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his or her responsibility to cure any violations following the sale. Beneficiaries also face responsibility for registering the property with certain cities and paying a fee. Some vacant property registration ordinances require the servicer to inspect the property upon the borrower's default and, if vacant, register the vacant property with the chief of police, for example. Last, with regard to borrower loss w mitigation efforts, servicers should be cautious about accepting a deed-in-lieu of foreclosure without first investigating the condition of the property as well as any liens, even if not recorded in the land property records. Moreover, loan modifications and settlements should factor in whether the borrower has resolved any outstanding code violation issues. Code violation issues have increasingly become a major consideration in loan servicing. Thus, having good local counsel may help overcome local challenges and perceptions adverse to beneficiaries and help build credibility and trust with local enforcement and the court. This "From the Bench" article was contributed by John M. Thomas, an attorney with RCO Legal, P.C. rank: 13 2.7% Foreclosure Rate June 2013 Unemployment Rate 3.1% 7.5% year ago 2.7% 3.9% 8.0% year-over-year change 2.4% -19.7% -6.3% Top County Monroe CounTy 90+ Day Delinquency Rate June 2013 5.7% Foreclosure Rate 12.3% year ago 6.0% 13.5% year-over-year change -4.9% -8.6% Top Core-Based Statistical Area eAST STroudSBurg, PA 90+ Day Foreclosure Delinquency Rate Rate June 2013 5.7% 12.3% year ago 6.0% 13.5% year-over-year change -4.9% -8.6% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. 136 rank: 11 90+ Day Delinquency Rate Foreclosure Rate June 2013 4.2% Unemployment Rate 3.2% 8.9% year ago 4.0% 4.0% 10.6% year-over-year change CAVALRY REALTY We'll Come to Your Rescue!! Specializing in: Short Sales and Foreclosures Certifications: CDPE, SFR, CSSA, FIVE STAR REO & SHORT SALE CERTIFIED, RDC PRO, CREO, CSP & e-PRO Coverage Area: Pennsylvania & Maryland 4.9% -20.5% -16.0% Top County PRovIdenCe CounTy 90+ Day Delinquency Rate Foreclosure Rate June 2013 5.2% 3.9% year ago 5.0% 4.9% year-over-year change 5.7% -21.5% Top Core-Based Statistical Area PRovIdenCe-new BedfoRd-fAll RIveR, RI-MA 90+ Day Foreclosure Delinquency Rate Rate June 2013 4.5% Dave Johnson Director of Short Sales 717-654-8266 Thomas Stewart Managing Broker 717-932-2599 Cavalry Realty, LLC http://www.cavalryrealty.com IN THE NEWS Pennsylvania 90+ Day Delinquency Rate Rhode Island Urban Lending Solutions Ranks No. 16 on Black Enterprise's 100 List Urban Lending Solutions (ULS) was among the top 20 companies named to Black Enterprise magazine's top 100 list. Out of the 100 companies, Pittsburghbased ULS took the 16th spot with $183.5 million in revenue, up from No. 31 last year. The list recognizes the largest black-owned businesses in the nation and bases its ranking on employee growth and revenue. ULS has also received recognition on the Inc. 500 for its achievements. Additionally, Chuck Sanders, founder and CEO of the company, was named one of the top 10 black entrepreneurs in the nation by Inc. magazine, and he earned the Ernst & Young Entrepreneur of the Year 2012 Award in the Western Pennsylvania and West Virginia region for the services industry. 3.1% year ago 4.0% 4.0% year-over-year change 10.2% -21.3% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. FROM THE BENCH Rhode Island Superior Court Rejects Wrongful Foreclosure Claim In Rhode Island, a superior court dismissed an attempt to invalidate a foreclosure conducted by OneWest Bank, according to Merscorp Holdings, Inc. The plaintiff in Akalarian v. RBMG, Inc., et al challenged the authority of Merscorp's subsidiary, Mortgage Electronic Registration Systems, Inc., (MERS) to act as a mortgagee and nominee of the lender and to assign the mortgage. In this case, the borrower first received a notice of default, but failed to cure the account. OneWest, MERS' assignee, then proceeded with a foreclosure sale, which the borrower argued was invalid. In the ruling, Superior Court Associate Justice Allen P. Rubine stated the "issue has been conclusively resolved by the recent Rhode Island Supreme Court decision . . . wherein the court affirmed MERS' authority to act as a mortgagee and as nominee of the lender pursuant to a mortgage contract and to exercise the statutory power of sale granted to MERS under that contract."