- Posted On: November 10, 2015
Finding the Right Tools to Bring Foreclosure Management Up-to-Speed
The path out of the recession has been slow for nearly every sector of the U.S. economy. Whether it’s job growth, housing starts or discretionary spending, improvements have been slow in coming. Climbing out of the overload on housing foreclosures has also been a challenge for many city governments. While the overall rate of foreclosures seems to have abated, cities are still dealing with the aftermath of a housing crisis – foreclosure management.
The Housing Crisis
Depending upon the size of your city and its location you may have been more or less impacted by the recent housing crisis. Larger metropolitan areas were definitely hit hard. Some cities saw their foreclosure rates double or triple while others experienced a tenfold or greater jump. But whatever your area’s rate of increase, you’re likely still trying to catch up and have come face to face with the need for better foreclosure management as a function of the local government.
Why Dealing With Foreclosures Quickly Matters
Abandoned or neglected properties are not only unsightly they can be unsafe. And they cost everyone money. Without paid property taxes, public funds suffer. Neighboring property values also decline affecting the general revenue. You need a way to keep track of these properties and to document every step you take toward getting them back on the market and in the hands of responsible owners.
How Technology Can Aid Foreclosure Management
Your first need is to know where your vacant properties are located. Geographic software can help you to plot addresses for every identified address. You’ll be able to see at a glance if neglected properties are randomly scattered or if you’ve got an entire area in decline. A geographic tool is also helpful in showing citizens that you are keenly aware of where problems exist.
You also need help in documenting each point of contact – whether it’s about unkempt exteriors or interior problems. Technology can help you keep up with this kind of detailed record-keeping without having to hire added code enforcement officers. You need tools that will enable the staff you have to get this done and in less time than before. The good news is that technology exists to help you do that very thing.
The final piece of foreclosure management is finding the right solution to the problem. In some instances, the city may tidy up a property and make it saleable. But what happens when there are too many such properties and too few buyers? You may need to apply for federal aid. You might need to negotiate more friendly lending terms for home-buyers. You definitely need input from city homeowners and other stakeholders. A solid software tool designed to aid foreclosure management will help you accomplish all these goals.
Comcate was founded by people who’ve been responsible for local government. We’ve had to come up with solutions to public problems on a limited budget. We understand what you’re up against. That’s why we’ve designed tools to help you do your job more effectively and more efficiently. Contact us and find out how we can help you with foreclosure management as well as other vital management responsibilities.