Coastal Reo Solutions is at the forefront of receivership management for local and national lenders in Myrtle Beach and along the Grand Strand. Our experienced, reliable team is prepared to take control of your toxic assets. CRS’s primary goal in receivership is to protect the integrity of the asset and income stream by securing the physical property, accounts, and records. Our secondary objective is to establish management procedures that protect and preserve the asset during the transition period.

Coastal’s asset management group is properly acquainted with the court proceedings involved in the foreclosure process and the appointment of a receiver. Our experience gives us the capacity to participate in the legal process alongside our clients and their attorneys, ensuring the orders appointing the receiver are adequate in scope and authority. We provide the essential tools for a smooth conversion and the financial stability to maintain and generate worth in the REO asset. This service comes at a time when foreclosures can be expected to rise. Loan modifications are not going as quickly and smoothly as hoped for, according to a recent article from the Associated Press, and may lead to even more bank owned real estate in the near future. Through receivership, Coastal REO will transfer the risks and hassles of the foreclosure process from your institution, thus releasing your organization from potential insurance, maintenance, legal and local ordinance issues. This service can also be useful to banks by avoiding taking title of new properties that have been foreclosed and the associated problems of construction defect lawsuits or liability issues that can arise from a deserted and unsecured property or building site.

To find out if the receivership process is right for your institution’s situation, contact our knowledgeable team of professionals by email or give us a call at 843.839.8046. We look forward to working with you and for you during these difficult times.