Collections agency owner educates homeowners associations about changing industry

David Stone has a message of encouragement to deliver to homeowners associations: Despite the economy, all is not lost.

That’s just what he said in a recent address to more than 100 HOA board members. As president of Nevada Association Services, Inc., the state’s largest licensed assessment collections firm, Stone’s words were backed by his two decades of experience.

When a bank forecloses on a home, Stone said, the bank becomes the responsible party for the HOA dues and fees. But before it gets to that point, Stone explained the importance of being flexible. NAS, Inc. has a "no cost to the association" policy, and works to keep homeowners current with their HOA obligations through payment plans. The company’s willingness to compromise with clients has improved their success rates, while still maintaining the level of care and collection mandated in their bylaws and the NRS.

"I believe the credit crunch will continue for some time and it will be at least two to three years before home prices hold steady," said Stone. "Nationally, one of 200 will be foreclosed on and according to the Mortgage Bankers Association one child in every classroom is in danger of losing their home to foreclosure, statistically"

The primary goal of NAS, Inc. is to find a way to collect dues while keeping families in their homes.

"Last year we served several thousand accounts and only foreclosed on six properties," said Stone. "We think that is an incredible success rate"

Bill Peterson, president of Shadow Hills homeowners association, agreed. "NAS, Inc. has had a phenomenal success rate for us and we are extremely satisfied with them," said Peterson.

Nevada Association Services, Inc. (which serves HOAs throughout the state) is headquartered at 6224 W. Desert Inn Rd. in Las Vegas. 

The company may be reached at  (702) 804-8885 or (775) 322-8005.