Batten down the hatches for what some experts are predicting will be the second mortgage disaster and that the bottom is still far on the horizon. According to a recent CBS 60 Minutes report, as many as 8 million people will lose their homes in the next four years.  As Alt-A and Option ARMs are reset over the next several years, many homeowners may have no choice but to sell.  N-Play REO can help.

In addition to property offer management services for properties that have been foreclosed on and are part of the REO inventory, N-Play offers a unique service that can help you help your mortgager from entering foreclosure.

Prevent certain and predictable foreclosure and minimize loss.

Preempt predictable foreclosure for many of your mortgagers by making N-Play service available to brokers and agents representing subject properties that are currently for sale on the open market AND that are pre or post lis pendens. Taking this critical step in advance of foreclosure often provides the best opportunity to minimize losses and cost of recapture. Near or at under water mortgage holders who are selling a property will often not consider any offer that fails to meet their personal minimum financial requirements and as a result often reject offers that could otherwise be in the bank or lender’s best interest.

This inaction and lost opportunity often leads to foreclosure when no superior offers are made.  Short sales operating under current procedures often do not provide optimum loss mitigation due to limited offer activity and rejected offers by mortgager. 

Proactive approach

N-Play REO provides bank and lenders loss mitigation departments the ability for real time monitoring and participation in all offer activity as it happens on the subject property.  By taking a prompt proactive approach in concert with the mortgager, lenders can be part of the solution of gaining the highest price the property will bear until foreclosure.

Offers received on the property from any source are instantly directed to the loss mitigation departments for review and consideration.  Any buyer offer that meets bank criteria can be acted upon in an effort to secure the best overall transaction and minimize losses.  N-Play REO is the only short sale vehicle that can provide lenders, mortgage holders and buyers a real time market priced solution.
 

To learn more about how N-Play can put this valuable service to work for you, please contact us today.