Foreclosure

Michigan Paves the Way with Creative Techniques to Legally Avoid Costly Delays, Hasten Foreclosure and REO Sales When it comes to loss mitigation, quicker is almost always better. If the ultimate goal of every foreclosure is a clean, quick REO sale, avoiding delay by using creative methods can substantially improve results.

GMAC Financial Services, a financial services company, said it experienced a net loss of $724 million in the fourth quarter of 2007 and an annual net loss of $2.3 billion for the entire year. The financial services giant blames troubles experienced at its lending subsidiary Residential Capital, LLC, (or ResCap) for the company’s many losses last year.