What is Post Foreclosure Recovery?
Post Foreclosure Recovery is Axela’s collections 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 owe the association money for past due maintenance fees. In most cases the foreclosure did NOT extinguish that debt, and if put into our Post Foreclosure Recovery program, it could be recovered.
How much will this service cost?
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 have already written off this debt?
Just because you have already written off this debt does not mean that it is uncollectible. We can still pursue the debtor for what is owed to the association.
Is there a time frame to collect that money?
Yes, depending on the state there is a statute of limitations which could be anywhere of 5-7 years, depending on the state.
What actions do you take to recover the money?
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.
Is there any situation that the association may be responsible for any costs or fees?
What are the chances that you will recover this money for the association?
Right now, if you do not put these debts into collections the odds that you will see any of those debts paid back to the association are zero. The chances that we will recover this debt for you are greater than zero. Nothing ventured nothing gained. Don’t leave money on the table.