When Banks Foreclose
Communities Miss Out
All too often banks will foreclose on a unit and not pay the association any maintenance fees or special assessments until they sell the unit. This could leave the association hanging for months or even a year or two. FLAG is a new program by which Axela will fund those maintenance fees and special assessments at no cost to the association.
On top of that, when the bank finally does pay what they owe, we will pursue the old owner for amounts “written off” by the association for unpaid maintenance fees, legal fees, administrative costs, and other debts owed. Axela will do this on a contingency basis with no out of pocket expenses to the association.
How it Works
Axela earns its fee by collecting the equivalent of the late fees and interest that is charged to the delinquent owner. No fees, no costs, no lawyers…just a perfect cash flow scenario.
If You Manage to Collect From the Old Owner, What's the Split?
The split is 50/50. We believe that until that money is deemed uncollectable, the association should have a licensed collection agency like Axela try and recover that money.
Always keep in mind that although your condo or HOA may be your home, the association is first and foremost a business and having this data is crucial to proper governance.
We Already Turned this Over to a Lawyer, Why Should We Use Axela?
When was the last time that a lawyer wrote a check for a debt owed to your association?