Santa Barbara, CA (PressExposure) November 23, 2009 -- Equi-Trax Asset Solutions, LP, a national collateral valuation provider offering a line of hybrid valuation products delivered under a meticulous quality control process to bridge the gap between BPOs and full appraisals, has announced that it will offer an innovative new asset recovery program that 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, CA, 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."
According to Taylor, 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. The Law Firm will then use that information to secure the servicer's claim.
All fees for the service are based on the success of the program. There are no upfront fees for participation in the program. The Asset Recovery Insurance Plan is available to servicers nationwide.