We Save Homes, Inc. Strengthens Mortgage Default Services Capabilities With Real Estate Software Technology
Market Wire, May, 2010
We Save Homes, Inc. (OTCBB: WESAE) a company that provides a full-range of products and services for the mortgage default services industry, announced today that it has further strengthened its mortgage default services capabilities by licensing Software from Channel Inc., a Newport Beach-based company. Channel Inc.’s proprietary software will enable We Save Homes, Inc. to more efficiently and effectively provide Default and REO Services for its customers in the distressed real estate marketplace. The software technology system, which is expected to launch on May 13, 2010, will be fully-integrated with the workflow of We Save Homes, Inc.’s business offerings which include:
REO Management and Servicing: servicing Real Estate Owned (REO) properties.
Property Preservation: ensuring that unoccupied properties are quickly secured and remain adequately protected throughout the default process. This segment also includes Home Rehabilitation Services: transforming a neglected property into a marketable property quickly, efficiently and cost-effectively.
Property Inspections: offering nationwide commercial and residential inspection services, including 24-hour rush and Saturday service.
Licensed Independent Escrow Services: an independent escrow corporation serving escrow needs throughout California.
Short Sale Processing and Negotiations: identifying borrower candidates to list properties, streamlining and expediting the Short Sale process. A short sale is the sale of property where the sale proceeds fall short of the balance owed on the property’s loan.
We Save Homes, Inc’s Robert Schaefers commented, “By licensing Channel Inc.’s proprietary software system for managing our portfolio of Real Estate Default Services, we now have a fully-integrated system to serve the rapid growth in the short sale marketplace. The software system is a paperless online solution, which is configured with our own workflow, tracking and reporting rules and procedures. Moreover, our procedures are based on the U.S. Government’s recently implemented Home Affordable Foreclosure Alternatives (HAFA) Program. The system will help fuel our business by saving time, eliminating errors, increasing efficiency, reducing costs, streamlining operations and optimizing borrower relationships. Channel’s software platform is the perfect foundation to marry to our existing offerings because it allows us to meet all of these objectives.”
John Nicholas, CEO of Channel Inc. stated, “Nearly 100 percent of companies in the real estate industry input the same data into multiple software applications daily, wasting time and money. Our software platform will enable We Save Homes, Inc. to offer faster, less expensive and more flexible default services. It is expected to bolster all segments of the Company’s business, which come together under a one-stop shop.”
In April 2010, the U.S. government implemented the Home Affordable Foreclosure Alternatives (HAFA) Program. With the adoption of the Home Affordable Foreclosure Alternatives “HAFA rules” introduced by the Obama Administration, industry experts expect a significant increase in short sale opportunities. The current national short sale opportunity increased by 932,234, or 7%, in the first quarter of 2010 compared to the same quarter in 2009, as reported by RealtyTrac’s April 15, 2010 findings.
According to an industry expert, shorts sales accounted for 17% of all residential real estate sales in February 2010, up from nearly 13% in November, 2009. In March of this year, CNN Money reported, “Bank of America, the country’s largest mortgage servicer, has more than doubled the number of short sales it processed in recent months.”
Schaefers added, “The addition of Channel Inc.’s software system helps We Save Homes, Inc
reo properties
Jul 29, 2010
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