About Property Preservation Property preservation involves the securing, protecting, and preparing of properties for sale that have undergone foreclosure, default, or are in bank-owned status. The financial hardships that cause these unfortunate situations leave prior homeowners unhappy about losing their homes. As a result, many of these homes are left in poor and sometimes unmarketable conditions. The rise of REO (real estate owned) properties have created an influx of vacant and/or abandoned homes. As they arise, so do companies that provide property preservation services. Many lenders are finding it easier and more cost-efficient to use established property preservation companies. Lenders and mortgage companies have even created separate departments that handle properties that require property preservation services. Some well established companies have developed computer programming systems that allow lenders, contractors, and other parties to manage work orders or jobs created for each vacant and/or abandoned property. In addition, many large property preservation companies use contractors nationwide. Therefore, being up in compliance with the guidelines and regulations for each state is very important. The U.S. Department of Housing and Urban Development (HUD) have set guidelines and regulations that help protect lenders and mortgage holders from further damages or costs that may be associated with these properties. | 