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What is“Zombie Debt” and What Is Your Community Association Doing to Collect It.

The classic definition of a Zombie is “the undead.” That is to say a person is dead but still has some features of being alive so in essence they are not “totally dead.” It sounds creepy, and it is creepy, but in almost every community association in these United States there lurks “Zombie Debt.” Zombie Debt is best described as money an association has written off because a bank has foreclosed and there were dues owing that the association never received. The mistake is that this debt is not dead and much like a Zombie it still lives and can be collected. So why have not boards of directors and management companies not attempted to collect this Zombie Debt?

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