What else in the liquidation process needs to be streamlined?
The whole waterfall could be streamlined. You don’t have to have an iron curtain between modification, short sale, deed-in-lieu, and REO. Right now, you can go through the short sale process, and you can collect all the documents, have an offer in hand for the bank, and if for some reason it didn’t go through, it goes into REO and that buyer who would have paid for the short sale isn’t notified. Over and over, they’ll turn around and sell to someone else for less than what they could have had from that short sale buyer. There needs to be a streamlining of the short sale to REO process. The theme of REO Expo seemed to be “REO isn’t just REO anymore.” Bank of America said they’re doing everything they can to put short sales ahead of REO, and they’re the biggest lender in the country. How much has the industry changed in the past few years? Short sales were around a long time ago. It started to creep up and become more popular in 2007, and they’ve gained momentum since then. Short sales w
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