Auction Firm Offers Alternative to Foreclosure

Williams & Williams, a real estate auction firm based in Tulsa, Okla., has announced plans to launch a program to help delinquent mortgage borrowers and their secured lenders avoid foreclosure via advance auction sales.The Assisted Sales Auction Program allows a property to be sold before foreclosure takes place and offers the settlement of the obligations and a reduction in losses for all parties, Williams & Williams said. "We had already successfully used ASAP with many national lenders in 2006, offering it to the lenders as a loss mitigation program to reduce the costs they incur from defaults and foreclosures," said Dean Williams, president and chief executive officer of the auction firm. "We realized that it also was very beneficial to borrowers as well, and have decided to offer ASAP to them directly as a way to avoid foreclosure and everything associated with it." The company can be found on the Web at http://www.williamsauction.com.