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As an alternative to its registry of foreclosed properties and property preservation contacts for vacant properties, the city of Los Angeles is adopting the ""MERS System"":http://www.mersinc.org, an electronic loan registry that acts as a nominee in county land records on behalf of lenders and servicers.
The Commonwealths of Virginia and Massachusetts and the State of Connecticut are also using the system.
""Maintaining residential vacant properties in foreclosure is important to prevent blight and to protect property[IMAGE] [COLUMN_BREAK]
values,"" said Doug Guthrie, general manager of the Los Angeles Housing Department.
Guthrie explained, ""We're able to see these benefits more quickly while saving on the city budget by partnering with MERS, whose system is immediately available and already in use by many property preservation companies.""
MERS members can use the system to track residential and commercial properties and register the identity of the property preservation company responsible for maintaining vacant properties.
""Many law enforcement agencies and municipalities already use the MERS System on an informal basis to find a loan's servicer and identify the companies responsible for maintaining vacant properties in their area,"" said R. K. Arnold, president and CEO of Merscorp, Inc.
Arnold added, ""By formally allowing lenders and property preservation companies to use the MERS System as a suitable location to store this information, the city of Los Angeles can save money and the time it takes to find the data.""
