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In foreclosure sale, bank buys 3 of Arkansas legislator’s properties

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Article source: http://www.arkansasonline.com/news/2017/dec/28/foreclosure-sale-bank-buys-3-arkansas-legislators-/

Foreclosures, mortgage delinquencies drop further in Minnesota

The foreclosure rate in Minnesota is now at the lowest level in more than a decade, and far below the national average.

At the end of September, just 0.2 percent of all Minnesota homeowners with a mortgage lost their homes to foreclosure, according to CoreLogic, which tracks mortgage delinquencies at several intervals. That rate was down from 0.3 percent last year and was only third of the national average.

At the same time, far fewer homeowners are having trouble staying current on their mortgage payments. In Minnesota, 2.9 percent of all homeowners were 30 or more days late on their payment compared with 3.1 percent last year.

“We’re encouraged to see another year of flat or declining delinquency rates for homeowners across Minnesota,” said Julie Gugin, director of the Minnesota Homeownership Center. “It shows people are in the right homes for their families and their wallets.”

During the height of the foreclosure crisis, the organization’s counselors were overwhelmed by demand from homeowners who needed help avoiding foreclosure, Gugin said. Today, the need has shifted to providing unbiased information and hands-on financial coaching for low-income families that want to buy a home.

“They want to make choices based on solid and factual information,” Gugin said. “Rent prices are on the rise and homeownership is a valuable asset-building alternate for some families.”

Gugin said that while declining foreclosures is clearly a positive sign, underlying problems linger. Namely, the recession and subsequent economic recovery only broadened the homeownership gap in Minnesota. There are more low-income families than before that are unable to own a home.

“Our goal is to ensure that homeownership’s benefits are fairly available and sustainable to everyone, no matter their race or where they live,” she said. “Next year — and even 10 years from now — we want the delinquency rate to stay low, and with a closed homeownership gap. Individuals and families, communities and our state would be better off as a result.”

Foreclosure rates across the country are also falling. Nationwide, the foreclosure rate fell slightly from 0.8 percent to 0.6 percent, and the 30-day plus delinquency rate fell from 5.2 percent last year to 5.0 percent in September. There was a slight increase, however, in the number of homeowners who were 30 to 59 days late on their payments, mostly because of hurricane-related troubles in Texas, Florida and Puerto Rico.

 

Article source: http://www.startribune.com/foreclosures-mortgage-delinquencies-drop-further-in-minnesota/467000813/

This is Tampa Bay’s priciest foreclosure, and its history is as twisted …

TIERRA VERDE Behind a tall iron fence lies one of the most unusual gated communities in Tampa Bay. And within that lies the most expensive and unusual bank-owned houses for sale between Crystal River and Sarasota.

The community is called Green Land Preserve. It is on a small peninsula, thick with mangroves, that juts into the bay from the road to Fort De Soto Park. The preserve has only four houses, including the $1.59 million foreclosure that agent Lambdin Freeman was showing a few days before Christmas.

“Its going to take that special buyer,” Freeman said. “Somebody who wants privacy, who doesnt want anybody on top of them.”

Freeman is handling the sale for Regions. The bank had the house repainted and re-carpeted, and she paid to stage it. Outside, workers cleared away just enough of the overgrowth to offer a tantalizing glimpse of water.

“You should have seen it before,” Freeman said. “We took out a lot of stuff but some people like it more full looking so we didnt to take out too much.”

Freeman then led the way down a very long, private boardwalk that ends at a secluded inlet. Other boardwalks, maintained by the condo association for the exclusive use of Green Land residents, wend through the mangrove forest until they suddenly open onto sweeping views of the Sunshine Skyway and mullet jumping in the bay.

It took Regions nearly four years to get possession of the house, one of the last vestiges of a foreclosure crisis that wracked neighborhoods rich and poor. And it was a foreclosure with its own unusual twist.

RELATED COVERAGE: Good news: Tampa Bay no longer a major foreclosure capital of the country

At the peak of the boom in 2006, a Tampa couple, Stuart and Shawn Suddath, bought the two-story house for $1.6 million. They apparently never lived there they didnt have a homestead exemption and they put the house back on the market barely a year later for $2.695 million. By that time, property values were starting their disastrous slide and it was not until 2011 that the couple finally got a short-sale contract for $995,000. Even at that price, the deal fell through.

Their moving business doomed by the recession, the couple declared bankruptcy in 2012. They agreed to give up the house, and the bankruptcy trustee handling their case sought bids on the property. A Tampa company won a quitclaim deed with a $8,500 bid the house was heavily mortgaged, hence the low price. That company then deeded the house for $20,000 to Locations of Pinellas, Inc. and its president, Samuel Ballinger.

Ballinger had also run into trouble, though not because of the recession.

In 2007, the Drug Enforcement Administration had revoked the registration of a Tampa pharmacy he owned, United Prescription Services. The DEA said the pharmacy had violated federal law by distributing large quantities of controlled substances including the painkiller hydrocodone based on prescriptions that it “knew or should have known” were not written for legitimate medical purposes or that were written by a physician not acting in the usual course of practice.

In filling the prescriptions, many of them ordered via the internet, Ballingers pharmacy “constituted an imminent danger to the public health and safety,” the DEA said.

Now, five years later, Ballinger had a quitclaim deed that give him possession of a million-dollar home though the Suddaths were still responsible for the mortgage. He sued to evict Stuart Suddanths parents, who had recently moved in and made some repairs. After Ballinger showed up with a deputy sheriff, they left and the suit was dropped.

During his time in Green Land Preserve, Ballinger did little to endear himself to his new neighbors.

“He would never use a garbage can,” said Howard Isaacs, president of the condominium association. “For four years , he would dump his garbage in brown bags. He wouldnt use the plastic bags I bought him twice. He just did everything he could to annoy us.”

In 2013, Regions listed Ballinger as a tenant and defendant when it began foreclosing. He hired an attorney to fight the action but as the clock began ticking toward a trial date, he declared bankruptcy in 2016, a move that automatically “stays” or halts foreclosure proceedings.

Two months later, a judge lifted the stay, and Regions resumed its case in state court. By this time, only Ballinger was opposing foreclosure the borrower, Suddath, had said in an affidavit that he and his wife wanted to “put this matter behind us and begin to repair our credit.” (He did not return a call for comment but records show the couple has a new moving business with good reviews.)

In a motion last May, an attorney for Regions alleged that Ballinger also tried to stall the foreclosure by getting a doctor to say he was ill and should avoid court hearings because of the stress. The doctor turned out to be one of Ballingers business associates, the motion said.

Ballinger and his company “have no legitimate purpose in delaying this foreclosure,” the motion said. “They are not paying the mortgage or the taxes or the insurance on the subject property.”

The bank obtained a final judgment of foreclosure in May but it looked like the auction would be delayed too after Ballinger filed a notice of appeal. He didnt pay the required fee, and Regions finally took possession of the house on June 19.

Ballinger, a 63-year-old veteran who says he had a stroke and is living on Social Security and VA disability payments, denies he declared bankruptcy to stop the foreclosure. He did it, he said in an email, because “I had no money.”

(His bankruptcy case is pending; the trustee has alleged that he has failed to cooperate and tried to hide assets.)

Once the house was vacant, Regions spent three months getting it in shape. The agent, Freeman, listed it in early October: There have been showings but no offers so far.

Freeman, who has handled numerous foreclosure for the bank, said she knew nothing about the homes tortuous history or that of any other property. Thats fine with her.

“By the time they get to us,” she said, “everything has been taken care of.”

Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate


 

 

 



Article source: http://www.tbo.com/news/business/realestate/This-is-Tampa-Bay-s-priciest-foreclosure-and-its-history-is-as-twisted-as-its-boardwalk_163962427

A Closer Look at the Problem of Tucson Divorce and Foreclosure

It’s been almost ten years since the housing market bubble burst – yet its effects are still felt in communities across the nation. Arizona has been hit particularly hard by the foreclosure crisis, and has been listed among the top four states with the greatest number of foreclosed properties by national news outlets. While the war on the foreclosure crisis in Arizona still wages on, there is yet another contributing factor that has led thousands of Americans to decide to foreclose on their properties: divorce.

Roadrunner House Investments is a veteran, family-owned real estate firm offering recent divorcees or those in the midst of the divorce process with the opportunity to avoid foreclosure, by offering them a no-obligation cash offer on their property.

Speaking of Roadrunner House Investments, Ms. Valerie Alvarado, the company’s Media Representative, said that “The prospect of property loss overwhelms anyone going through divorce. We are here to offer a solution to this very common problem. We buy houses in Arizona because we believe in the market’s potential, and its ability to make a full recovery, in the post-housing crisis real estate landscape.”

The company boasts a well-connected network of real estate investors, who favor, in general, foreclosed properties, or properties with considerable cash flow. Roadrunner House Investments helps showcase each property’s best features, ensuring it attracts considerable interest from numerous parties, so as to achieve its sale in the shortest time possible. Roadrunner House Investments only charges a minimal fee, upon the closing of each deal.

We buy houses, regardless of their state, because we are well-versed in what the market needs. At Roadrunner House Investments, we buy houses in Tucson, South Tucson, as well as in other areas of Arizona, such as Marana, South Tucson, Vail, Corona De Tucson, Sahuarita, Green Valley and Madera. Our representatives respond to all inquiries at the earliest time possible, while we often book appointments with clients within 24 hours of them reaching out to us.”

“We are known to take as little as one day to decide whether we will purchase a house or not – sometimes, we even make that decision instantaneously. Clients prefer us because we give them a fair, full-cash offer, which comes with no hidden costs, commissions, or fees whatsoever, while the houses are immediately swept off the market, without ever being listed.”

Roadrunner House Investments is an equal housing opportunity provider, and does business in accordance to the Federal Fair Housing law. The company partners with local businesses to carry out any renovations or work needed in order to bring each bought property to shape.

—————————————————————————————————————————————
About Roadrunner House Investments
Roadrunner House Investments is a company created to help individuals in stressful situations. The company is committed to exceeding client’s expectations by delivering the most professional, informative and multifaceted services in the real estate industry.

For more information, call Roadrunner House Investments team at 520-485-8115 or fill out the form on their website at www.roadrunnerhouseinvestments.com  
 

Article source: https://www.webwire.com/ViewPressRel.asp?aId=218346

HEMAP: A Lifeline for Homeowners, Now Under Threat

The Homeowner’s Emergency Mortgage Assistance Program (HEMAP) has, since its inception, been an innovative, effective and cost-effective program providing assistance to homeowners seeking to save their homes from foreclosure. In the face of the recent demise of the federal Homeowner Affordable Mortgage Program (HAMP), HEMAP now plays an even more crucial role in providing a path to home retention. It is a path that benefits homeowners, lenders and  neighborhoods at minimal cost to the government. However, the program’s funding has plummeted in recent years. Future funding for HEMAP is in jeopardy of disappearing entirely, absent action by the state legislature. The consequences of the end of continued funding for the program would be devastating to the thousands of families the program was designed to protect.

HEMAP was enacted by statute in December 1983, a time when very high unemployment was threatening many Pennsylvanians with mortgage default and foreclosure. Administered by the Pennsylvania Housing Finance Agency (PHFA), HEMAP helps homeowners experiencing a temporary loss in income, or other temporary financial emergency, cover a period of missed payments by making a loan to the homeowner in the amount of the mortgage arrearage. The program also provides for a period of limited continuing assistance to enable the homeowner to, for example, regain employment after a temporary layoff. The HEMAP loan proceeds are used to cure the mortgage default. The loan is secured by a second mortgage payable to PHFA, with monthly payments set according to the homeowner’s ability to repay. The lowest monthly payment is $25 per month, putting the program within reach of even Pennsylvania’s poorest and most vulnerable homeowners. Homeowners must demonstrate the default to have been due to circumstances beyond their control (such as job loss, divorce or illness) and that they have reasonable prospects of resuming monthly payments within two or three years, depending on the economic conditions at the time of the loan.

HEMAP’s enacting statute, Act 91 of 1983, 35 P.S. 1680.401c et seq., requires a notice from the mortgage company prior to the initiation of foreclosure proceedings, allowing access to assistance during a critical period when the costs of the foreclosure are poised to sharply increase. The program is designed to help the homeowner avoid those increased foreclosure costs. Because HEMAP provides for repayment by the homeowner of the HEMAP loan over time, or when the property is sold, the program has been, since its inception,  able to recoup  and re-lend much, though not all, of the funds it has loaned out.

The success of the HEMAP model has been praised for its impact in reducing the loss of homes due to foreclosure and the program has been imitated in other states around the country. During the depths of the mortgage foreclosure crises HUD created a temporary Emergency Homeowner Loan Program (EHLP) which was largely modeled on HEMAP. In 2007,  HEMAP was a finalist for Harvard University’s Innovations in American Government Award. A 2012 study by the Reinvestment Fund found that the existence of HEMAP during the foreclosure crisis reduced Pennsylvania’s foreclosure rate from what would have been 2.28 percent absent the HEMAP program to 2.17 percent in 2008, and from 3.39 percent to 3.24 percent in 2010. The estimated financial impact of foreclosures prevented by HEMAP during the period of 2008-2010 was $480 million, a six-fold return on the cost of the program. Importantly, mortgage lenders were the recipient of a significant portion of the financial benefit of the program. They were estimated to have saved $308.1 million in costs between 2008 and 2010 because of HEMAP. As of 2011, more than 47,000 homeowners had received assistance from HEMAP. At that time 85 percent of the HEMAP loan recipients were repaying their loans as agreed.

Despite the documented success of the program and its widespread financial benefits, HEMAP faces the prospect of being unable to continue making loans for lack of funding. On June 22, 2012, Pennsylvania passed legislation to use funds from the National Mortgage Settlement to fund HEMAP. HEMAP received an initial $6 million of those funds and close to $12 million a year of settlement funds for the succeeding five years. This amount represented a reduction from funding by the legislature in preceding years, but allowed HEMAP to continue to play an essential role in preventing foreclosures as a compliment to the plethora of other programs embodied in HAMP, which programs continued to the end of 2016 when most of the HAMP programs ended.

HEMAP now faces an imminent crises because the National Mortgage Settlement funds are about to run out and the Pennsylvania legislature has not appropriate any new funds to replenish the pool available for new loans. This is happening at a time when HEMAP is most needed because most of the effective alternative mortgage foreclosure mitigation programs are no longer available. While the foreclosure crisis has abated somewhat, homeowners continue to face life events such as temporary unemployment that threaten their ability to stay in their homes.

During this time of upheaval in the world of foreclosure loss mitigation options, when the National Mortgage Settlement funds are all but exhausted, HEMAP continues to be an excellent tool for Pennsylvania to prevent foreclosures.  As the funds for HEMAP have diminished, the need for the program has increased. That this is the case is demonstrated by the declining approval rate for the program over the past two years. That approval rate, which over the life of the program has averaged around 25 to 30 percent , has declined to about 11 percent—reflecting the fact that there are far more people applying for the loans than are presently being approved for them.

HEMAP has a significant financial benefit in Pennsylvania that goes beyond the thousands of homes it has saved and beyond the lives it helps make more stable. Its benefits the neighborhoods that avoid the devastation caused by the presence of an empty foreclosed home and the mortgage lenders who avoid the losses that they inevitably suffer when a property is foreclosed. HEMAP has, since its inception, helped thousands of homeowners avoid becoming homeless. At the present time when homes are becoming increasingly difficult to buy, rentals are increasingly scarce and rents are rising, it is more important than ever to enable homeowners to keep the homes they already own. If  HEMAP stops lending for lack of funds the results will be severe. Without  additional funds HEMAP will be unable to to fulfill its mission and to continue to serve as a model for the country in protecting homeowners and preserving homeownership.

Margaret Robinson is an attorney at Philadelphia Legal Assistance and supervisor of the Save Your Home Philly Hotline.

Irwin Trauss is the supervising attorney of the consumer housing unit at Philadelphia Legal Assistance.

 

Article source: https://www.law.com/thelegalintelligencer/sites/thelegalintelligencer/2017/12/27/hemap-a-lifeline-for-homeowners-now-under-threat/

Birdman Hit With $12 Million Foreclosure Lawsuit | Rap-Up – Rap

Birdman’s legal troubles continue to mount as the Cash Money boss faces a $12 million foreclosure lawsuit in Miami.

The complaint, which also includes CM Spirits LLC and Criteria Operations LLC, was brought on by Ellington Management Group Transfer Agent on Nov. 30, according to The South Florida Business Journal. It targets Baby’s 19,970-square-foot Miami Beach mansion and a 26,040-square foot North Miami office building, which houses Baby’s Hit Factory Criteria Recording Studios.

Chemtov Mortgage Group Corp. initiated the $12 million mortgage back in 2015 with a “full guarantee of $12 million against Williams and a limited guaranty of $3 million with Criteria Operations,” according to the report. The loan has since been signed over to others, most recently to EMG. But financial woes appear to have fallen on Birdman and his companies, which allegedly defaulted on the mortgage in February of this year. Now, they allegedly owe $12 million in principal, plus interest.

The No. 1 Stunna has been trying to sell the lavish mansion, which he acquired in 2012 for $14.5 million, since June. He first listed it for sale at $20 million, but the asking price has since gone down to $16.9 million. Also in 2012, Birdman’s companies acquired the office building in question for $1.7 million.

Recently, Rick Ross used this as ammo in his ongoing feud with the Cash Money boss. “You ain’t have no money in six-seven years, ni**a,” said Rozay. “You should have came and borrowed some from Rozay. Now you want to fuck that old lady life up too. You probably borrowing some money from her. I might go buy that house on the water. Just to keep my boat at it. I won’t even stay there, that shit is too small.”

This is one of several legal issues for the Big Tymer. His Cash Money imprint is also being sued by Lil Wayne for $51 million and earlier this year, Jas Prince sued the label over Drake’s earnings. Last year, Cash Money was sued over uncleared samples and ordered to pay Jay Sean $1.1 million in royalties in a separate case.

Article source: http://www.rap-up.com/2017/12/27/birdman-hit-with-12-million-foreclosure-lawsuit/

The 10 juiciest real estate lawsuits of 2017

From left to right: Jason Halpern, Avra Jain, Stephen Tulloch and Gil Dezer (Credit: Dezer Development, Wikimedia Commons, Public Domain Pictures, Miami Foundation)

Accusations of backstabbing, disputes over multimillion-dollar deals, undisclosed vermin problems and many other allegations of shady behavior involving South Florida real estate developers, brokers and buyers made headlines in 2017.

Lucky for you, The Real Deal was there to document all the salaciousness. Here’s a look back at the juiciest litigation of the past year.

1.) A murderous stalker and other “extreme behavior” at Trump Palace

Fed up with a neighbor’s alleged bizarre antics, luxury condo developer Gil Dezer sued fellow Trump Palace resident Rhonda Hojandiov on Nov. 27 in Miami-Dade Circuit Court to get a permanent injunction against her. Dezer accuses Hojandiov, who owns a three-bedroom unit on the eighth floor of the Sunny Isles Beach tower he developed, of disrupting the “peaceful use and quiet enjoyment” of his Trump Palace penthouse. The complaint alleges condo property management has documented 61 reports of extreme behavior by Hojandiov, including claims that an unknown stalker had gained access to her condo and was attempting to kill her. Dezer wants an injunction prohibiting her from “acting in an inappropriate manner and otherwise interfering with the operations of the association and its employees.”

2.) Avra’s revenge

Eleven months after a judge ordered she pay an $8.2 million judgment to an ex-partner, Avra Jain went after her lawyers for nearly double that amount in damages. On Nov. 20, the developer behind the Vagabond Hotel and Bayside Motor Inn restoration projects in Miami’s MiMo District sued Buchanan Ingersoll Rooney and shareholder Richard A. Morgan for malpractice and breach of fiduciary duty. Jain alleges Morgan failed to adequately defend her, investor Paul Cashman Murphy and H-G Investments LLC in a 2009 lawsuit brought by former business associate Abraham Cohen, who claimed he was owed more than $4 million for a planned luxury condo project in Doral they were involved in. Jain is seeking $15 million from Morgan and his firm to cover the judgment, expenses and damages from the Cohen case.

3.) Hoodwinked by Halpern

In a lawsuit filed in New York Supreme Court, investor Dhruv Piplani accused developer Jason Halpern of unfairly cutting him out of a real estate transaction for two Miami Beach properties at 2901 and 2911 Indian Creek Drive. While he was in India following his mother’s death, Piplani claims Halpern sold off the Indian Creek lots to his longtime business colleague, Gerard Longo, in a sweetheart deal. Piplani accuses Halpern of rejecting his offer of $9 million in 2016 for the properties so the latter could sell to Brooklyn-based Longo, who paid $7.75 million in January. The complaint alleges that Halpern had struck a “secret side deal with Longo, under which Halpern will become re-involved with the Indian Creek project or otherwise be kicked back benefits from the eventual development and resale” of the two properties. In a statement, JMH denied the allegations. Piplani is demanding at least $10 million in damages, to rescind the sale of the Indian Creek properties, and to restore his membership and management rights, among other requests.

4.) Ex-NFLer tackles broker’s conflict

Stephen Tulloch — a former player for the Tennessee Titans, Detroit Lions and Philadelphia Eagles — accused Fort Lauderdale broker Jaime Sturgis and his former employer, Metro 1, of failing to disclose an apparent conflict of interest when Tulloch bought a downtown Fort Lauderdale office building in January. According to a June 8 lawsuit in Miami-Dade Circuit Court, Tulloch’s company SMT Investments, which purchased the three-story building at 727 Northeast Third Avenue for $1.42 million, alleges that Metro 1 and Sturgis failed to disclose during negotiations and closing that the seller, AJAX FTL, was owned by Sturgis’ in-laws. Metro 1’s Jenny Arias represented Tulloch and AJAX was represented by Sturgis, who was employed by Metro 1 until May. The lawsuit also claims AJAX made a $500,000 profit from the sale to SMT. All parties reached a settlement agreement in November and the complaint was dismissed.

5.) Airbnb declares war on City of Miami

In April, five Miami homeowners and Airbnb sued the City of Miami to stop officials from enforcing bans on short-term rentals and for targeting Airbnb hosts who publicly identified themselves. The lawsuit was filed in response to public comments by then-Mayor Tomas Regalado and then-City Manager Daniel Alfonso that Miami code enforcers would issue notices of violations to homeowners who outed themselves as Airbnb hosts during a March city commission hearing. According to the lawsuit filed in Miami-Dade Circuit Court, cities and counties are prohibited from enacting legislation that bans or or unduly regulates vacation rentals under a 2011 state law. However, Miami government officials bowed to pressure from the hotel industry, ignored state law and without legal authority began prohibiting vacation rentals on Aug. 11, 2015. The lawsuit claims Regalado followed through on his threat in early April, when he declared several people had received notice of violations during a local television newscast.

6.) Sixty Sixty Resort’s $9.4M conundrum

Port Orange, Florida-based Schecher Group is not playing around when it comes to collecting $9.4 million in assessments allegedly owed by unit owners at the Sixty Sixty Resort condo-hotel in Miami Beach. Between December 2016 and October of this year, the company filed foreclosure lawsuits against 65 individuals and companies that own rooms at the 6060 Indian Creek Drive property. According to legal documents filed in Miami-Dade Circuit Court, Schecher is empowered to make and collect assessments for shared costs as the owner of Sixty Sixty’s hotel unit. The lawsuits and liens filed by Schecher said each of the delinquent owners owed tens of thousands of dollars in unpaid assessments. Many of the owners are fighting back and accused Schecher of attempting a hostile takeover of the units in order to sell the entire building as a hotel for a massive profit.

7.) Rundle’s rodent problem

A few days after moving into his waterfront condominium in Coral Gables, Justin Rundle began hearing noises throughout the night and noticed a noxious odor permeating his unit. He soon discovered that rodents had infiltrated his condo, along with rotting rat carcasses, urine, feces and rodent nests throughout the walls, the drop ceiling and the AC system, according to an Aug. 11 lawsuit he filed in Miami-Dade Circuit Court against the previous owner, Jeanie Fung, listing agent Francine Thomas and Coconut Grove-based brokerage Brown Harris Stevens | Avatar Real Estate Services. Rundle, the son of Miami-Dade State Attorney Katherine Fernandez Rundle, accused Fung, Thomas and the brokerage of breach of contract and several counts of fraud and negligence. He purchased the two-bedroom unit in Waters Edge of Coral Gables at 100 Edgewater Drive for $383,000 in July 2016. Rundle claims Fung and Thomas violated Florida law by not telling him about the rodent problem and that they represented that the unit was in good condition.

8.) Tenants at Bayside Marketplace strike back

Two retailers and two restaurant operators accused the owners of Bayside Marketplace of fraud, breach of contract and fraudulent inducement in attempting to kick them out of the open-air shopping mall, according to separate counterclaims and responses to eviction lawsuits filed during the first 10 months of 2017. Sporting-goods shop Miami Waves accused Bayside Marketplace LLC of inducing tenants into entering leases under “knowingly false representations” and making material and costly improvements to their spaces “under broken and avoided promises,” documents filed in Miami-Dade Circuit Court show. Sushi bar Maki’s Place claimed it signed a lease for a 671-square-foot space on Oct. 8, 2013, but was not able to open until two years later due to delays and modifications caused by Bayside Marketplace that led to the restaurant failing and being forced to vacate its space in November 2016. John Cherneski, an attorney for Bayside, said complaints by Miami Waves, Maki’s Place and other disgruntled operators are bogus, accusing them of trying to “avoid their contractual obligations.” Bayside is owned by New York City-based Ashkenazy Acquisition Corp. and General Growth Partners.

9.) Comras combats predatory lending

SC Venture, a company controlled by commercial real estate developer Michael Comras, sued a New Jersey-based real estate financing firm that took over a loan that was the subject of a failed foreclosure action. According to a May 26 lawsuit in Miami-Dade Circuit Court, SC Venture is suing Coconut Grove Acquisition, an affiliate of Rochelle Park, N.J.-based Case Real Estate Capital, for malicious prosecution and breach of contract for attempting to foreclose on a three-story, 36,230-square-foot retail building at 2982 Grand Avenue owned by Comras. Coconut Grove Acquisitions bought a $7.9 million promissory note from Stabilis Capital in 2014, after SC originally took out the note in 2007. According to the complaint, Stabilis used predatory lending practices in an attempt to find SC in default. When Coconut Grove Acquisitions took over the loan, the company continued a foreclosure lawsuit against SC. A judge dismissed the foreclosure action, but Coconut Grove Acquisition continued to demand that SC’s loan payoff amount was $15 million, including $10 million in default interest charges.

10.) Can’t spell Cassa using Assa

In September, New York-based Assa Properties accused Miami-based TSG Paragon Development and 18 other related companies of trademark infringement, unjust enrichment and consumer fraud, among other claims. According to its complaint in the U.S. Southern District of New York, Assa wanted to stop TSG from using “Cassa” in its branding of two residential projects in Pembroke Pines and Miami. Assa’s lawsuit states the company began using “Cassa” in 2007 as a combination of the Spanish word “casa” and the firm’s name for several of its hotels in New York. In 2012, TSG Paragon Development launched Cassa at Georgetown and Cassa Brickell using the same design as Assa’s brand in advertising and marketing materials, the lawsuit alleges. TSG and its affiliates continued using Cassa in its marketing materials despite receiving three cease-and-desist letters.

Article source: https://therealdeal.com/miami/2017/12/26/the-10-juiciest-real-estate-lawsuits-of-2017/

Birdman Hit With $12 Million Foreclosure Lawsuit – XXL

The situation with Birdman‘s Miami mansion just went from bad to worse. Now the New Orleans mogul has been hit with a $12 million lawsuit concerning the home and a North Miami office space.

As previously reported, news of Baby’s alleged financial troubles were first brought to light last week, and pumped up by idolizer turned rival, Rick Ross, who called out the Cash Money owner. He sourced a report that claimed Birdman took out a loan in 2015 for $12 million and put the mansion up as collateral for the loan, and now he is in jeopardy of being kicked out of the home for failure to pay. “You ain’t have no money in six-seven years, nigga,” Ross said on Snapchat. “You should have came and borrowed some from Rozay. Now you want to fuck that old lady life up too. You probably borrowing some money from her. I might go buy that house on the water. Just to keep my boat at it. I won’t even stay there, that shit is too small.”

It turns out, the company who loaned Birdman the money is now suing to get their paper back. According to a report by the South Florida Business Journal, he is facing a $12 million lawsuit for the mansion, and a North Miami office space as well, which houses Birdman’s Hit Factory Criteria Recording Studios. EMG Transfer Agent filed a foreclosure lawsuit Nov. 30 against CM Spirits LLC, Criteria Operations LLC and Williams.

Stunna initially took out the loan for the home two years ago. The loan holder has changed hands several times with EMG being the latest. The suit claims Birdman defaulted on the loan this past February, and still owes $12 million plus interest.

Baby initially bought the home for $14.5 million, and after some upgrades, put it back on the market in June for $20 million. It is currently listed at $16.9 million. The studio was purchased the same year for $1.7 million.

XXL has reached out to Cash Money reps for comment, but have not heard back as of press time.

See 50 of the Best Hip-Hop Projects of 2017

Article source: http://www.xxlmag.com/news/2017/12/birdman-12-million-foreclosure-lawsuit/

Polk eyes possible foreclosure of hospital | The Cleveland Daily …

“We were fiscally irresponsible to continue
operating the way we were, and were not going to do that,” said Henry at the time.

The sudden halt of inpatient care was a surprise to much of
the staff, including nurses working in
that department who were dismissed from employment. 

Henry said that was a difficult decision, and there were others that followed. There were also claims of mismanagement.

Jack
Collins, a nine-year board member, went on record to say the hospital didn’t collect the debt from patient’s
accounts. Henry said Thursday evening accounts receivable are still being collected

Hospital officials, including Henry, had anticipate an influx of cash by the end of the year, when they approached the commission on the loan issue. The medical facility was also paying off an excessive debt to the Internal Revenue Service resulting from salary payments.

They were hoping to raise $100,000 to keep the hospital running, although they had raised less than $500. Those anticipations failed to materialized, resulting in the complete closure of the hospital.

Other Commission business:

• Commissioners approved a motion for the county attorney to draft a letter to the Tennessee Department of Transportation urging some tree cuttings on State Route 033.

Commissioner Greg Brooks said there are six trees along Curbow Hill that are at risk of falling into passing traffic. “They could fall onto a school bus,” Brooks said.

• Two Benton residents, Nikki Lea Bloom and Patricia Peterson, were approved as notaries.

• Steve Norwood, commander of the Benton AmVets Post, attended the meeting to solicit the Commission’s support of local veterans.

Norwood also questioned whether or not the county has a Veterans Affairs Officer. He was told Roy Campbell has resigned, although there is a secretary in the office.

The county will be replacing Campbell from an existing applications pool or new applicants.

Article source: http://clevelandbanner.com/stories/polk-eyes-possible-foreclosure-of-hospital,71539

Rap mogul owns one of Florida’s biggest homes, averts foreclosure

While rap mogul Bryan “Birdman” Williams is facing the foreclosure of his $14.5 million on Miami Beach’s Palm Island, his brother and co-founder of their music-pushing business has just staved off an attempt by his neighborhood association in Broward to seize his mansion.

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Ronald “Slim” Williams, Birdman’s big brother, happens to own one of Florida’s largest single-family houses.

At 34,000 square feet, give or take a few, Slim’s Weston behemoth even beats the home that Miami Marlins owner and retired New York Yankees star Derek Jeter built in Tampa.

But unlike Jeter, Slim allegedly fails to keep up with some bills, and the Windmill Ranch Estates Maintenance Association filed for foreclosure in August.

Why?

The neat-lawn commandoes claimed Slim wasn’t keeping up with his $1,734 quarterly fees — yep, $1,734 — for things like the neighborhood’s staffed gate inside an already gated area, and asked that he pay $9,000 worth of unpaid fees.

Slim’s response?

No response, until the association filed for foreclosure.

It’s not that Slim can’t fish a few thousand dollars from his pockets.

After all, the Cash Money recording company he started with Birdman in 1991 produced the likes of Lil Wayne and Drake and Nicki Minaj and Tyga.

He also plunked down $7 million for the crib at 3305 Fairfield Lane in 2012 like it was nothing.

So, cooler heads prevailed and Slim finally paid since, last week, the association agreed to dismiss the foreclosure case.

The association’s lawyer had no comment. Slim did not hire a lawyer and couldn’t be reached.

Article source: http://www.miamiherald.com/entertainment/ent-columns-blogs/jose-lambiet/article190899319.html