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T.D. Service Company, the oldest foreclosure trustee company
in the State of California, saw a 200 % increase in the 4th Quarter
of 2008 vs. the 4th Quarter of 2007, with "commercial"
being defined as retail, office, restaurant, hotel and multi-family
unit properties.
"Our 45 years of experience in the foreclosure processing
business has shown us that commercial foreclosures lag more than
a year following the beginning of an increase in the residential
category," said Dale Dykema, the company's founder and Chairman
of the Board.
T.D. Service Company, which processes foreclosures for lenders
and servicers in the western states of California, Arizona, Nevada,
Washington, Oregon, Utah, Idaho and Montana, began to see a dramatic
increase in residential foreclosures in the 3rd quarter of 2006,
with California leading the trend of all the states they serve.
"I think we're probably in the early stages of seeing commercial
defaults," said Jeff Gollins, Sr. Vice President of commercial
mortgage servicing for California-based Union Bank. "When
consumers stop spending, business is going to suffer and the natural
outfall is that commercial businesses will be financially impacted."
T.D. Service Company, founded in 1964, is located in Santa Ana,
California and provides a variety of foreclosure and lien release
services to lenders and servicers throughout the United States.
They can be contacted through their website at: www.tdsf.com
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