Mortgage field services is a unique business that has encountered many changes over the years.
Mortgage field services are used to preserving foreclosed buildings, whether they are residential buildings or businesses. We provide emergency board up services, REO repairs, and REO renovations. Also included in these mortgage field services are water and fire restoration, insurance repairs, and mold, water, and vandalism repairs. We also provide repairs to include health and safety issues.
It is important to know who will be responsible for these mortgage field services. Is it the responsibility of the lender, or the company who has listed the property as a foreclosure? People were leaving their homes and businesses as they could no longer afford the mortgage. It was up to the bank to make sure that someone provided mortgage field services in order to prevent squatters from entering and destroying the properties. It is so important to get photos of all of the damage prior to boarding the home or business up. Once it is renovated, it is common practice to go back and do a walk through with a real estate agent or a business owner, and making sure that all of the work completed is agreed upon.
As a contractor that provides mortgage field services, it is necessary to be covered by insurance for many reasons, including but not limited to general liability, and professional liability. As a contractor we inspect the property by using a checklist so it can be provided to the insurance company. After winterizing the building, or boarding up the windows, it is also important to change the locks on the doors prior to boarding them up as you want to be sure to secure any belongings that might be left inside the property. Cleaning up the exterior, including the yard helps the appeal of the building as it is left vacant.