CV Foreclosure Alert® from the Coverage VerifierSM Suite of Services provides information you need to assess growing risk by notifying you every time one of your insured properties enters a different stage of foreclosure. With CV-Foreclosure Alert, you’ll know when you must take steps to verify occupancy and insurability. You can then reassess your risk and take appropriate action if the risk has become uninsurable.
Know your risk exposure
A homeowner facing foreclosure may burn down the house to collect on an insurance policy — a policy you provide. Another may remove anything of value — from cabinets and fixtures to wiring and copper pipes. After the owner leaves, a vacant property may be at risk for even more hazards. You’ll want CV Foreclosure Alert to notify you of each public notice as the various foreclosure stages alter your risk exposure.
How CV Foreclosure Alert works
The foreclosure process has many steps or stages, and each one triggers a public notice. CV Foreclosure Alert notifies you each time one of the properties you insure triggers the following notices:
• notice of default (NOD) — the owner is several months behind on mortgage payments
• lis pendens (LIS) — legal action is pending
• notice of trustee sale (NTS) — the property is set for auction
• notice of foreclosure (NFS) — the property is sold at auction
• real estate–owned (REO) — the lender assumes ownership of the unsold property