preview

Prior Month Report

Decent Essays

Summary of Progress from Prior Month's Report

As of November 30, 2017, there were 60 active assets included in the project.

• Days in REO for active assets increased to 215 days in November 2017 compared to 187 days in October 2017

• As of November 30, 2017, 23 assets in the REO oversight population had more than 200 Days in REO

Forward Looking Objectives and Goals

In November 2017, RMS continued to focus on the following areas, which we believe have the greatest impact on the portfolio due to extended days in REO and higher carry costs:

I. Assets with extended days in REO (200+ days);
II. Assets in eviction, including aged evictions and the relocation assistance program to ensure meaningful offers are made to the occupants to …show more content…

Of the 8 assets in eviction, 1 is currently in an occupied auction. 4 of the 9 had extended timelines due to the timeline to vest the property

Asset (1010675840) is in Rosemead California and is tenant occupied. The tenants are contesting the eviction. At trial, judgment was entered, and the writ was sent for issuance and is still pending a lockout date to be set. This asset has 330 Days in REO

 Asset (1010668802) is in Cypress, Texas. The eviction was delayed due to a bankruptcy filing. The complaint has been filed and the hearing is set for 11/17/17. The occupants have now filed a TRO in an attempt to stop the eviction. This asset has 235 Days in REO

 Asset (1010669623) is in Fort Washington, Maryland. This asset was in redemption for 343 days and just moved to eviction. This asset has 373 Days in REO

 Asset (1010681494) is in Chicago, Illinois. This asset was in redemption for 164 days and just moved to eviction. It is 3 units and tenant occupied. It is anticipated the eviction will take a long time as it is in Cook County. This asset has 204 Days in REO

 Asset (1010690362) is in Dover, New Hampshire. The writ has been issued by the court, but counsel made an error on the writ and it needed correction. Counsel then erroneously place the eviction on hold.

Get Access