REO business?

Is it me or has the continuing extension of this moratorium essentially killed REO? I don't see any legitimate REO business coming back realistically until spring 2022....Any thoughts? 

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  • I need to vent. As a first responder/boots on the ground to foreclosures, I find the top reasons for foreclosure are death and divorce. Before the foreclosure moratorium, if anyone was still in these homes when the true owners moved out, the banks offered a generous relocation agreement. These people were then able to use these funds to move on to the next chapter of their lives. The Foreclosure moratorium stopped relo and cfk offers completely. That made the squatters stay until the utilities got shut off for non-payment, then they left often penniless, stole the furnaces, etc. Now, these homes are not only been set vacant for years but they are also vandalized worse than I have seen in previous years due to longer vacancies. Biden effectively contributed to a housing shortage by preventing the natural return of these housing units to available affordable housing. It will take years to return all these vandalized vacant homes to the usable housing stock. He directly contributed to homelessness, not preventing it. The government can not stop death or divorce.
  • Anyone doing any REO business yet? Which companies / banks are they with?
    • I just closed one for Planet Home Lending. Took a number of months, but it did close.
      • That's great, how did you get signed up with them? I don't think I am yet and would love to ASAP. Any help you can provide?
  • I have had 2 legitimate foreclosures in the last month since March 2020.
    Any others after March 2020 were either deed in lieu or reverse mortgages.(and very very few).
    I am with John in believing REO business will trickle through more in the 2-3 quarter 2022.
  • Keystone just merged with LRES
    • Not surprised to see this type of consolidation.
  • I did a REO sale this year but property was foreclosed on 4+ years ago and had been sitting vacant for that time. Been seeing a few that I did BPOs on in years past. Seems that whatever is left over from 2008-2010 downturn are finally being unloaded in this market, which is very good here in New England you can easily sell before the bank actually starts the process.

    Courts here in Mass are back open but with a back log. Money is starting to flow in from government programs to pay back rent on a lot of people who owe their landlord.

    Also here in Mass, legislature is looking at court and foreclosure reform. Lots of complaints about foreclosure process, from illegal auto doc singing to being able to find out who owns the mortgage.

    Also saw that several BPO companies are selling or just closing up for good.
  • That is the earliest .... The qty will be small. I think Jesse also stated it.
    • Sam, I thought of you the other day while reading an article on the eviction situation. I had thought that this fall would be the time when the flood gates opened. This article points to early 2022. The article points out that with all the rental relief money not spent that many facing evictions will find judges that will give them more time. I know that in my market a normal eviction process has a 90 day grace period for the tenant or occupant of the property. Looking more and more like the winter before we see more activity. Lost over 90% of my business this year alone as did many others here.
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