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The Research will Save YouThe Bank is exposed $100M in second lien position on five residential investment properties in a declining area. Physical inspections revealed most of the properties were occupied, but they were in fair to poor condition. The value was not there to risk the expense of foreclosure. We searched tax and deed records which indicated the properties may have changed hands without paying off our lien. This evidence justified the expenditure for title searches to confirm our suspicion. Three of the 5 houses were out deeded and the Bank was in first position with strong title claims. The title company paid in full. In each case study, we were able to assist our client Bank from experiencing significant losses. In each case, the Bank's management would have gone in a different direction had Crossroad Credit and Portfolio Management LLC not been involved. |
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