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.
Post Foreclosure Recovery is Axela’s collection service that helps 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
How it Works
We oversee tradition collection actions that are fully compliant with the Fair Debt Collections Practices Act. For example, our collection partners will verify the debt, perform a skip trace, send an initial demand letter, make outbound calls, report the debtor to the credit bureaus, and continue to engage the debtor to encourage them to pay their obligations.
Absolutely No Cost to the Association
This collection service is strictly on a contingency basis. There is no setup fee, hidden fees, application fees, plainly said there are no fees at all to the association. Upon a successful collection event the association will receive 50% of the proceeds of the collection.
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. We 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 is still available to be recovered.