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Derrick REO Asset Management Opens Homeowners Hotline
Derrick Development Corporation of Collegeville Pennsylvania has announced its plans to offer a telephone hotline, starting in June 2012, for area homeowners facing foreclosure.
The possibility of losing your home to foreclosure can be frightening. With the real estate crisis, there is a lot of misinformation as well as foreclosure scams. The free help line is being offered as a way to wade through the red tape and get guidance and direction in a very difficult period. In addition, there are constantly changing government programs and legislation.
McIntosh explained the hotline is being put into place as a resource. While REO asset management firms generally deal on the behalf of the lending institution, the hotline is aimed to help both the homeowner and the banks. In today’s difficult economic times, banks are faced with and abundance or REO (Real Estate Owned) properties. By assisting the homeowner, Derrick is providing a service to the lending institutions. The effort to reduce foreclosures is beneficial to all parties.
Derrick partnered with local call center, Specialty Answering Service (http://www.specialtyansweringservice.net). The hotline is staffed 24 hours a day and is available free of charge to any homeowner. The helpline is built on the philosophy of “an ounce of prevention is worth a pound of cure”. McIntosh stated that most foreclosures are completely avoidable through proper communication. Many homeowners are ill prepared to deal with some of the pitfalls and soon find themselves.
With the changes in the real estate landscape, Derrick was able to adapt by offering asset management services. With the increase in foreclosed properties, the need to have a company to manage the needs of bank owned real estate presented opportunities. By adjusting their focus, Derrick has been able to thrive in a downturned economy. McIntosh stated that even though their company specialized in REO, helping the homeowner is still foremost in the company’s mission.