Based in Burr Ridge, Illinois, and with a presence across much of the Midwest, Codilis & Associates provides legal services that meet client needs related to defaults and foreclosure. Among Codilis and Associates’ areas of focus is the closing of REO (real estate owned) property transactions. In this, Codilis handles the legal aspects of properties that transfer to bank ownership following foreclosure or issuance of a deed in lieu.
Foreclosure involves the sale of real estate to pay off a debt that is securitized via deed of trust or mortgage. This sale enables the lender to gain back the amount loaned to the borrower who defaulted. As part of the sale, the foreclosing bank is provided the opportunity to make a credit bid that equals the total debt amount, as well as fees and costs associated with foreclosure. All other bidding parties must offer cash, or a cash equivalent. In cases where the bank emerges as the winning bidder, the property is considered “real estate owned.” After the foreclosure, the loan servicing company secures the REO property and, if vacant, typically rekeys locks and undertakes necessary repairs. The bank that foreclosed is now in a position to place the property back on the market through sale or lease. In some cases, the servicer may hire a company specialized in REO management to facilitate the disposition process. Areas of focus in this process include property maintenance, marketing, sales, title, and closing.
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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