The Contract Is Gone. The Debt Is Not.
Eduardo “Fast Eddie” San Roman’s 24 Asset Management has lost its HUD Management and Marketing Field Service Manager 3.12 contract, according to sources with direct knowledge. The loss follows years of documented non-payment to Labor. It does not end the debt. We are also advised that Spectrum Solutions Acquisitions are gone, as well.
Foreclosurepedia warned in August that 24 Asset Management was on the precipice of losing its awards. That precipice is now behind us. The company held six awards across ten geographic areas, with first-year contract value reported at ~$51,045,736. The elephant in the room is the massive amount of liquidated damages allegedly being forced upon Fast Eddie by HUD.
We already know the new Awardees; however, we are waiting for their ramp up to begin before disclosing their names. One, though, reached out to us and had some great input that included far more rapid timelines and an increase in pay. So, that is a bonus.
The transition is happening now, and Labor is standing in the middle of it. New vendors report unpaid work as 24 Asset Management closes up shop. There is no bankruptcy filing, no creditor list, and no orderly process. That is the same exit Assero took. Listen here and listen well: If you have not filed a lawsuit and are not working on a judgement, you will not be able to claim a penny from the performance bond. Depending upon the amount owed, you may file in either small claims or your regular court (District, Superior, etc.). Get a lawyer, file pro se, it doesn’t matter because that is the only way you may be able to get paid.
HUD Knew. In Writing. For Years.
As early as January 2023, HUD was aware of the fraud. Foreclosurepedia did not find it quietly and sit on it. We put it in front of HUD procurement officials directly, repeatedly, and in writing.
HUD’s own reply is on the record. Craig Karnes, HUD’s Assistant Chief Procurement Officer for Field Operations, then wrote he was not at liberty to discuss the 3.12 corrective action. His title has changed since. Sharon Washington and LaShura Ford, both working in the HUD M&M FSM are well aware of the debts owed and would be on my first list for counsel to contact.
Then came the sentence that matters most. Karnes wrote that HUD “is aware of the relationship between 24 Asset Management and Assero.” He added that any continuing award would require 24 Asset Management to “mitigate any identified Conflicts of Interest.”
That is HUD acknowledging, in its own words, that a corrective action existed and that Assero and 24 Asset Management were linked. The awards continued anyway. The fraud continued anyway. And ultimately the US taxpayer is going to foot the bill.
The notices did not stop. Foreclosurepedia sent HUD a contractor’s account of a $21,000 check from Assero, covering six months of completed work after eight months without pay, that was stopped after the contractor deposited it and paid bills against it.
Foreclosurepedia then published the allegations and named Karnes. We warned him that Assero and 24 Asset Management carried “all the original hallmarks” of the National Field Network collapse, an involuntary bankruptcy now in its eighth year.
Foreclosurepedia also told HUD that the industry’s trade association, the International Association of Field Services (IAFST) had issued black list notices for HUD post-conveyance work once it was taken over by 24 Asset Management. They didn’t care; Karnes, Washington, and Ford never once replied to the plight of Labor.
More recently, a Field Service Technician and Inspector covering Central and South Illinois was owed about $30,000. Foreclosurepedia referred that vendor to Karnes, noting that HUD’s own assets were going unserviced because Labor had stopped working unpaid.
That vendor had stopped routine inspections, lawn maintenance, initial services, and winterizations. HUD stopped replying months ago. Silence did not end the awards. The contract ended only when it was lost.
As recent as several days ago, Foreclosurepedia moved yet another victim over to HUD. And they are victims. They performed the work, they carried the cost, and they are still waiting. From Puerto Rico to Illinois, the HUD M&M FSM 3.12 is probably the largest HUD backed fraud operation in recent memory. And those very same names of staff at 24 Asset Management and Spectrum Field Services will soon move to the new firms holding the Awards. Remember that. When you see those names that you begged to pay you, call them out when the recruitment begins. Hold their proverbial feet to the fire! And if you do not have their names feel free to reach out as we kept a list of them as they attempt to crawl back into the shadows only to reappear like a bad penny.
What Labor Is Actually Owed
Foreclosurepedia has tracked this debt case by case. The figures below come from separate ledgers and sources. They are not an audited total, and overlapping claims are not added twice.
Puerto Rico audits show 1,087 unpaid properties in 2025 and 1,058 in 2026, after removing cancelled orders and an invoice already counted elsewhere. At $20 per property, that is 2,145 properties and $42,900.
An Illinois invoice sheet lists 250 work orders across 27 HUD case numbers, performed over roughly three months. The job cost is $29,286.50. Of that, $23,536.50 is approved, $2,000 is completed, and $3,750 is pending approval.
Together those two ledgers document $72,186.50 in unpaid work. The Illinois vendor’s own aging puts more than $15,000 past due and $10,000 beyond 90 days, with the balance growing about $2,000 a week.
A Field Service Technician reported $38,674 outstanding in August, including $19,350 more than 45 days past due. That balance tracks the Puerto Rico debt, so it is not added. Counting one debt twice would only give 24 Asset Management something to dispute.
Other vendors report roughly $33,000 outstanding since April on a separate account, a balance of $3,000 or more from a logistics vendor, and further claims in the $13,000 to $21,000 range. Those are sourced, not documented, and Foreclosurepedia treats them that way.
The honest range runs from $72,186.50 documented to well over $100,000 once sourced claims are included. Foreclosurepedia will publish more only as the paper arrives. Sources put the current total above $100,000 and climbing.
The Pattern In Labor’s Own Words
The numbers are only half of it. The vendors describe the same sequence again and again. Net 45 terms stretch to 60, then 90. Checks arrive monthly, then late, then printed weeks before delivery. Questions go unanswered. Then the work orders stop being paid at all.
One Field Service Technician reported that payments fell into the 90-plus day window and that a check dated in June did not arrive until late July, 46 days after it was printed. The Technician said Fast Eddie and his son Zach knew.
A minority contractor reported that 24 Asset Management owed it for Hurricane Helene and Milton debris work in early 2025. The contractor made four written demands. A check was promised by FedEx and never arrived.
Late in 2025, vendors reported nonpayment across multiple states, including Illinois and Indiana. Foreclosurepedia has also reported that 24 Asset Management stopped paying Labor for months, and that staff knew the checks were not coming.
One contractor wrote to Foreclosurepedia that Assero’s unpaid work led to roughly $38,000 in liens. The contractor said Fannie Mae ignored the liens and was selling properties for cash with the liens still attached. Another vendor with about $40,000 in liens was offered half, then heard nothing.
The Better Business Bureau shows the same pattern under both names. 24 Asset Management’s own Miami profile is unaccredited and rated one star out of five. Every review on it is a one-star complaint, and the company has not responded to any of them.
One vendor reported months of completed work unpaid and said the company operates under multiple business names, some of them bankrupt, to avoid paying vendors. Another reported more than $5,000 owed since mid-August 2025 for trash-out inspections and a pool drain job, with no response to email or phone.
A third vendor completed three jobs and was paid for one, after three months on Net 30 terms. A fourth called the company the biggest scam in the industry and criticized how it treats its workers.
Both 24 Asset Management and Assero’s separate BBB profile carries five more vendor reviews from late 2023 and early 2024. They describe unpaid Fannie Mae work, including two claims of more than $15,000 each, and zero payment on eleven jobs at three West Virginia properties.
One reviewer reported spring inspections unpaid after ten years of reliable payment. Those reviews call 24 Asset Management the current name for the same operation.
Public comments on LinkedIn follow the same line. Vendors there describe balances unpaid since March, work completed and never paid, and promises that did not hold. Another vendor company reached out to Foreclosurepedia seeking to connect with other unpaid vendors and compare notes.
These are Field Service Technicians and Inspectors, small contractors, and family businesses. They bought the fuel, paid the crews, and carried the risk.
Liquidated Damages Put HUD At The Front Of The Line
Liquidated damages are the penalties a federal contract sets in advance when a contractor fails to perform. Sources report that HUD is now assessing enormous liquidated damages against 24 Asset Management. Foreclosurepedia has not seen the amounts and will not guess at them.
Here is the problem for Labor. A contractor that owes HUD a large sum and also owes Field Service Technicians and Inspectors for months of work has a creditor with leverage. The government is not waiting in line behind anyone.
If HUD withholds or offsets what it still owes 24 Asset Management, every dollar it recovers is a dollar that never reaches Labor. Labor deserves an answer to one question. Did anyone at HUD weigh the unpaid invoices of Field Service Technicians and Inspectors before collecting?
A company that owes HUD enormous damages, owes Labor six figures, and has filed no bankruptcy has every incentive to stop answering the phone. Labor has seen this before.
Assero Was Never Gone
Assero Services collapsed owing Labor close to a million dollars. It never filed bankruptcy. Fast Eddie San Roman kept the federal award under 24 Asset Management and kept dispatching work orders.
The public record shows how close the two companies were. A West Virginia Secretary of State record lists Eduardo San Roman and Lee Mertins as the managers of Assero Services, LLC, a Delaware company formed on October 31, 2014. And remember Eduardo San Roman, Lee Mertins, Jim Hillsman and Greg Seale. Say those names. Repeat those names. And never become involved with them for the rest of your career as Field Service Technicians and Inspectors.
Business-directory listings place Assero at the same Miami suite as 24 Asset Management, and its website was assero24.com. Foreclosurepedia reported in 2023 that Assero’s own LinkedIn page described the company as growing out of 24 Asset Management’s field services division.
Foreclosurepedia reported in 2022 that 24 Asset Management leaned on Assero’s past performance to win its first-year award. The same reporting counted hundreds of complaints about Assero refusing to pay, dating to December 2021.
The record points to one operation wearing two names. On this record, Assero looks like the field services arm of 24 Asset Management, abandoned while the parent kept the contract.
A source with direct knowledge tells Foreclosurepedia that Fast Eddie, not Lee Mertins, was the money behind Assero. The state record lists both men as managers. It does not say who funded the company, so Foreclosurepedia reports that detail as sourced, not documented.
HUD’s reasoning for keeping 24 Asset Management in the program was that San Roman may have controlled Assero without directing its finances. Foreclosurepedia answered that with a state filing naming him a manager of Assero. HUD’s own email then conceded the relationship.
LoanCare Put The Same Names In One Caption
LoanCare, LLC has sued Assero Services, LLC, 24 Asset Management Corporation, and Eddie San Roman personally for breach of contract. The case began in Virginia Beach Circuit Court as CL25-6432.
Starr Surplus Lines Insurance Company removed the case to federal court in December 2025. The federal court returned it to state court in June 2026, after the parties consented to remand.
The federal docket states no dollar amount. Foreclosurepedia has not yet reviewed the state complaint and will not characterize its allegations until it has. What the caption already shows is Assero, 24 Asset Management, and San Roman sued together.
What Labor Should Do Right Now
Build the claim before the transition buries it. Use a spreadsheet that lists the work order or asset number, the service performed, the date performed, and the amount owed. Keep every invoice, email, and text message that acknowledges the debt.
File that claim with HUD in writing and file a complaint with HUD OIG. Preserve mechanic’s lien rights property by property. Talk to a qui tam attorney about whether the documentation supports a False Claims Act filing. Most importantly, file your lawsuit NOW!
Stop accepting work orders from a company that is losing its contract, owes HUD damages, and owes you. Dispatch continues until Labor says no.
Whether a payment bond exists on these awards, and who the surety is, remains unanswered in the public record. If a bond exists, Labor may be able to make a claim against it without waiting on HUD.
If you are owed money by 24 Asset Management, send the details to the Foreclosurepedia tip line at [email protected]. Every claim documented now becomes leverage later.
The Playbook Has Not Changed
Fast Eddie San Roman has run this playbook since Assero. Bill the government, bank the payment, stall Labor, and walk away without a bankruptcy court. The contract is gone and the damages are coming. Labor is still owed.
HUD’s procurement office knew, wrote that it knew, and kept the awardee in the program while victims kept arriving. Silence from a federal agency is a decision, and Labor is paying for it.
Foreclosurepedia will keep documenting who knew, who profited, and who still has not paid. If 24 Asset Management owes you, send your records to [email protected].
