At alot of the auctions I am attending I would say the postponement rate is close to 90%. Now for alot of those they are postponed as short sales and thus the servicer is unwinding them. Another albeit smaller percentages is BK… No mystery of what is happening there. However there are plenty of beneficiary requests as well. Now in these cases I would presume a loan mod effort is underway but I am pessimistic about the numbers.
Dave you implied earlier that the bene does not have the authority or power to control the servicer entity, that the servicer will follow through with the foreclosure no matter what. Obviously it is the path of least resistance for the servicer to do this. Yet it does seem to me that if the bene wanted to, they could indeed work with the servicer to slow down the process, adding to the shadow inventory.
So I guess my question to either of you is how much autonomy does the servicer have. Dave your implication (and pardon if I got it incorrectly) to me appears to be that the servicer has substantial autonomy and is happy foreclosing and passing the dead asset back to the bene.
