The REO Attorney vs. The Foreclosure Attorney the Choice Will Save You Time and Money

     Many lenders and mortgage servicers continue to use the Foreclosure Attorney to represent them in the sale of the foreclosed property or REO Property; after all the Foreclosure Attorney should know the most about the property. This logic seems simple enough, but weighed against today’s REO market that choice may be one that prolongs the REO process and results in significant losses. The engagement of separate REO Attorney allows the transaction to conclude faster with less stress involved for you and a greater profit or at least less of a loss realized.

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     Your choice of REO attorney has to be based on the experience of the attorney. He or she has to be well versed in all aspects of the REO Transaction. This knowledge must include, at a minimum, foreclosure law, municipal regulation and complicated conveyancing. The utilization of inexperienced counsel, especially in today’s environment, could result in your losses increasing as the attorney climbs the learning curve at your expense.

    The process of the engaging an REO Attorney should commence as soon as the property is foreclosed upon. This will allow the REO Attorney to have a complete full title examination completed immediately. This full examination is different from the title done as part of the foreclosure. The foreclosure title exam usually covers the ownership period of the borrower who is being foreclosed upon. Often title issues will be discovered that existed well before the borrower took title. The REO Attorney, with a full title in hand, can commence any needed work to clear prior title issues that may be discovered. This may include commencing a title claim under the existing loan title policy or undertaking efforts to obtain the relevant documents to clear the issue. This completion of this task will allow the closing to take place when it is scheduled. The loss of a buyer or the financial losses that could be suffered from a delayed closing are then avoided.

    The REO Attorney will also complete a review of the foreclosure. This allows for a second examination of the foreclosure as soon as it has been completed. This is beneficial due to the fact that many Foreclosure Attorneys conduct numerous foreclosures, and mistakes can be made. They would then not be discovered until a closing is scheduled resulting in the cancellation of the closing or a lost buyer which cannot be acceptable to you. The REO Attorney’s review will allow for the immediate attention to any issues with the foreclosure. The correction of foreclosure issues may be made with affidavits or confirmatory documents; or the worst case scenario a” reforeclosure” of the mortgage. The advantage again here is that the fix is being done right after the foreclosure and not at the 11th hour prior to a closing, with the potential again of losing a buyer or the expansion of further losses.

    The experienced REO Attorney will be able to coordinate with the buyer’s counsel or counsel for the lender, to ensure an expeditious completion of the transaction. The REO Attorney will be familiar with any and all documentation required as part of the closing. The REO Attorney will be able to coordinate the issuance of title insurance if it is required and also the wiring of the funds to the client. Often the experienced REO Attorney will have working relationship, or at least a non-adversarial relationship, with the closing attorney, again resulting in a smoother completion of the transaction.

    The REO Attorney’s sole purpose is to make sure that the sale of the REO Property occurs as soon as possible, so the client can benefit. The process we have just set forth allows for any issues that are discovered to be addressed at the commencement of the process and not just prior to the closing. We at Topkins & Bevans have extensive experience representing clients in the sale of REO Properties. We bring our total focus and vast experience to serve the client knowing that the timely completion of the transaction is crucial to them and their profitably. Topkins and Bevans

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