If no bids win at the foreclosure auction, the property and title revert to the lender.
The Fannie Mae Servicing Guide provides great insight into just how long foreclosure timelines can take by state.
According to Jay Clayton from the SEC, “every ICO I’ve seen is a security.” This raises the question then, what does this mean for the future of ICOs?
Regulations are being brought into place by the SEC to help control the security token market.
Laws and regulations governing the processing and foreclosure timelines can change.
The ‘strict’ or judicial foreclosure process requires the lender to go to court and obtain a judgement.
In judicial foreclosure states like Florida, Vermont, and New York this can scale to over 800 days.
Due to these timelines and legal costs a deed-in-lieu of foreclosure may often be negotiated.
This Definitive Guide offers an overview of where, how, and why to source bank owned property.
For more in depth information on how to source bank direct distressed assets get this free course In this guide you’ll learn about: Free Video Course: How to Source bank Owned Property Bank owned properties, or bank ‘REO’ remain the most desirable type of real estate for savvy real estate investors, brokers and agents, corporate acquisition specialists, and even end buyers.
Most tokens should in fact be classified as a security, rather than a utility, meaning we’ll likely see more and ore tokens changing throughout the year in order to avoid costly legal implications.
Because of this, we expect to see security tokens making it big in 2018 as they are a more viable investment for crypto investors.
A bank effectively repos the property, and it is held classified as ‘Real Estate Owned’ (REO).