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Internet Use Keeps Growing For Posting and Selling REO.(Brief Article)
When a home goes to foreclosure sale, servicers hope to attract third-party bidders to maximize recovery on the sale.
And the Internet is shaping up to be a key tool for achieving that aim, according to a recent article by Randall Bueter, an attorney with Wilson & Associates.
"More third-party purchases translates into less loss per loan for the mortgage servicer; fewer claims payments by GSEs and government agencies; and, more importantly, fewer borrowers saddled with deficiency judgments," Mr. Bueter said in an article published on the USFN's website.
According to Jupiter Media Metrix, 55% of people in the U.S. are connected to the Internet, he noted, and that number is growing rapidly.
Moreover, the introduction of broadband or ISDN connections has speeded up personal computer connections to the Web, allowing websites to make use of more high-end graphics and facilitating online "virtual property tours," he said.
He cited an estimate that 70% of potential ...
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Source: HighBeam Research, Internet Use Keeps Growing For Posting and Selling REO.(Brief Article)