BK Global partners with California REALTORS® to assist homeowners in bankruptcy
BK Global has partnered with Real Estate Business Services (REBS), LLC, a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) to assist homeowners in bankruptcy
BOCA RATON, Fla., Oct. 4, 2021 /PRNewswire-PRWeb/ -- BK Global has teamed up with Real Estate Business Services (REBS), a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), to provide education, training, tools, and support for homeowners in need of real estate services associated with bankruptcy.
With over 46,000 California homeowners filing bankruptcy in the past year, C.A.R. has taken essential steps to proactively assist these homeowners in their quest to keep or sell their real estate properties.
With a membership of over 205,000 brokers and agents, C.A.R. is perfectly positioned to mobilize its members to provide homeowners, attorneys, bankruptcy trustees and the big banks with "boots on the ground" to implement cutting-edge solutions for bankruptcies.
"Bankruptcy is a broken system," states Brad Geisen, CEO of BK Global. "For the past six years, BK Global has been the go-to solution for banks and trustees in the sale of real estate in bankruptcy. Bankruptcy law is extremely well-written. However, it is implemented differently in virtually every court district across the country."
"We realized that often, homeowners in bankruptcy are either ill-advised, or have few resources to understand their situations and more importantly, make smart decisions to truly effect a 'fresh start' in today's environment," states Steven Shiller, President, BK Global.
The partnership brings BK Global's Bankruptcy Specialist program and C.A.R.'s Education division into a unified mission to enable California REALTORS® to reach out to homeowners (or their attorneys) with simple solutions to ensure they are not failed by the system and end up in foreclosure.
Over 95% of delinquent homeowners in bankruptcy – Chapters 7 and 13 – are at risk of going into foreclosure even after the discharge of their debt (Chapter 7) or entering a confirmed repayment plan (Chapter 13).
This is a staggering figure because most have options that are not communicated to them throughout the process.
"We are the first REALTOR® Association to get ahead of the curve as the foreclosure and eviction moratoria come to an end," says REBS Chair Jared Martin. "Bankruptcy is a complicated process, and the sale of homes in or just out of bankruptcy in California requires specific skills that REALTORS® don't get in license class or traditional broker training."
The partnership with BK Global is a win-win for all stakeholders in the process. The homeowner avoids foreclosure and can be bankable again within 18-24 months. The banks' financial recovery averages 28% better in a pre-foreclosure sale and industry professionals can earn their respective fees for services rendered.
In an inventory-depleted real estate market, having agents list assets now versus waiting months or years to show up as REO (foreclosure) listings makes perfect sense.
About Real Estate Business Services®
Real Estate Business Services® LLC (REBS®) is a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and is the leading provider of real estate products and services to practitioners in California and nationwide.
About C.A.R.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (http://www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
About BK Global
BK Global is the nation's leader in bankruptcy and short sale default solutions. BK Global provides industry-changing technology and solutions to Mortgage Servicers, Bankruptcy Trustees, GSE's, Non-profit organizations, Brokers and Consumers. Their mission is to create better mitigation and property disposition methods in bankruptcy that help borrowers/debtors, mortgage servicers and creditors with positive outcomes in even the most complex scenarios.
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If you would like more information about this topic, please call Patrick Butler at (561) 866-7155 or email [email protected] or BKGinc.com.
Media Contact
Patrick Butler, BK Global, +1 (561) 866-7155, [email protected]
SOURCE BK Global
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