Williams & Williams, a Tulsa-based real estate auction firm, is launching a program aimed at consumers who find themselves in default on their mortgage payments.
The Assisted Sales Auction Program is designed to help delinquent borrowers and secured lenders avoid foreclosure. The Assisted Sales Auction Program, or ASAP, allows the property to be sold before foreclosure actually takes place and offers the settlement of the obligation and a reduction in losses for all parties concerned.
ASAP operates within 60 days of enrollment, attempting to achieve the highest possible cash, full-market value offer for the property by a live auction held at the property itself.
As part of the program, Williams and Williams contacts lender to confirm the outstanding issues and timelines. Besides providing borrowers a choice and preserving property value and equity, ASAP aims to reduce court delays and bankruptcies, as well as evictions and redemption.
In addition, the auction provides both value and participation transparency to all parties, as well as the home-buying process in general. Williams & Williams is launching the ASAP direct to consumer model to borrowers in select Midwestern states this month, with a nationwide roll out completed before the end the year.