Posted by Dawn Barrier on January 13, 2010 at 6:57am
Those of that know this company have all been waiting for this news and now it official!Titanium Launches New REO company Excellen REOFor another company to launch into the REO market indicates to me that the "shadow inventory" we have all been hearing about, is real and it is just a matter of time as to when it will hit the market and if it will be in drips or not. How and when this release of inventory comes to market is a heated topic I'm sure.I know here in Las Vegas we could use a some more under $300,000 homes to come on the market as I am working with several buyers now and the competition to win a bid can be difficult for some right now.Titanium Solutions- Titanium Holdings Enters the REO market with its Launch of Excellen REOIt is all over the news here is one place at the DSNEWS to read about itIt is on Housingwire.com too and/or just Google Excellen REO.Titanium Holdings, Inc., the parent company of loss mitigation specialist Titanium Solutions, Inc., is jumping into the property disposition arena with the official launch of a new business unit, Excellen REO.Excellen REO is headquartered in Fort Mills, South Carolina, along with its sister company Titanium Solutions and parent Titanium Holdings.Cary Sternberg is the president of Excellen REO a few of his former titles were, he was formerly with American Home Loan Servicing, VP of Loan services for Indy Mac and REO manager for Ocwen.
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Last night, Jennifer Kraus with my local news, NewsChannel5 did a story on a company called dont4close.com. As a part of the NC5 Investigates report Mrs. Kraus chronicled a very depressing story about a family who is loosing their home due to mortgage arrearages and were taken advantage of by a less than scrupulous man who guaranteed he could save their home from foreclosure.
As a Certified Home Retention Consultant with Titanium, when I saw the story come up, I was entranced and attempted to understand every detail.
Ultimately, the family was facing foreclosure and contacted dont4close.com to help them save their home. Allegedly Charles Jones behind dont4close.com offered the homeowners, the Reynolds, a deal they couldn’t refuse. He offered to pay their mortgage for 1 year and after that time, the Reynolds could start paying him back.
Well, to make a long story short, allegedly Charles Jones sold the Reynolds home to a third party, a woman named Gladiz Romano. After some investigative work by Mrs. Kraus she found Mrs. Romano who admitted she bought the house but has never made a single payment for the home or ever even visited the home.
In closing, NewsChannel5 offered up some “tips” on how to prevent other homeowners from being in this situation. One of the tips they offered was,
“If you face foreclosure, stay away from businesses that guarantee to stop the foreclosure process, require you to sign over your property deed or pressure you to sign papers you don't understand.”
Web link for full story….
http://www.newschannel5.com/Global/story.asp?S=9815589&nav=menu374_2_2
As a HRC, Realtor and concerned citizen, I totally agree with the statement but, what bothered me was, the story left it there…..they didn’t go further. They didn’t explain that sometimes banks will send out representatives to homeowners residences because homeowners loose communication with their mortgage servicers and they (the servicers) don’t have any other choice.
I am sure this oversight was simply due to a lack of knowledge that a legitimate process does exist to preserve homeownership or at the very least avoid foreclosure so, I wrote an opinion editorial to Mrs. Kraus and hopefully will be able to address my concerns with the story but, either way, it’s important that those of us who work hard, legitimately, morally, ethically do what we can to create positive news worthy stories and get the message out, we are here to help!
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