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Foreclosure processor Prommis Holdings files for Ch. 11 bankruptcy

Prommis Holdings LLC, an Atlanta-based firm that assists mortgage servicers and law firms with foreclosures, filed for Chapter 11 bankruptcy reorganization, according to Bloomberg news.

The bankruptcy filing essentially shows another firm that handled foreclosure services either shutting its doors or filing for bankruptcy reorganization.

Last week, HousingWire reported that loss mitigation firm Titanium Solutions suspended its operations.

Bloomberg has more on the Prommis Holdings bankruptcy filing:

Prommis officials determined that it’s "in the best interests of the company, its creditors, and other parties in interest," to seek court protection under Chapter 11 of the U.S. Bankruptcy Code, according to court documents.

The company said in the filing that it plans to sell virtually all its assets in a court-supervised auction. No terms were disclosed.

Source: Bloomberg
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