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Property Registration Services | Property Registration Compliance

Vacant Home Insurance: When Force-Placed Insurance Is Needed

To protect their interests and collateral, banks, lenders, and loan servicers sometimes obtain vacant home insurance (often called force-placed insurance) on abandoned, foreclosed or vacant homes. PRS explains what it is and when force-placed insurance is needed.

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What Does Property Registration Compliance Mean?

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Good question. And the correct answer is finding the devil in the details. Much depends on the specific language of more than 2,000 Property Registration Ordinances (PROs) currently in force in municipalities and local governments across the country. In short, property registration compliance means different things in different places, at different times and with different types of properties. Let’s provide some PRS clarification.

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When VPROs Are Really PROs

Times change and so does the accuracy of acronyms. A decade ago a new acronym popped up on the real estate and mortgage servicing landscape: “VPROs” (vacant property registration ordinances). The acronym was used as an umbrella term covering the mass of residential properties that were left vacant, abandoned or foreclosed due to the housing market crash of 2007. But upon further review, there are many cases when VPROs are really “PROs” (property registration ordinances). Why? Because PRO more accurately reflects the occupancy status of properties in foreclosure and PRO also takes into consideration other types of properties that may require registration, but are not necessarily vacant. Here’s the breakdown.

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When Is Vacant Property Registration The Law?

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When is vacant property registration the law? You might be well advised to work on your Juris Doctorate and focus on these three specifics in trying to find the answer to the question within an ordinance.

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Why Choose PRS As Your Property Registration Service Contractor?

In the past decade meeting property registration compliance has become increasingly complex, time consuming and potentially expensive. Reason enough why more banks, mortgage companies, and mortgage servicers are choosing PRS as their property registration service contractor. We provide a number of industry-standard competitive advantages to save clients time and money. Our technology, experience, and state-of-the-art tools ensure our clients have their thumbs firmly on the pulse of the property registration landscape and never miss a registration deadline, renewal submission, or unnecessarily waste resources in sifting through thousands of ordinances to meet registration compliance. Here’s how we do what we do.

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How to Find Your Local Foreclosure Registration Ordinance

Banks, mortgage companies and other legally responsible parties looking to find local foreclosure registration ordinances that may apply to them first should answer two quick questions:  What defines “local,” and what type of specific ordinance might apply to my situation?  The acronym VPRO (Vacant Property Registration Ordinances) became widely used in the housing industry following the market collapse of 2007.  Many municipal and county governments adopted VPROs to combat spreading neighborhood blight, rising crime rates and diminished tax bases as the housing market and overall economy went into the tank.  But the term VPRO may sometimes be misleading.  Properties subject to foreclosure registration requirements do not necessarily have to be “vacant” in order to fall under ordinance jurisdiction.  Because properties in various stages of default may still be occupied by mortgagors, they would likely still require registration although not “vacant.”  Additionally, many local governments have also adopted other property registration ordinances that apply to multi-family housing units.  Some ordinances apply to apartment complexes, other classifications of rental properties, even business and commercial buildings that have nothing to do with the nomenclature of “vacant.”  Thus, the industry is now more accurately defining registration compliance with the more specific term, PRO (Property Registration Ordinances).

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Three Hidden Dangers of Vacant Lots for Sale

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Savvy investors, budding real estate speculators and experienced homeowners know the value of due diligence when purchasing a home. The same precautions, homework, and preparation should be taken when considering the purchase of vacant lots for sale. Listed below are three potential hidden dangers and more that buyers should consider before signing a sales contract.

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Locating Ordinances in the Community

Building a house is a lot easier when you have more tools than just a hammer.  That’s the same rationale an increasing number of banks, mortgage companies, and mortgage servicers are finding useful in addressing the complex challenges of meeting compliance of foreclosure and vacant property registration and locating ordinances in the community.   Many are finding there’s a distinct difference between the time, labor, and cost consuming old school way versus the fast, cost-effective and money-saving PRS way.  Here’s a synopsis that clearly illustrates the competitive advantages of using the services of an industry expert armed with state-of-the-art technology to address the task.

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Four Facts You Didn’t Know About Property Registration

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While the more than 2,000 current property registration ordinances in affect across the United States have one goal in common, it’s important for banks, mortgage servicers  and other responsible parties to understand the factual differences that distinguish them from one another.  The overarching objective of registration is to bring about compliance to avoid neighborhood blight.  PRS points out that in developing ordinances that deal with vacant property and foreclosure issues, individual municipalities and local governments take different approaches.  Listed below are four distinguishing facts that illustrate those nuances.

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How to Approach Abandoned Property Registration

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Depending on your perspective and objective, there are different ways ways to approach abandoned property registration.  If you are a bank, mortgage company, mortgage servicer or other responsible property ownership party, PRS can assist you in developing a money and time-saving game plan that helps you determine your obligation to register while avoiding costly fines, fees and penalties for failing to do so.  Here’s an overview of how.

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