REO Management Company Brings Homeownership To Urban Communities

""BA Urban Solutions LLC"":http://www.baurbanso.com, a nationwide minority-owned REO asset management company headquartered in Sugar Land, Texas, recently unveiled an initiative that aims to bring homeownership back to urban communities through a network of industry alliances.
Entrepreneur and community advocate Earl Cummings, CEO and founder of BA Urban Solutions, will lead the nationwide network team that includes minority real estate brokers, agents, appraisers, and inspectors who have experience with REO properties in urban communities.
Cummings says he realizes the socioeconomic affects that foreclosures can have on urban communities, and his company's mission is to help maintain properties consistent with neighborhood standards, to ensure that property values are preserved in every community. According to Cummings, one of the primary solutions to community stability during today's housing crisis is selling REO properties to individuals and families that want to be owner occupants and live in the community.
Speaking about BA Urban Solutions' new homeownership initiative, Cummings said, ""Our industry alliances are strategically developed to restore confidence in the homeownership experience and to help members of the urban communities secure a vehicle that adds value and wealth.""
By utilizing its relationships with minority organizations across the country, BA Urban Solutions plans to identify future homeowners that have had homeownership counseling and are ready to purchase a home. The company's platform links buyers and foreclosed properties to create equally beneficial transactions for both consumers and lenders.
According to BA Urban Solutions, African American and Hispanic borrowers helped fuel a multi-year housing boom across the nation, but today, the company says, they are shouldering the largest burden caused by the wave of foreclosures and the mortgage crisis.
Charles Newcomb, COO of BA Urban Solutions, explained, ""The primary wealth building vehicle for minorities in every community is homeownership. The drop in home values and the increased REO inventory, particularly in the urban areas, threatens them with the loss of this valuable principle.""
Newcomb continued, ""Investors have been an important part of REO sales, but creating an operating platform that can target these properties to owner occupants is the best way to stabilize home values and preserve this wealth building tool for the urban community.""
BA Urban Solutions says it fills a unique niche for lenders and servicers that want to approach the foreclosure market in a ""diverse and responsible way."" Through community organizations and homebuyer education seminars that cater to the same urban areas that have growing gluts of foreclosed properties, BA Urban Solutions says it creates a ready market of owner occupant homebuyers that reflect the face of their communities.
Denise Johnson, CFO of BA Urban Solutions, said, ""We have changed the face of REO asset management to the nation by providing a platform of responsible REO disposition for our clients that benefit every community. We believe our initiative will give us expansive coverage with institutions that share our philosophy and want to engage in our community-focused mission, which not only create winning solutions for our clients, but also for first-time homebuyers and minorities.""