How Online Auctions Impact REO Holding Time

first_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Since 2016, foreclosure sales have generated $1.2 billion in surplus funds for distressed homeowners—that and related intel is included in a 2021 Seller Strategy Report from online auction marketplace Auction.com. According to Auction, using an analysis of more than 70,000 properties brought to foreclosure auction in Q1-4 2020, the report identifies distressed disposition strategies that yield better outcomes for mortgage servicers, distressed homeowners, and underserved neighborhoods.“We want mortgage servicers to be equipped with the tools they need to most effectively and compassionately work with distressed homeowners, particularly those who have been impacted by the pandemic,” said Jason Allnutt, Auction.com CEO. “This will help to achieve better disposition outcomes—not just for the servicer but also for the distressed homeowner and the surrounding neighborhood.”Auction’s surplus funds analysis found that third-party foreclosure auction sales not only yield the highest price execution relative to foreclosure credit bid—17 percentage points higher than price execution for traditional REO sales—but also are increasingly generating surplus funds above total debt owed to the foreclosing lender.After paying off junior lien holders, any excess surplus funds go back to the distressed homeowner.More than 40% of all foreclosure sales in 2019 and 2020 generated surplus funds, according to data from Auction’s platform. That is more than twice the percentage of sales with surplus funds between 2012 and 2015. More than $1.2 billion in surplus funds have been generated by third-party foreclosure sales on the Auction.com platform in the last five years.“Even among properties with no perceived equity—those with a specified credit bid at foreclosure—16% ended up becoming full payoffs, demonstrating the power of a transparent auction marketplace to uncover hidden equity for distressed homeowners,” said Ali Haralson, Auction.com President.Online auction offers for short sales and other pre-foreclosure sales outperform MLS offers more than half the time, by an average of more than $30,000, or 18 percent.The report revealed that online auctions reduce REO holding times by 52% or 139 days. It showed 71% of third-party foreclosure sales that are resold are owner-occupied within two years compared to only 49% of traditional REO sales.The full report is available on Auction.com. How Online Auctions Impact REO Holding Time The Week Ahead: Nearing the Forbearance Exit 2 days ago 2021-03-31 Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb March 31, 2021 911 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Share Save Home / Daily Dose / How Online Auctions Impact REO Holding Time Sign up for DS News Daily Related Articles Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Housing Industry Dealing With Pandemic Fallout Next: CFPB Rolls Back Several Regulatory Policies Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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USS William P. Lawrence Joins Hurricane Eta Relief Efforts in Honduras

first_imgBy U.S. Naval Forces Southern Command/U.S. Fourth Fleet   November 16, 2020 The Arleigh Burke-class guided-missile destroyer USS William P. Lawrence (DDG 110) and the “Easyriders” of Helicopter Maritime Strike Squadron (HSM) 37 are supporting humanitarian assistance disaster relief (HADR) efforts in Honduras in response to the devastation left by Hurricane Eta, November 13.William P. Lawrence arrived off the coast of Honduras November 12, to support Joint Task Force Bravo’s (JTF-Bravo) mission by conducting familiarization flights, delivering medical supplies, and coordinating with other JTF-Bravo assets to identify future HADR efforts needed.These actions support the overall relief effort being led by the Honduran government and build on a foundation of many years of partner relations with the country.When Hurricane Eta caused devastating damage to the Central American countries of Honduras, Panama, and Guatamala, JTF-Bravo was directed by U.S. Southern Command (SOUTHCOM) to conduct life-saving efforts in the region. As search and rescue efforts are being taken over by host nations, JTF-Bravo has transitioned from rescue operations to the delivery of necessary aid to communities that have been stranded for days since Hurricane Eta passed through Central America.The mission has been a collaborative effort between the host nation governments and organizations, the U.S. military and the U.S. Embassies in each country. Years of working together have solidified relationships of trust and mutual cooperation to aid in times of crisis.The mission of Joint Task Force-Bravo includes being prepared to support disaster relief operations in Central America, South America, and the Caribbean when directed. They conduct constant training both on base and with partners across Central America to prepare for contingency operations, which allows forces to integrate with each other for a unified response when a disaster strike.last_img read more

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Mexico halts migrant caravan

first_imgMexican security forces guard the riverside in Ciudad Hidalgo, Mexico on Jan. 21. REUTERS/ANDRES MARTINEZ CASARES Though United States (US) PresidentDonald Trump’s promised border wall has not been built, the number of migrantscrossing the southern US border has dropped sharply as Mexico stepped up thepolicing of its borders under the threat of punitive US tariffs.(Reuters) Mexico’s National Migration Institutesaid it deported 219 migrants to Honduras by plane in two separate flights. Foreign Minister Marcelo Ebrard saidaround 1,000 people managed to cross the country’s southern border on Mondayfrom Guatemala.  center_img MEXICO City – The government here onTuesday said it halted a caravan of undocumented Central American migrants whowaded across a river into Mexico. The caravan, part of a group ofseveral thousand people, last week fled rampant gang violence and dire jobprospects in Honduras.last_img read more

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Jury rules against McNair in defamation court case

first_imgA jury ruled in favor of the NCAA in former USC football coach Todd McNair’s defamation trial in Los Angeles on Monday.Todd McNair was fired as USC’s running backs coach in 2010, when the NCAA deemed he knew of improper benefits. Photo courtesy of USC Sports Information.McNair was the running backs coach when the Reggie Bush scandal broke  in 2010, and his contract was terminated after six years on the USC coaching staff. It was determined he knew about some of the gifts that Bush and his family received. After  a four-year investigation on Bush and the USC’s football program, the NCAA banned USC from bowl games for two years and imparted scholarship restrictions.In the current defamation trial, McNair fought for his name and accused the NCAA of altering evidence to connect him with the scandal and justify increasing the sanctions placed on USC. McNair and his lawyer claimed that the NCAA released information that it knew was false, and they accused NCAA President Mark Emmert of slander for vocally supporting the false reports. He sued the NCAA in June 2011, claiming that false information hurt him in his job search after the Bush scandal. McNair and his lawyer asked for $27 million in damages. About halfway through the trial, one of the jurors was dismissed due to an obstructing language barrier, and deliberations restarted with a replacement juror. After six days of deliberation, the jury ruled 9-3 that the statements made about McNair were not false. “I don’t think the NCAA should come away from this thinking they did things right,” the head juror said to the Los Angeles Times. “I think the entire jury room was very, very disappointed and we wanted to do something.”The head juror said that McNair could have won a case for negligence or breach of contract, both claims that his lawyers dropped before closing arguments. Ultimately, McNair’s proof for defamation fell short. McNair’s lawyer Bruce Broillet made a statement following the verdict and insinuated that their fight was not over. “Very, very disappointed … in the result,” he said. “Assessing the situation and considering our next steps.”last_img read more

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