News that some lenders have cause to revisit their foreclosure procedures has dominated the headlines recently. And while everyone agrees that proper protocol should be followed, the errors in processing are not likely to change the outcome. That is, without mortgage loan payments being made, foreclosure is almost certain.
Real Estate Asset Disposition Corp represents over 45 lenders, banks and servicing companies including some that have announced a temporary halt in selling already foreclosed property. The good news for home buyers looking for a great value is that we have hundreds of Bank Owned Properties (AKA Real Estate Owned or "REO") that are available for immediate purchase.
Our firm is exclusively dedicated to managing and selling REO throughout Florida and has done so for almost 10 years. Headquartered in West Palm Beach, Real Estate Asset Disposition Corp., is the States leading seller of REO Properties. In just the last 3 years, we have sold $350,000,000 in REO inventory to families, investors and anyone looking to buy real estate at values no seen in over a decade. Please let us know what we can do to include yo among our satisfied clients.
Jim Banford
jbanford@readcorpreo.com
CEO
Tuesday, October 12, 2010
Monday, October 4, 2010
Some Foreclosure Cases and REO Sales Being Halted – Florida to See Brunt of impact
Everyday brings a new story of a lender halting foreclosure cases, and now several are halting REO sales as well. Real Estate Asset Disposition Corp., at the direction of its bank clients, have had REO closings suspended by major lenders due to "the assets coming from a pool known to have title issues"
We are in uncharted territory with the uncertainty of the foreclosures. As some point however, common sense should prevail. Lenders agreed to lend and borrowers agreed to repay those loans and it is the failure of the promise to repay that leads to foreclosure.
This basic concept is getting lost in the noise of how intimate the knowledge was of the banker who signed the documents to start the foreclosure. The terms in the note and mortgage stipulated that lenders lend and borrowers borrow and repay. And, the recourse for not repaying is foreclosing out of the borrower’s property rights.
Contrary to what the new crop of foreclosure defense firms will say, there simply are not a lot of legitimate defenses for non-payment. While there are true hardship cases and even more poorly thought out purchases, these are not defenses to foreclosure. Sooner or later, these same cases will complete the foreclosure process and will be resold.
One silver lining to the temporary halt is that the existing REO properties that are sellable may experience appreciation, as the available volume is stunted during this period of uncertainty. Our REO properties in Miami, Ft. Lauderdale, West Palm Beach, Port St. Lucie, Orlando, Tampa and Jacksonville have been selling quickly this year. And now with the flow of new properties being slowed, the existing ones should be even more marketable.
We are in uncharted territory with the uncertainty of the foreclosures. As some point however, common sense should prevail. Lenders agreed to lend and borrowers agreed to repay those loans and it is the failure of the promise to repay that leads to foreclosure.
This basic concept is getting lost in the noise of how intimate the knowledge was of the banker who signed the documents to start the foreclosure. The terms in the note and mortgage stipulated that lenders lend and borrowers borrow and repay. And, the recourse for not repaying is foreclosing out of the borrower’s property rights.
Contrary to what the new crop of foreclosure defense firms will say, there simply are not a lot of legitimate defenses for non-payment. While there are true hardship cases and even more poorly thought out purchases, these are not defenses to foreclosure. Sooner or later, these same cases will complete the foreclosure process and will be resold.
One silver lining to the temporary halt is that the existing REO properties that are sellable may experience appreciation, as the available volume is stunted during this period of uncertainty. Our REO properties in Miami, Ft. Lauderdale, West Palm Beach, Port St. Lucie, Orlando, Tampa and Jacksonville have been selling quickly this year. And now with the flow of new properties being slowed, the existing ones should be even more marketable.
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