RISMEDIA, May 15, 2009-Cartus Corporation, a provider of global mobility management and workforce development solutions, has announced the launch of its new asset recovery services. The company delivers these services through Cartus Asset Recovery, a new unit that provides the mortgage industry with accelerated balance sheet relief and greater net asset recovery through tested, cost-effective “short sale” programs. Cartus’ short sale programs provide mortgage servicers, insurers and investors an alternative to the lengthy, expensive, and often adversarial foreclosure process with borrowers whose loans are in default.
According to the company, Cartus Asset Recovery offers two principal programs. The first is a Short Sale Program, in which Cartus works closely with the borrower to list and market each property to a pre-established cost target. The second is a Structured Short Sale Program (which mirrors a Deed-in-Lieu process), through which Cartus acquires the delinquent borrower’s home at market value and immediately deeds the property to the investor. Cartus then manages and resells the property based on an agreed workout strategy.
“Cartus Asset Recovery draws upon our network strength, our reach, and our real estate expertise in a solution that represents a strong opportunity for the company while directly responding to today’s unprecedented economic and market challenges,” said Kevin Kelleher, president and CEO of Cartus. “The short sale programs we offer combine our expertise in home marketing and inventory disposition with our experience in customer counseling and support, which enables us to help the mortgage industry avoid lengthy and expensive foreclosures while facilitating solutions for borrowers whose loans are in default.”