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Empty Promises

In Today’s Gloomy Real Estate Market, Vacant Properties Offer a Glimmer of Hope First it was the subprime explosion. Next it was concerns about adjustable-rate mortgages (ARMs)—creative loans with artificially low teaser rates scheduled to reset to higher rates through 2009.

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New Auction Company Opens in Texas

Austin, Texas-based TexTerra Auctions, LLC, has opened its doors for business. The newly created real estate auction company is focused on assisting lending institutions in Texas with offloading commercial and bulk residential REO properties.

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Companies Form REO Asset Alliance

Five national companies in the mortgage and property management industry – Avalar Network, Inc., DDN Services, ECJ Asset Management, TrustTitle, and TT Lender Solutions – announced on Friday the formation of a strategic alliance to provide a one-source, cross-functional solution for lenders and investors to manage distressed real property loan assets.

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More Banks Walking Away From Foreclosures

Cities across the country say they are seeing a disturbing new practice when it comes to foreclosures – more and more, banks are opting not to take possession of foreclosed properties because the costs of maintenance, repairs, and legal fees outweigh the still-declining value of the property.

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JVI Awarded Government Contract

Lake Mary, Florida’s JVI Appraisal Division, LLC, a nationwide provider of appraisals and valuations of foreclosed properties, has been awarded a contract with the U.S. General Services Administration (GSA) to perform appraisal services for the government.

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Former Fannie Exec Allnutt Heads New REDC Default Solutions

Irvine, California-based real estate auction company Real Estate Disposition Corporation (REDC) announced on Thursday the launch of a new division: REDC Default Solutions. The new business group will focus on loss mitigation, REO asset management, and asset valuation for lenders and financial institutions.

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