Default Industry

For more than ten years PSP has demonstrated the effectiveness of our services and has been a key link between distressed properties and those charged with the responsibility of all facets of asset management. PSP collects invaluable data pertinent to the asset in the way of property research for unrecorded matters, property debt research and association estoppel services. Our firm works hand in hand with default service entities, including those offering DIL negotiations, foreclosures and settlement services for REO properties.

Among the many benefits of PSP's property debt research services is the ability to track certain carrying costs of the property as they pertain to utility services, association estoppel information, expired permit information, real property taxes, code enforcement violations fines and such at an early stage. Information that otherwise may not be obtained at all or that may be put together piecemeal by multiple entities.

To understand our services it is important to recognize that we specialize in searching real property for unrecorded matters with the potential to result in a recorded lien or to result in fees or assessments affecting the property therefore our research focuses on unrecorded property debt. It is also important to understand that given the current economic and default environment, many agencies are actively seeking to collect funds where they may have been somewhat remiss in doing so in the past. Nationwide there is an ongoing effort on the part of municipalities and counties and their assorted departments to impose new fees and step up the efforts to enforce collection of fees.

While not all carrying costs pertinent to maintaining an asset can result in a lien, there is an unquestionable benefit to possessing and understanding a more complete financial snapshot of an asset such as those findings obtained by PSP. In some instances there are potential liens lurking and if not accurately identified they can appear seemingly from one day to the next, causing delays and expenses.

Depending on the structure of the utility service provider for example an unpaid water utility bill can result in a lien. This may not preclude anyone from opening a new utility account for a property and that party may never know of a pending lien. Often collection enforcement is transferred from one division of a department to another and can fall through the cracks. These types of issues may eventually be uncovered in a title search at some point in time if they become a recorded lien but by then there has already been a preventable and unrecoverable loss of time and money.

Clients have discovered that our services, performed early on and often updated on a regular recurring basis can uncover matters pertinent to the asset which assists in more accurate asset valuation and property preservation and which can result in immeasurable savings. It also provides for another unique means by which to track and manage several specific aspects of the asset until a sale and settlement occur.

Our findings are delivered with a property debt report and include all corresponding back up documentation allowing clients to determine what action, if anything, may be required. Search results can be uploaded through a client's portal, uploaded through our own web-based platform, with specific services bundled or services offered ala carte, services offered on demand or recurring, all as determined by the client. Our goal is for our clients to achieve their primary objective of the highest possible recovery value in the shortest length of time.

At PSP we offer a one stop, one step solution to support the default industry and our services are a key and integral step towards the most effective asset management possible. The measures outlined above should be considered as a preventative and proactive approach to default property management rather than the typical approach of being reactive which easily equates to disruptions in closing and un-necessary expenditures.