REO Asset Recovery Program Launches
Santa Barbara, CA-Equi-Trax Asset Solutions, a national collateral valuation provider, will soon offer a new asset recovery program that it says can save servicers money they would otherwise spend to rehabilitate REO properties.
The Asset Recovery Insurance Plan is offered in conjunction with the law firm of Jeffrey A. Miller and Associates, located in Burbank, Calif., which focuses on residential and commercial insurance claims.
"Over one-half of foreclosed properties are damaged by the former owners upon foreclosure and eviction," said Guy Taylor, Equi-Trax CEO. "This damage is often covered under an existing insurance policy but many servicers are not aware. Even when they are, it takes a lot of time and effort to file and manage the claims process."
The average damage per property, on a nationwide basis, is $35,000 and generally relates to lost fixtures, damaged walls, lighting, HVAC, electrical and plumbing systems. A vital part of the claims process, is having a good valuation on the property, which will be provided by Equi-Trax as a service to the law firm and Equi-Trax's mutual clients.