Post Foreclosure Recovery

Post Foreclosure Recovery

Post-Foreclosure Recovery

Recover and Reduce Bad Debt

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 recovers 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 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

  • Verify Debt
  • Skip Trace
  • Send FDCPA Demand Letter
  • Outbound Collection Calls
  • Credit Reporting
  • Asset Evaluation

More Details

How it Works

We take tradition collection actions that are fully compliant with the Fair Debt Collections Practices Act. For example, we will verify the debt, perform a skip trace, send an initial demand letter, make out-bound 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.

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Ready to Recover Bad Debt?

Try Axela's Post Foreclosure Recovery 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!