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Homeowner Assessment Assurance Program (HAAP)

HAAP

Homeowner Assessment Assurance Program

Delinquency Funding & Collections

Are you experiencing budget shortfalls due to unexpected delinquencies in your Condo or HOA? If so, Axela's HAAP program is just the solution you need. The Homeowner Assessment Assurance Program allows associations to monetize up to 100% of their delinquent account receivables.

In simpler terms, that means we'll pay you in advance on monies we might collect for you to help keep your budget stabilized as it would be in an ideal cash flow scenario.

Predictable Cash Flow

Stabilize your cash flow and never again need a special assessment or loan to cover regular budget shortfalls.

No Earmarks

Once funds are advanced to the association, your board may choose to spend the money however you see fit.

Zero Fees

No service fees. No applications fees. No interest. No points. No setup fees. No additional fees to the delinquent owner.

No Risk

If Axela fails to collect on an account, the association is under no obligation to pay back moneys received.

Sounds too good to be true?

We get it. But it's real. We have developed an algorithm to accurately predict the probability of recovery for individual accounts. Using that knowledge, we are able to identify which delinquencies we are most likely to be able to collect, and we are so confident in that, that we're willing to put our own money on it.

With HAAP, we'll advance money on units where we are confident that we will recover our money when the delinquency is settled out. There is still no cost to the association for the service, and no extra fees levied on the delinquent homeowner.

The association gains a consistent cash flow, with absolutely no risk.

HAAP™ is provided in tandem with our Easy Collect™ program. The charges are the equivalent to the late fees and late interest and are passed through to the delinquent owner. The association never gets a bill.

Replicate a Perfect
Cash Flow Scenario

Condo or HOA
(Budget Shortfalls)

Your association is experiencing budget
shortfalls due to delinquencies.

Initial Funding

Shores Up the association to alleviate
current financial pains.

(Continued Delinquencies)

As homeowners fail to pay, budget
shortfalls come right back again.

Repeat Monthly Funding

Maintains a steady and predictable
cash flow for the community.

More Details

What is HAAP?

HAAP stands for Homeowner Assessment Assurance Program and is used to replicate a perfect cash flow scenario for your community association. When a delinquent owner fails to pay their assessments, Axela will advance the shortfall to the association, which can use the funds in any way they please.

HAAP is only provided in tandem with our Easy Collect program, and the charges for this program are the equivalent to the late fees and late interest the association can charge a delinquent owner. There are no hidden fees, charges, service fees, application fees, points, or setup fees beyond what Easy Collect charges.

How It Works

When an account is turned over to Axela for collections, we do a very thorough underwriting of the unit and unit owner. Based on the results of this process, we determine the probability that we will recover our money when the delinquency is settled out. We are able to do this thanks to our proprietary technology which can accurately predict the probability of recovery for individual accounts.

Axela is a technology company and data aggregation is our forte. All of this happens “under the hood” and does not require any physical data exchange with the association. Once the underwriting process is completed we will send you a funding proposal before we ask you to sign any agreement.

Voluntary Enrollment

If your association only wants us to collect your money from delinquent owners then we do not have to fund the collection shortfalls. The funding from HAAP is voluntary to your association.

Continuing Delinquencies

If a unit we have identified as eligible for HAAP continues to remain delinquent, we will continue to fund the unit so long as it passes our underwriting parameters.

Is This a Loan?

The funding of delinquent assessments is not a loan. It is simply an advance against your accounts receivables, and if we cannot recover our money from the delinquent owner Axela will take the loss.

If Axela does not recover its capital, then it is totally at our risk and we will take a loss. Your association will never be asked to return advanced funds.

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Need a Stable Cash Flow?

Try Easy Collect with HAAP at no risk to your association or management company. Click here to schedule a free collections analysis to see if Axela is right for you!