LMF sounds kind of like a collection company, or a law firm that does collection work. Is that right?
No. A collection company is typically hired to pursue collection of bad debt. If it successfully collects that debt it is entitled to keep a large portion of it. If it does not, it often charges collection costs to the Association anyhow. LMF is totally different and much better for the Association because LMF pays the Association an amount up to 4.5 months of assessments for bad debt in advance and the balance after it’s collected. LMF profits solely from the collection of interest and late fees. LMF is not a law firm. LMF hires Business Law Group to collect accounts it purchases. LMF DOES NOT CHARGE THE ASSOCIATION LEGAL FEES and will not pass any uncollectable legal fees or expenses back to Association even in event LMF cannot recoup through collection efforts.
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