Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics, announces an enhancement to Foreclosure Alert that identifies—at the point of sale—if a property has previously been in foreclosure. Foreclosure Alert provides actionable information to help insurers minimize the risk from properties currently or previously in foreclosure.
Each month, tens of thousands of new property insurance applications are submitted for previously foreclosed properties. These properties pose the possibility of undisclosed or unknown damage—including neglect, vandalism, and crime—that occurred during the foreclosure process, before the property was purchased. This damage may or may not be fixed before a new homeowner seeks insurance and may not be obvious.
"In the second quarter of 2012, more than 11 percent of all mortgages were in foreclosure or at least one payment behind," says Scott Amussen, vice president of property solutions at Verisk Insurance Solutions – Underwriting. "Many of these properties will be added to the estimated 550,000 previously foreclosed homes that need to be sold."
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