I don't know how many of you are IAS Vendors or Suppliers but, you likely are going to be getting these letters in the mail from their attorneys. See attached.

 

IAS%20Letter.pdf

 

As the REO business starts shrinking, we can expect more and more of these companies to go out of business. Those of you still working for outsourced REO companies....be warned.

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Comments

  • I knew it was coming and I stopped working for them!  Sad note to watch and we need to be on our guard in 2014 for companies who are willing to prey on realtors and steal their services by not paying and ceasing communications. The like of a company to watch out for in 2014 is

    Nationwide Servicing Center, Inc.

    San Diego CA 92103

    Henchman: Jack Prober

    We have first hand experience with this pirate company and we are yet to be paid for service completed in November, 2013.  Worst of all, they have ceased to answer calls or acknowledge payment demand emails.

  • I was told last night that IAS has shut their doors as of last Friday.

  • I won't shed a tear for them though I do feel bad for the brokers that get stiffed. I never did any REO work for them but did some BPOs about 11 or 12 years ago. They told me they don't pay for BPOs but I'd get the listing and all their BPOs were pre FC. I did about a dozen drive by’s and never got a listing then I got two interiors. One was occupied and in speaking to the owner I found out the BPO was for an equity line and the other was a second opinion for another broker's REO listing. I knew her so I called her. I asked how long she did BPOs for them before she started getting listings and she laughed and said she didn’t do BPOs.  I also found out she got all their listings in my area. In my opinion they’ve always been a dishonest and unethical company. Good riddance.

  • I received their letter a week or so ago. It is bizarre .. Maybe they will file bk, maybe not? Unsecured creditors are screwed, plain and simple. I believe it is fraud to continue to assign work knowing that they had no intention/ability to pay.  

  • Cant wait until these companies need us again.  They wont get any business from me .

  • They are the worst should of gone out if business a long time ago
  • That's great news! Especially since they had gotten me sued for lying to me that a septic system was repaired and stiffed my on $900 worth of Utilities. LOVE!

  • Geez, I hope we remember how to do regular real estate business. (:-)

  • Thanks for the heads up!

  • William you are correct, there was a time when IAS was the best. I loved that they had a utility program and I didn't have to turn those on in my name. I noted their swift downfall begin in August of 2010 when one of my contractors had issues getting and then cashing one of their checks. It's most sad to see them go. They were an A+ company when they were on their game and they were one of the first companies to give me a shot at REO after only doing 2 exterior bpo's for different properties.  I'll miss who they used to be, not what they ended up becoming in regards to running their business off of our dime for the last 2.5 years or so.

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