Condominium Recovers 100% of Bad Debt, Even After the Bank Forecloses

During a collections attempt for a unit at Serenity Place IV, Axela found that there was a pending Mortgage Foreclosure against the unit. In the months that followed, Axela handled the difficult phone calls and communications with the unit owner, working with them to try to find a way to collect on the past-due association fees, even though a foreclosure was already underway.

On the other side of this, the system was monitoring the status of the foreclosure–something the collections process often lacks. Axela’s proprietary technology allows them to watch for the sale of a unit that was owed money. Axela monitors all sales of foreclosed properties that we were engaged to collect upon and when that sale happens we will know about it, and if there was a surplus, within days of the sale being finalized and recorded in the court docket.