Loss Mitigation

Real Estate Auctioneer Targets Borrowers in Default 

Williams & Williams, a national real estate auction firm, said Friday that it plans to launch a unique program aimed directly at consumers who find themselves in default on their mortgage payments. The Assisted Sales Auction Program (ASAP) was designed by the firm to help delinquent borrowers and their secured lenders avoid foreclosure. The auction firm said ASAP allows the property to be sold before foreclosure actually takes place and offers settlement of the debt obligations and a reduction in losses for both the lender and borrower.