Answers to our most frequently asked questions.
YOUR QUESTIONS ANSWERED
Why would my association want Axiom instead of an attorney?
Quicker Resolutions & Lower Fees: Axiom combines best-in-class research and locating technology along with respectful person-to-person communication and written communication. While sometimes legal work is necessary to recover an account, the vast majority of accounts can be recovered by respectfully communicating with the homeowner much faster and in most cases with lower fees than what many attorneys charge.
What recovery results can we expect when working with Axiom?
Fast Recovery & Less Legal: Associations utilizing Axiom typically see over 87% of accounts recovered with minimal or no legal action. Additionally, boards can expect homeowner satisfaction to increase as a result of lower delinquencies and increased communication with delinquent homeowners.
How much will Axiom cost the association?
No Cost to Associations: There are no out-of-pocket costs to the association for utilizing Axiom. In order to keep recovery fees low for the homeowner, the association will receive the full principal amount paid on the account and will forego the interest and late fees.
How do settlements work?
Shared Settlements: The recovery team will utilize industry-leading research tools to obtain an accurate financial picture for each owner. If an owner is experiencing a verified financial hardship, Axiom may approve a small settlement for an amount no less than the full assessment amount, while maintaining contact with the owner. In these rare instances, Axiom's fees will be reduced by the same prorated amount as the overall settlement.
How will the board and management company know the status of each account that is with Axiom?
Transparent Reporting: Board members and your management team will receive monthly status reports as well as access to Axiom’s web portal. The portal provides detailed owner information, notes of each attempted call, access to run multiple detailed reports, copies of letters sent, and much more. You also have access to the Axiom client services team and a portfolio manager to provide thorough updates as needed for your community.
Why can’t my CAM just call delinquent homeowners?
Compliance Laws: There are many laws and regulations that govern communication regarding debt. Axiom assures compliance for all communication with homeowners and indemnifies the association from any errors made. Additionally, through Axiom, contact information that has not been recorded with the association can be researched and utilized.
Can we keep our current collections attorney?
Yes: Though most accounts will be recovered prior to the need for legal services, in the event litigation is necessary, the board can elect to utilize their current attorney or an Axiom legal partner.
How much will Axiom charge the delinquent homeowner for recovery services?
Comparatively Less: Once transferred to the recovery team, delinquent homeowners are charged incrementally based on their response to the person-to-person and written communication. The three phase recovery process is billed to the owner and not paid by the association. Please request a fee schedule breakdown for specific pricing for your community.
Can delinquent homeowners enter into a payment plan? Who approves the payment plan?
Yes, Payment Options: Homeowners can enter into a short-term payment plan. Unless otherwise specified by the board, the recovery team will approve a short term payment plan based on the information provided during the extensive research of the financial status on each owner.
Will a lien be filled on each delinquent account?
Quicker Recovery = Fewer Liens: Unlike when working with only an attorney, most Axiom accounts are recovered before a lien is even necessary. If an account is not recovered in Phase 1 of the recovery process, a lien may be filed on the account at no charge to the association.
What if an account cannot be recovered through Axiom?
Asset Analysis: In the rare case an account is not recovered through Axiom, an asset analysis is provided with critical information on the homeowner’s ability to pay, payment history of other debt, and any applicable mortgage information. We will review legal option(s) available to the association such as, Association Lien Foreclosure, Money Judgements, etc. This information will help the board make the best decision on which steps, if any, to consider next to assure resources are utilized in the best manner possible for the association.