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Banks Speed Up Efforts to Winterize Foreclosed Assets.

Mortgage Servicing News

| February 01, 2007 | Harmon, Jennifer | COPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

NEW YORK -- With foreclosures on the rise, it's more important than ever before to take the proper steps to winterize and secure properties in order to protect and preserve the bank's asset. From October to the end of March, properties are often winterized for protection from multiple damages, the biggest problem being freeze damage, which results in water and then mold.

Korrie Goodspead, preservation manager, National Field Representatives Inc., Claremont, N.H., recently received 1,000 winterization orders within one week. Winterizing needs to take place anywhere it gets cold enough where freezing temps could hurt plumbing. "You have to be proactive and have the property winterized sooner than later," said Ms. Goodspead. "We've been slammed with orders within the last week as 560 winterization field orders went out before I went home on Friday afternoon."

For properties with common lines like condos with adjoining units, it can be smart to leave the utilities on even in the winter. "You could freeze the common lines in the wall and the occupant might not have water. It ...

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