Dual Path Property Disposition through CWCOT
Today's “one-stop shop” for preservation and maintenance services means more than it did when the company started in 1986. While we have experienced many changes through regulatory requirements, compliance, and simple market demand, we recognize servicers need our help more than ever to dispose of their assets. Many of our clients are challenged with properties that HUD simply will not convey. As a result, AIM Your Way has provided a unique solution to one of the toughest problems servicers face - providing a dual path to property disposition.
In 1987, HUD came out with a program called CWOCT (Claims Without Change of Title), as referenced in ML 87-20 and ML 91-16. The intent was to allow servicers a way to submit claims and sell the property without conveyance. This program has seen renewed popularity, as it does not pigeonhole the servicer to conveyance as the only solution for effective property disposition.
So, what does this mean for today’s servicers? It means that AIM Your Way has the ability to begin the conveyance path in presale by perfecting the initial secure inspection. Once claimable services are identified, bids are generated; and the path to conveyance begins. At the same time, AIM Your Way deploys an asset specific marketing plan to list the property immediately after the foreclosure sale. The result is that the property will either successfully convey on time or sell through offers received by AIM Your Way's listing services. The solution is a win-win for the servicer and HUD.
For more information, please contact us at 800-776-1815.