]

I would hope and expect that there would be at least the $25 charge, to be fair to those who are not two weeks late paying.

Ultimately the fee is there to cover additional collection costs and that fee is usually payable to MVC who is responsible to collect said MFs on behalf of the HOA. If MVC decides to waif the fee, so be it. It isn't meant to be a fee to punish people for being late to make those that paid on time feel better.

 

[Lisa8192]

If you call, they will waive the fee. I did that last year. I had changed my email address and didn't get the notice the MF were due. I remembered in late Jan. that I hadn't gotten a bill yet and low and behold.. I had missed the due date. They waived the fee with no problem. Everyone makes a mistake now and again.

 

[deemarket]

We own at a different resort in the Bluegreen system and we were a week late and it was waived after going back and forth between Bluegreen and the Resort directly.

 

[DeniseM]

If MVC decides to waif the fee, so be it. It isn't meant to be a fee to punish people for being late to make those that paid on time feel better.

I think it's a deterrent - How many procrastinators would be late with their payments all the time if there were no late fees?

 

[Southerngirl528]

I think it's a deterrent - How many procrastinators would be late with their payments all the time if there were no late fees?

Absolutely agree.

 

[SueDonJ]

I think it's a deterrent - How many procrastinators would be late with their payments all the time if there were no late fees?

I agree. And, how effective is it as a deterrent if it's not implemented as a matter of course?

There's always room for exceptions if you call and have a good excuse but I'll admit that I don't want MVW to forgive every excuse. First year of ownership, you get a pass. After that not so much.

This year with the ridiculously inept IT system, practically everybody could be given a pass!

 

[BocaBoy]

I can't believe all the responses against a late fee. Without it, there would be a HUGE incentive to pay late, and that is not what any of us need as owners.

 

[DeniseM]

Which one is against the late fee?

 

[SMHarman]

This is like bank overdraft fees.

Back when someone manually computed a balance and typed a letter and mailed it the $10 made some kind of sense.

Now a computer routine applies it automatically and generates a reminder email and BOOM. $25 penalty.

When the get to calling you. Fine me. But a few days late and 1c of cpu time and data bandwidth it's just a money grab.

 

[BocaBoy]

Which one is against the late fee?

SMHarmon for one. ("it's just a money grab.") But my point was really that very few posts supported enforcing the fee, showing great sympathy for those who are late and seeing nothing wrong with MVCI waiving the fee if you just "forget". The bar for waiver should be a lot higher than that.

 

[SMHarman]

SMHarmon for one. ("it's just a money grab.") But my point was really that very few posts supported enforcing the fee, showing great sympathy for those who are late and seeing nothing wrong with MVCI waiving the fee if you just "forget". The bar for waiver should be a lot higher than that.

I'm not against them per say.

I'm for a you are late a month. That's $5.
You are late two months and we are calling to collect that's $25

You are 3 months late were filing liens and sending registered letters. $75.

Charge for the work involved.

 

[BocaBoy]

I'm not against them per say.

I'm for a you are late a month. That's $5.
You are late two months and we are calling to collect that's $25

You are 3 months late were filing liens and sending registered letters. $75.

Charge for the work involved.

In my opinion, it is not for the work involved. It is for the deterrent factor. Credit card late fees are similar with no real extra work involved unless the payment is not forthcoming. And not getting payments on time hurt all the owners of the resort.

 

[SMHarman]

In my opinion, it is not for the work involved. It is for the deterrent factor. Credit card late fees are similar with no real extra work involved unless the payment is not forthcoming. And not getting payments on time hurt all the owners of the resort.

Yes credit card fees and overdraft fees are all stupid 'penalty fees' call it a late penalty not a late fee.

In the past banks had to work for these fees. Now computer says post fee.

As long as 1/12 of members pay their fee on Jan 1 the budget balances.

Many firms allow schedule payments not one time.

 

[spaulino]

so many interesting answers and point of views. Well thank you everyone. I will pay the MF and will call to see if i can get the late fee waived since it is my first time and new owner. Thanks again everyone.

 

[NTP66]

I missed my first MF because of Marriott's inability to actually e-mail me the bill. They waived the fee without any fuss, but have yet to correct the actual issue. So, now I'm forced to have them waste money on a paper invoice.