Don't Leave Money on the Table
Has your association written off bad debt due to a bank foreclosure? Most of this debt (also known as zombie debt) can be pursued and recovered.
No Cost-No Risk...Total Contingency.
Axela's Post Foreclosure Recovery tools help you recover amounts due to the association that have probably already been written off as uncollectable.
If a unit owner has been foreclosed either by the community association or the first mortgage holder, chances are that they still owe the association money for unpaid maintenance fees. In most cases, the foreclosure did NOT extinguish that debt, and Axela will work to help recover those dues on behalf of the association.
If you do not put these debts into collections, odds that you will recover them are zero.
Nothing ventured nothing gained. Don’t leave money on the table.
Post-Foreclosure Collection Process
Send FDCPA Demand Letter
Outbound Collection Calls
What if We've Already Written Off the Debt?
Just because you have already written off this debt does not mean that it is not collectible. You can still pursue the debtor for what is owed to the association.
Statute of Limitations
Depending on the state there is a statute of limitations which could be anywhere of 5-7 years. Any uncollected debt within this time-frame may still be available to be recovered.