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postheadericon What is a Special Servicer?

  The most delinquent securitized commercial property loans are in New York at $2.2B followed by Phoenix, Los Angeles and Las Vegas.  These properties are among thousands across the U.S. facing foreclosure due to job losses, lack of refinance credit, vacancies and rent rollbacks. 

   In order to make any change to an existing commercial loan in default as a mortgage backed security (MBS), you need to be working with the “Special Servicer”.  A commercial loan may be handled by a “Special Servicer” when the loan is considered delinquent, at least 30 days past due, classified as a non performing loan or in foreclosure. Some people who are going through foreclosures are looking for manufactured homes for sale which are much more affordable options in Las Vegas.

  “Special Servicing is when the management of the loan is transferred from the “Master Servicer” to a “Special Servicer”.  This can occur when the borrower has defaulted or is deemed likely to be unable to fix the issue within a reasonable time. Transfer the legal title of your property with My
Conveyancing specialist who will do this for you. The loan may be placed on a “Watch List” by the Master Servicer if the servicer has a cause for concern on the loan but it is still considered a performing asset.

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