Altisource Portfolio Solutions S.A. [1], an integrated service provider and marketplace for the real estate and mortgage industries, announced the launch of its Signature Seller Assisted Sale program. The solution is designed to help borrowers who are unable to meet retention requirements avoid foreclosure by assisting in the sale of their home. With nearly three million loans in forbearance, delinquencies are expected to rise dramatically in the coming months.
The program has the potential to benefit mortgage servicers by reducing the number of properties in foreclosure, thus lessening the burden on managing their delinquent portfolio. For the borrower, the Signature Seller Assisted Sale program offers a solution that may help avoid foreclosure and allow for a seamless and graceful transition. The program can be used as a short sale or equity sale depending on the value of the home and the unpaid balance of the loan.
The Signature Seller Assisted Sale program can include one or more of Altisource’s services, including its call center, valuation services, national brokerage, and Hubzu® online real estate marketing platform. This program may help servicers avoid or reduce lengthy foreclosure timelines, potential bankruptcies, and expensive holding costs and advances. There is no fee for the servicer to participate in the program.
“The Signature Seller Assisted Sale program is designed to utilize Altisource’s integrated services to assist borrowers in gracefully selling their home when all retention possibilities are exhausted,” said John Vella, Chief Revenue Officer at Altisource®. “We feel our combination of services uniquely positions us to offer solutions that no other vendor can provide. In the end, this program can help borrowers, servicers, and investors achieve the optimal outcome in these uncertain times.”