American Mortgage News

Consumers offered alternative to foreclosure

TULSA, Okla.--Williams & Williams, the nation’s premier real estate auction firm, offers their Assisted Sales Auction Program (ASAP) to the greater Jacksonville, Florida area. ASAP is a unique program offered to consumers who find themselves in default on their mortgage payments. It offers a settlement to the property obligation and a reduction in losses for all parties concerned before foreclosure actually takes place. Foreclosure is an ever-increasing problem in the national real estate market. According to a recent article from CNNMoney.com, in association with RealtyTrac, the Florida housing market leads the nation in delinquencies. More than 19,144 Florida properties were in some stage of foreclosure in the month of February alone, up 63.5 percent from January.

Williams & Williams’ ASAP provides an alternative—a way for borrowers to avoid loss of equity and credit worthiness, as well as help lenders avoid financial loss and keep foreclosed properties off their books. Within 65 days of enrollment, the program achieves the highest possible cash, full-market value for the property by way of a professionally conducted live auction. ASAP preserves property value and provides an equitable and transparent resolution.

“We found the numbers for Florida surprising, particularly Jacksonville,” said Dean Williams, president and CEO of Williams & Williams. “In most cases, you will find that people do not choose to default on their mortgage payments. Often times, people like you and me suddenly find themselves behind, usually due to unfortunate unforeseen events. Before they know it, they are in a situation they had not planned on being in. ASAP helps these borrowers gain liquidity for their real estate assets and provides an opportunity to move on with their lives and make a fresh start.” Dean Williams added, “We hope ASAP can help give the people of Jacksonville a way out of their troubled situation, as well as preserve the community from vacant homes and foreclosed properties.”

Once a borrower agrees to participate in ASAP, Williams and Williams contacts the lender to confirm the outstanding issues and timelines. Besides providing borrowers a choice and preserving property value and equity, ASAP also reduces court delays and bankruptcies, as well as evictions and redemption periods – all of which commonly involve parties in extended litigation and/or property abandonment. With ASAP, the buyer knows exactly what he or she is paying for, and the seller learns what the property is actually worth. Offered to lenders across the nation as a loss mitigation program, Williams & Williams had much success with ASAP in 2006. This year, the firm began reaching out directly to borrowers to make them aware of their options in avoiding foreclosure. Williams & Williams plans to deliver ASAP to consumers in more markets before the end the year.

About Williams & Williams

Tulsa, Okla.-based Williams & Williams is a global auctioneer for all types of real estate. Separate sales divisions serve the corporate, mortgage banking, employee relocation and trust industries. The company also serves individual property owners through its Farm, Ranch and Premiere™ sales division.

The company focuses on increasing the net prices sellers realize while providing all buyers competitive bidding access in combined on location and online auctions. The company’s sales platform averages 35 days on market and 30 days to closing with less than a 2% fall out for all transactions. In the U.S., sales are held every month throughout all fifty sates.

Fees are generally due only upon a seller-approved sale and closing. The live on location auctions are open to the public and potential buyers register by showing a driver’s license. All known property features and issues are disclosed along with standardized terms. Buyers deposit 5-10% upon sale and receive a clear title at closing. For more information about the company visit www.williamsauction.com.