USFN Loan Management & Servicing Seminar

June 4-6

Memphis, TN

On June 4-6, Safeguard participated in the USFN Loan Management & Servicing Seminar, discussing Fast-Tracking Vacant Foreclosures: The Blight Solution.

Safeguard's attorney, Wendy Anderson, had the opportunity to participate as a panelist. Below is the summary from the discussion.

Fast-Tracking Vacant Foreclosures: The Blight Solution

Moderator: Jim Satterwhite, First American Mortgagee Services

Panelists:
Lee Perres, Pierce and Associates, P.C.
Tim Myers, Orlans Associates, P.C.
Sam Bready, KML Law Group
Wendy Anderson, Safeguard Properties

Overview:
This session focused on the current state of the industry. Discussions centered around the impacts of new legislation and regulation, as well as how these regulations have affected the foreclosure time line.

Fast-Tracking
The fast-tracking of vacant and abandoned foreclosure properties is a viable, preferable alternative to addressing the backlog of vacant and abandoned properties that are currently stressing the system to its breaking point.  This session opened dialog on recent vacant property registration legislation, including an increase in foreclosure driven registrations and cash bond requirements and the inherent benefits to all aspects of the industry if new legislation will allow for the fast-tracking of the foreclosure process.
 
Key Factors
A panel representative of all facets of the industry discussed key factors, including neighborhood blight, statistics on current foreclosure timeframes throughout the country, and the industry’s ability to alleviate stress on the code enforcement community through this alternative to vacant property ordinances.

Impact of Neighborhood Blight
The panel discussed the impacts of blight on neighborhoods and communities across the country, and what servicers are doing to combat it. They stressed the importance of being “good neighbors” to the communities in which they serve and how working with code and other government officials is the best practice.

Consider statewide registrations and fast-tracking foreclosures
Because long foreclosure timeframes contribute to the deterioration of properties and increase the cost to maintain them, the group discussed the positive impacts of fast-tracking vacant foreclosures. Servicers are challenged to comply with thousands of ordinances in various cities across the country that al have different requirements. The panel talked about standardizing these requirements and ordinances.

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