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OJ Simpson’s Kendall Home to be Auctioned After Foreclosure


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The South Florida home of imprisoned former NFL star O.J. Simpson will be auctioned Tuesday, a Miami-Dade Clerk of Courts official said.

The sale is part of a bank foreclosure proceeding issued by a judge in August for JPMorgan Chase Bank.

The 4,233-square-foot home near Miami has been in foreclosure proceedings for about two years. The home is expected to appear in the online auction Tuesday.

Simpson was convicted in 2008 in Nevada of the kidnapping and armed robbery of two sports memorabilia dealers in Las Vegas. Simpson was acquitted in 1995 of killing his ex-wife and her friend.

Court documents show Simpson owes more than $796,000 in principal and interest on the Florida property. There’s also nearly $42,000 in unpaid property taxes and insurance premiums of about $43,000.

The property is located on 9450 Southwest 112 Street in Kendall.
 

More Stories on NBC6.com:

Article source: http://www.nbcmiami.com/news/OJ-Simpsons-Kendall-Home-to-be-Auctioned-After-Foreclosure--229579691.html

W South Beach resolves foreclosure lawsuit



The W Hotel in South Beach resolved its foreclosure lawsuit.

The W Hotel in South Beach resolved its foreclosure lawsuit.









Brian Bandell
Senior Reporter- South Florida Business Journal

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The developer of the W South Beach resolved a foreclosure lawsuit the old fashioned way, by repaying the loan in full.

David Edelstein, the developer of the prominent condo hotel, said his company repaid the $60 million owed to German lender Hypo Real Estate Capital Corp., which filed a foreclosure lawsuit on Oct. 17 against 2201 Collins Fee LLC. The lawsuit targeted the 216 unsold condo-hotel units and the common areas.

Attorney Robert M. Quinn, who represents Hypo in the lawsuit, filed a motion on Oct. 25 to withdraw the complaint.

“Our negotiation with the lender was resolved in a friendly and amicable manner and all claims have been closed and dismissed,” Edelstein said. “We thank them for their loan, which was fully performing since it was initiated in 2005. We look forward to continuing to be the South Florida market leader as we prepare to head into the very busy season ahead.”

The developer hasn’t sold a unit in the W South Beach since January but the hotel room booking is busy.

Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.


Article source: http://www.bizjournals.com/southflorida/news/2013/10/25/w-south-beach-resolves-foreclosure.html

W South Beach resolves foreclosure lawsuit



The W Hotel in South Beach resolved its foreclosure lawsuit.

The W Hotel in South Beach resolved its foreclosure lawsuit.









Brian Bandell
Senior Reporter- South Florida Business Journal

Email
 | LinkedIn
 | Twitter

The developer of the W South Beach resolved a foreclosure lawsuit the old fashioned way, by repaying the loan in full.

David Edelstein, the developer of the prominent condo hotel, said his company repaid the $60 million owed to German lender Hypo Real Estate Capital Corp., which filed a foreclosure lawsuit on Oct. 17 against 2201 Collins Fee LLC. The lawsuit targeted the 216 unsold condo-hotel units and the common areas.

Attorney Robert M. Quinn, who represents Hypo in the lawsuit, filed a motion on Oct. 25 to withdraw the complaint.

“Our negotiation with the lender was resolved in a friendly and amicable manner and all claims have been closed and dismissed,” Edelstein said. “We thank them for their loan, which was fully performing since it was initiated in 2005. We look forward to continuing to be the South Florida market leader as we prepare to head into the very busy season ahead.”

The developer hasn’t sold a unit in the W South Beach since January but the hotel room booking is busy.

Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.


Article source: http://www.bizjournals.com/southflorida/news/2013/10/25/w-south-beach-resolves-foreclosure.html

Foreclosure workshop in ABQ Nov. 2



Ohio had three cities ranked in the Top 10 in the nation for foreclosure rates in August, and three cities in the Top 30

Congresswomen Michelle Lujan Grisham is organizing a foreclosure prevention workshop in Albuquerque to assist those that might still be facing foreclosure situations.










Damon Scott
Reporter- Albuquerque Business First

Email

Congresswomen Michelle Lujan Grisham is organizing a foreclosure prevention workshop in Albuquerque to assist those that might still be facing foreclosure situations.

Since the housing crisis began about six years ago there have been many who have lost their homes to foreclosure. And while rates have slowly been falling in most parts of the U.S., including New Mexico, the state has consistently had a higher foreclosure rate than others in the region.

“Many New Mexicans are still feeling the effects. Most people, including myself, have experienced or know a relative, friend or colleague who has faced a home foreclosure,” Lujan Grisham said in a statement. “I understand how frustrating and frightening this process can be, and too many people still don’t know where to turn for help.”

The workshop is scheduled for Nov. 2 at West Mesa High School, located at 6701 Fortuna Road NW. The workshop is designed for those that are struggling to pay their mortgage or are facing a potential foreclosure.

Organizers said there will be bank representatives on hand to discuss mortgage payment solutions, pro bono attorneys to get free legal advice and housing counselors.

The event is scheduled from 9 a.m. to 3 p.m. For more information, click here or call (505) 346-6781.

505.348.8315 | damonscott@bizjournals.com

Commercial/residential real estate, retail, restaurants

Article source: http://www.bizjournals.com/albuquerque/blog/morning-edition/2013/10/foreclosure-workshop-in-abq-nov-2.html

Foreclosure workshop in ABQ Nov. 2



Ohio had three cities ranked in the Top 10 in the nation for foreclosure rates in August, and three cities in the Top 30

Congresswomen Michelle Lujan Grisham is organizing a foreclosure prevention workshop in Albuquerque to assist those that might still be facing foreclosure situations.










Damon Scott
Reporter- Albuquerque Business First

Email

Congresswomen Michelle Lujan Grisham is organizing a foreclosure prevention workshop in Albuquerque to assist those that might still be facing foreclosure situations.

Since the housing crisis began about six years ago there have been many who have lost their homes to foreclosure. And while rates have slowly been falling in most parts of the U.S., including New Mexico, the state has consistently had a higher foreclosure rate than others in the region.

“Many New Mexicans are still feeling the effects. Most people, including myself, have experienced or know a relative, friend or colleague who has faced a home foreclosure,” Lujan Grisham said in a statement. “I understand how frustrating and frightening this process can be, and too many people still don’t know where to turn for help.”

The workshop is scheduled for Nov. 2 at West Mesa High School, located at 6701 Fortuna Road NW. The workshop is designed for those that are struggling to pay their mortgage or are facing a potential foreclosure.

Organizers said there will be bank representatives on hand to discuss mortgage payment solutions, pro bono attorneys to get free legal advice and housing counselors.

The event is scheduled from 9 a.m. to 3 p.m. For more information, click here or call (505) 346-6781.

505.348.8315 | damonscott@bizjournals.com

Commercial/residential real estate, retail, restaurants

Article source: http://www.bizjournals.com/albuquerque/blog/morning-edition/2013/10/foreclosure-workshop-in-abq-nov-2.html

Programs can cut time to buy home after foreclosure – Las Vegas Review

How long do you need to wait before you can purchase another home after a short sale or foreclosure?

Depending upon who is asked, the answer may vary: One day, one year, two or three years, or longer. All are technically correct as the answer depends upon individual circumstances and the specific lending program.

“There is conflicting information out there about how long you must wait before purchasing a home after a short sale or foreclosure that it can be confusing, especially because this information changes as new lending programs are introduced,” said Rick Piette of Premier Mortgage Lending, a full-service lender based in Las Vegas that serves Southern Nevada and the Reno-Sparks area.

According to Piette, the confusion has been caused because some new lending programs bypass the government-sponsored enterprises standards of at least a two- or three-year wait after a short sale and longer after a foreclosure.

“The fact is that thousands of Nevadans now have a choice and no longer have to wait a minimum of two or three years after a short sale. You can choose a lending program that follows the GSE guidelines of a two- or three-year wait, which in reality is often longer because this benchmark is for people with near-perfect credit during those three years,” Piette said.

“However, there are other lending programs that significantly shorten this wait period. In August, the Federal Housing Administration announced the new Back to Work mortgage program that can reduce this wait to a year. A more established program that offers an even shorter wait period is Another Chance Nevada, which Premier Mortgage Lending introduced two years ago and reduces the wait after a short sale or foreclosure to as little as a day.”

According to Piette, FHA’s Back to Work — Extenuating Circumstances program is designed for those whose short sale or foreclosure was a result of a financial hardship such as a 20 percent loss of income or loss of a employment, and this “economic event must be proved.”

“The new Back to Work program will reopen the doors to homeownership for thousands who lost their home due to the recession and have since recovered from that economic event. In this program you have to prove that an extenuating event was the cause of losing your home and that you’ve recovered from it by showing 12 months of timely payments. There are other requirements like meeting HUD requirements for an FHA-insured mortgage, which may make it difficult for some to actually participate,” Piette said.

“Another Chance Nevada can help the same group of displaced homeowners shorten their wait even more and offers guidelines that are clear and easy to understand. As a privately funded program, we do not have to follow GSE or (Housing and Urban Development Department) requirements and can take a more individualized approach in considering your personal situation.”

Another Chance Nevada is similar to conventional mortgages in that it follows full-documentation guidelines and offers fixed rates, but there are some differences:

• Loans are made by private and institutional portfolio lenders.

• The 15- and 30-year fixed-rate loans have interest rates that are typically higher than traditional mortgage rates.

• At least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members.

• Borrowers may close within 30 days from the time of loan approval.

• The loan may be refinanced at any time without penalty.

An Another Chance Nevada loan may be used on the purchase of a resale or a new home. The lender is working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes and William Lyon Homes.

The first step in participating in Another Chance Nevada is to meet with a loan officer for complimentary prequalification. As a full-service lender, Premier Mortgage Lending can connect qualified applicants to conventional loan programs as well.

For additional information, call Premier Mortgage Lending at 702-485-6600 or visit www.AnotherChanceNevada.com.

Premier Mortgage Lending, NMLS No. 393282, is at 8689 W. Sahara Ave., Suite 100. It is a member of the Las Vegas and Boulder City chambers of commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Article source: http://www.reviewjournal.com/real-estate/programs-can-cut-time-buy-home-after-foreclosure

Condo owner’s heirs caught off guard by foreclosure

The homeowner association foreclosed on the condo. It proved it had the right to do so. We have another family member on a fixed income who lives in a townhome and we want to prevent this from happening to them. What should we do?

Answer: Homeowner associations are a serious business, and their power and authority should not be underestimated. Whether your common-interest development is comprised of single-family homes, townhomes, condominium units or co-operatives, owners whose properties are in such developments might have a little more asset protection if those properties are mortgaged. In the event of an imminent foreclosure, the association would have to serve notice to the titleholder, mortgagee and all lien holders. In a common-interest development, “free and clear” property, which is a property that is mortgage-free and lien-free, could be vulnerable to a variety of mechanisms or machinations available to a homeowner association board of directors that could subject that owner’s assets to great risk.

Business and Professions Code section 11018.1(c) explains that “your ownership in this development and your rights and remedies as a member of its association will be controlled by governing instruments [and] the provisions of these documents are intended to be, and in most cases are, enforceable in a court of law…. In order to provide funds for operation and maintenance of the common facilities, the association will levy assessments against your lot or unit. If you are delinquent in the payment of assessments, the association may enforce payment through court proceedings or your lot or unit may be liened and sold through the exercise of a power of sale.”

Under Civil Code section 1367.4(c), the association seeking to collect delinquent regular or special assessments of $1,800 or more may use judicial or nonjudicial foreclosure as its remedy. (The $1,800 in delinquent assessments can’t include any accelerated assessments, late charges, fees and costs of collection, attorney’s fees, interest or any assessments that are more than 12 months delinquent.) Civil Code section 1367.4(c)(1) to (4) sets forth guidelines that boards must follow to foreclose.

Pursuant to Civil Code section 1367.4(c)(3), if the board votes to foreclose on an owner’s property interest, it shall provide notice by personal service in accordance with Code of Civil Procedure section 415.10 to the owner of a separate interest or to the owner’s legal representative. The board shall provide written notice to the titleholder who does not occupy the property by first-class mail, postage prepaid, at the most current address shown on the association’s books. In the absence of written notification by the owner to the association, the address of the titleholder’s property in that common-interest development may be treated as the owner’s mailing address.

If someone owns assets worth $150,000 or more in his or her name alone, the estate will go into probate. The probate process ensures all creditors are notified of the death, all debts are resolved in a timely way and the estate is distributed to the beneficiaries named in the will or in accordance with the laws covering asset distribution when someone dies without a will. Establishing a trust and funding title to real property into the trust would avoid probate and could assist with the orderly payment of debts and distribution of assets in accordance with the trustor’s wishes.

A good way to protect an estate from probate is to have a comprehensive estate plan in place that would include such documents as a revocable trust, a will and property powers of attorney. In all these documents, you name the individuals or institutions who are to manage your assets for you if you cannot do so because of incapacity or death.

In every trust, there are three important roles:

The trustor. Also known as the settlor or grantor, this is the person who sets up the trust and funds assets into the trust.

The trustees, or managers of the assets in the trust. The trustor is generally the primary trustee of a revocable trust and names other individuals or institutions to manage the assets if the primary trustee is incapacitated or dies.

The beneficiaries. The trustor is generally the primary beneficiary of a revocable trust, but has named who is to receive the assets of the trust after the trustor’s death.

As trustor of your own trust, you should set forth all of your assets and any ongoing debt associated with those assets, such as recurring payments for homeowner association dues, insurance, taxes and special assessments, on a separate document referenced in your trust. That way, your successor trustees would easily know what assets and liabilities you have and would know what to look for before it is too late.

Whether an estate goes through probate or is structured to avoid probate, there are many important steps that must be taken to wind up a decedent’s affairs. When there is a death in the family, make sure you seek timely legal advice to avoid assets being foreclosed upon or otherwise lost.

This column was co-written by Joel J. Loquvam, an attorney who specializes in estate planning, probate and trust administration. Vanitzian is an arbitrator and mediator. Send questions to Donie Vanitzian JD, P.O. Box 10490, Marina del Rey, CA 90295 or noexit@mindspring.com.

Article source: http://www.latimes.com/business/realestate/la-fi-associations-20131027,0,3235542.story

Donald Watkins-owned company files bankruptcy to stop foreclosure of Highland … – The Birmingham News

Donald WatkinsDonald Watkins is sole owner of First Highland Group. (file)

BIRMINGHAM, Alabama – A company owned by Birmingham attorney and businessman Donald Watkins has filed for bankruptcy to prevent foreclosure of a Highland Avenue building.

First Highland Group LLC filed for Chapter 11 bankruptcy protection Tuesday, listing $6.9 million in assets and $4.2 million in liabilities. The filing came one day before attorneys for First Highland said its mortgage company was set to foreclose on the office building at 2170 Highland Ave. South, First Highland Group’s primary asset.

According to bankruptcy filings in the U.S. Bankruptcy Court for the Northern District of Alabama, the building is worth $5.7 million. Greenwich Capital has a secured claim for more than $3.8 million, including a mortgage and promissory note on the building. Citizens Trust Bank also has a secured claim of $112,242.

First Highland “defaulted under the terms of the promissory note failing to make payments that were due, and the promissory note matured on September 1, 2013,” a filing said.

According to the filing, First Highland had hoped to refinance the debt with Greenwich or a new lender prior to foreclosure, but was unable to.

“Foreclosure of the property originally was scheduled for Wednesday, October 23, 2013, but was stayed by the” bankruptcy filing, the court document said.

The court documents say Donald Watkins is the sole owner of First Highland.

The building’s tenants include Alamerica Bank, which Watkins founded, along with Arcadis, NMI Mortgage and an office for Watkins, according to the filing. Southpace Properties manages the building.

First Highland’s bankruptcy attorney released a statement Wednesday afternoon.

“First Highland’s existing first and second mortgages
matured on September 1, 2013,” the statement said. “Even though First Highland commenced refinancing efforts
in March, the mortgage products offered to the company were not acceptable. First
Highland was not able to secure an extension of its mortgage maturity date to give
the company enough time to obtain a commercially reasonable mortgage product or
to restructure and amortize the existing mortgages over a longer period of time.
The court filing will provide First Highland the additional time needed to find,
apply for, and secure a suitable replacement mortgage, or to restructure the existing
mortgages.”

The statement also said the property is fully leased.

The building is across Highland Avenue from a proposed 15-story, $40 million apartment tower and parking deck set to replace vacant buildings and a parking lot.

The bankruptcy filing comes just a few months after Watkins agreed to pay $4.25 million in a lawsuit settlement with two Detroit pension funds.

Updated with statement from First Highland Group’s bankruptcy attorney.

Article source: http://www.al.com/business/index.ssf/2013/10/donald_watkins-owned_company_f.html

Beverly center boss fired to avoid foreclosure – Chicago Sun

By Casey Toner
ctoner@southtownstar.com

October 26, 2013 2:38PM

The Beverly Arts Center


Article Extras





Updated: October 26, 2013 2:40PM

The Beverly Arts Center owed more than $5 million to its bank and was on the brink of foreclosure in August 2012 when its board of directors got an offer it wouldn’t refuse.

Fire longtime center director Mike Nix and the bank would work with Chicago Mayor Rahm Emanuel’s office to delay the foreclosure of the center, 2407 W. 111th St., in the heart of the clout-heavy 19th Ward, and also reduce its debt.

“We’re going to deliver Mike’s head in a basket …” former board member Brian Murphy said during a board meeting leading up to Nix’s termination, according to a transcript of that meeting.

While the city, bank and arts center announced a plan last month that may result in the reduction of about $2.75 million of the center’s debt, the center also faces a lawsuit by Nix. He sued in Cook County Circuit Court in February, seeking more than $220,000 in damages from the arts center and $1 million from Fifth Third Bank.

Fifth Third executive David Garcia also is named in the lawsuit, which claims that Nix paid down a “considerable amount” of the center’s debt by boosting membership and programming. It alleges breach of contract, infliction of emotional distress and defamation, among other claims.

Bill Figel, former president of the arts center’s board, has said that Nix, who was hired as director in 2003, inherited a huge debt of more than $12 million due to cost overruns and design changes involved in construction of the center’s new building, which opened in 2002.

Documents obtained by the SouthtownStar, including transcripts of two board meetings in August 2012 at the 19th Ward Democratic Organization office, reveal the behind-the-scenes political maneuvering that occurred to placate the bank and fire Nix.

Ald. Matt O’Shea (19th), a member of the center’s board, said at its Aug. 2, 2012, meeting that Fifth Third Bank executives “made it abundantly clear to me that they want to see new leadership at the arts center,” according to the transcript.

It indicates that some board members were reluctant to dismiss Nix in light of the situation he faced when he took over as director. After hearing O’Shea’s pitch, board member Luke Somerville lamented the staggering debt plaguing the center, saying that “Mike didn’t have the golden $4 million shovel to dig us out of this debt.”

State Rep. Bill Cunningham (D-Chicago) attended an Aug. 21, 2012 board meeting with former state Sen. Edward Maloney (D-Chicago) and informed the board that Fifth Third Bank planned to soon file a foreclosure lawsuit against the center, the transcript reads. But if the board fired Nix, Cunningham said he was assured that “there will be help from the fifth floor of city hall (mayor’s office)” regarding a foreclosure.

“In the words of more than a few city officials, they said you have to make the bank happy,” Cunningham told board members.

Figel, who would resign after Nix’s firing, suggested during the Aug. 21 meeting that the board needed to “stare down the bank on this. I do not want to whack Mike, make him wear the coat or make him wear the jacket as if he did something wrong,” the transcript shows.

It indicates that O’Shea told Figel to “stop with the bulls—. If someone can go to sleep at night saying, ‘I’m willing to stare down the bank,’ let’s see if they have the stones to move forward with foreclosure.”

Eventually, the board voted 8-3 at the Aug. 21 meeting, with four members abstaining, to fire Nix. After the vote, the board discussed adding new board members as a way to boost fundraising, according to the transcript.

“It’s about raising money,” board member James Noonan said.

O’Shea replied, “Whatever we’ve done, we’ve failed at raising money.”

Nix’s attorney, George Xamplas, said last week that Nix did everything he could to improve the arts center’s finances.

“I don’t know why it wasn’t enough,” Xamplas said.

O’Shea declined comment about the lawsuit and Nix’s firing, except to say it was a result of “several years of the bank being frustrated with the leadership at the arts center.”

A Fifth Third Bank spokesman last week also declined to comment.

Maloney, now a lobbyist with MJS Associates, said Nix’s firing unfortunately was necessary to obtain the debt relief provided by the bank and the city.

“Had the board drawn a line in the sand and said no, we’re not going to get rid of Mike, I can’t see the favorable outcome we have now,” he said. “The outcome justifies the pain.”

Article source: http://www.suntimes.com/news/metro/23364536-418/beverly-center-boss-fired-to-avoid-foreclosure.html

Many Summit County homes fall into foreclosure more than once

The small, well-kept home in Lakemore fell into foreclosure in May 2004.

And then again in August 2006.

And yet again in October 2010.

Each time, a separate homeowner failed to pay the mortgage, was hauled into court by a lender and lost the property.

What are the odds?

Probably better than you think.

A Beacon Journal investigation has found that 1,026 properties in Summit County have been foreclosed more than once in the past 10 years. Eight homes topped the list by being foreclosed three times, according to an analysis of Summit County Fiscal Office records.

For a community struggling with high foreclosure rates and a large number of vacant properties, it’s a disturbing discovery. Once homes start down the foreclosure path, they’re more likely to fall into and remain in disrepair — if they’re not already a blight in their neighborhoods.

Not surprisingly, the problem involving multiple foreclosures on the same property is centered in Akron, where 816 of the homes are located.

Barberton came in a distant second with 48, and Cuyahoga Falls was third with 27.

“We know this is happening statewide and is happening across the nation in weak housing markets,” said Alison D. Goebel, associate director of the Greater Ohio Policy Center in Columbus. “Generally what we know is that the properties that have had multiple foreclosures are the worst of the worst.”

Fulton Street case

Dolores Martyn, 78, who has lived on Fulton Street in Akron near the former Goodyear Tire Rubber Co. headquarters for more than 50 years, would agree.

She and her neighbors watched as the two-story house at 145 Fulton St. fell into disrepair and ultimately sat vacant. It also, Martyn is certain, served as a brothel at one point.

But she and others had no idea the property had been foreclosed multiple times.

Once in September 2005. Again in August 2008. Again in December 2012.

The city of Akron, which now owns the land, has torn down the home. Today, it’s nothing more than a grassy lot.

“It had been rundown for years,” Martyn said. “It was time for that one to go.”

A vacant lot is a common sight in the neighborhood.

“I can sit right here in this chair and see 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 houses torn down,” Sam Prew, 63, said as he sat on his porch and pointed to the vacant properties around his home.

The Beacon Journal visited the eight properties that were foreclosed three separate times. Seven are scattered around Akron; the other is in Lakemore. Two of the homes had been torn down.

They were in decent condition — at least from the outside appearance. But all the Akron properties were in struggling neighborhoods.

One on Lucille Avenue in the North Hill neighborhood had a giant hole covered by two sideways doors in the front of the house.

Coincidence?

In the majority of the cases, the foreclosures appear to be a coincidence. A homeowner had bad luck, and then so did the next homeowner who bought the property.

In some cases, banks foreclosed because the mortgage wasn’t being paid. In others, the government foreclosed because the taxes weren’t being paid.

The newspaper also found some names — both individuals and companies — popping up again and again on different foreclosed properties. These individuals and companies owned many homes that were foreclosed.

It’s part of a troublesome trend involving people buying properties as an investment and then not being able to pay the mortgage or taxes, experts said. In some cases, they abandon the homes after realizing how much money it would take to rehab them.

It’s unclear how widespread that problem is.

Some examples

Maynley Investments Inc. of Akron had 16 properties foreclosed in Summit County last year, according to county fiscal records. Venture Capitol Holdings of Akron and SEG Commercial Corp. of Mission Viejo, Calif., each had 13 foreclosed.

Ray Maynard, 56, owner of Maynley Investments, said he bought his first investment home after high school. He estimated that he had more than 90 properties in his heyday as a landlord.

But Maynard, who said it was his full-time job maintaining the properties, said the recession did him in.

“I made it all the way until May of 2010,” he said in a telephone interview. “A lot of people didn’t make it that far. I was in it for 35 years. It was my life.”

He said he got into trouble because he rolled cash back into fixing his properties and also tied up his credit lines.

He also said he let some tenants slide on rent when they lost their jobs or benefits, and that hurt his financial bottom line.

He now drives a delivery truck.

Maynard said he watched as some investors started buying up homes thinking they would fix them and flip them for a profit.

“These guys thought they could drive around in a Cadillac and thought they could make all this money,” he said. “I’ve seen a lot of guys come to me and say, ‘How did you do it?’ It was hard work.

“They thought they could come in and get rich quick, and then it didn’t work out that way.”

The Beacon Journal visited the address of Venture Capitol Holdings, a home on Cotter Avenue. An elderly man who answered the door said he didn’t know anything about the foreclosure issue and referred questions to a man who wasn’t there.

A message left asking for comment has not been returned.

The newspaper also mailed a letter to SEG Commercial at the address on tax bill records, but it was returned and stamped “Return to Sender Not Deliverable as Addressed Unable to Forward.”

SEG Commercial has been suspended from doing business in California, according to its secretary of state’s website. The company’s California real estate license also expired in August 2012.

SEG still owns 133 parcels within Summit County, according to fiscal records. The vast majority of those properties are vacant and facing a pending tax lien sale, a process that can lead to foreclosure. All the properties also are tax delinquent.

Rental properties

There has been another negative result of investors jumping in and buying so many properties, said Dave Vaughan, executive director of Neighborhood Development Services in Ravenna.

Ravenna turned from 54 percent rental properties to 77 percent rental after the foreclosure crisis, he said.

“Homeownership is the backbone of any community, and it’s a tragedy what has happened,” Vaughan said. “And if you get investors who are doing nothing more than slapping some paint on it and renting it out, that’s even worse.”

Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.

Article source: http://www.ohio.com/news/local/many-summit-county-homes-fall-into-foreclosure-more-than-once-1.440036