Due to the economic crisis, the number of foreclosure files opened for bad loans has grown at an alarming rate, to more than 500,000. Furthermore, the crush of the real estate market has made it difficult for bank agents to recover loans granted to individuals and companies. On the other hand, town halls all around the country have filed hundreds of thousands of enforcement actions for failure of individuals and trade companies to pay fines and taxes.

In this context, Advantage Software Factory (ASF), a company that specialises in overdue debt collection applications and CRM, launches a software application intended to manage large volumes of files and to automate foreclosure proceedings.

The application allows the automatic assignment of files to agents, the identification, evaluation and capitalisation of collaterals, and contains a module for managing salary and bank accounts levies. The software generates letters, communications, notices to the client and to various institutions participating to the foreclosure procedures, automatically, and makes a history of performed operations.

Users shall be provided with a record of published auction ads and shall benefit of a series of reports on cases, by status, on recovered amounts grouped by execution phases and monthly comparative performance summaries, by recovered amounts.

“Although it facilitates an undesired activity, it is a product that minimizes the efforts of more than 500 bank agents, plus thousands of public administration clerks. Three banks in Romania have already shown interest in purchasing this software”, the Sales&Marketing Manager of ASF, Marian Stirbescu, stated.

The foreclosure management software shall be sold as an individual product, but also as an attachment to the Capone debt collection application, which generates more than half of Advantage Software Factory’s turnover. Capone is the leader in the banking field, by more than 50% of collection systems implemented with banks.