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City of Minot hires lawyer in intermodal station foreclosure dispute – KFYR

MINOT, N.D. – The Minot City Council has taken on legal counsel to handle the city’s end of an ongoing foreclosure dispute with an intermodal station in the city.

Court records indicate that First Western Bank and Trust has declared two separate loans in default from North Dakota Port Services, which leases the station’s land. The city of Minot owns the property.

The city council voted Tuesday to approve the Bakke Law Firm to handle the city’s part of the case, following a roughly half-hour long closed-door executive session.

The amount due for one loan comes in at more than $7.4 million, while the other is more than $1 million.

The Bakke Law Firm also handled the city’s legal dispute with former City Attorney Colleen Aue

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Quality Cash Market foreclosure auction canceled

The foreclosure auction of the Quality Cash Market has been canceled, raising hopes that the East Concord icon will remain in business.

Co-owner Liz Duncan could not be reached for comment Monday, but the store confirmed that the auction, scheduled for Tuesday, May 23, would not be held.

The family-owned convenience store at 11 Eastman St., including a bakery and butcher shop, was set to be sold in a foreclosure auction organized by Granite Bank, which holds the mortgage on the store and an adjacent family-owned building.

Quality Cash opened in 1977. Duncan is part of the third generation of family owner/operators. Earlier Monitor stories about its possible demise drew a host of comments from sad and upset readers.

When the foreclosure auction was first announced, the two buildings owed thousands of dollars in property taxes to the city of Concord, according to city tax collector Michael Jache.

David Brooks

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Fresh Start program helps families hurt by foreclosure during recession

A new state program, Fresh Start, is designed to help families and individuals who have experienced foreclosures, job loss or other financial difficulties stemming from the financial crisis that began in 2008, Gov. John Carney and other officials announced May 23.

Fresh Start, a partnership between the Delaware State Housing Authority and the state’s financial empowerment program, $tand By Me, offers free financial coaching to help Delawareans get past setbacks and move toward home ownership again.

The statewide program, funded by bank settlements, was developed to help Delawareans who lost their homes because of foreclosure, short sale or deed in lieu arrangements, said DSHA Director Anas Ben Addi. They may wish to improve credit, increase savings or decrease debt to put them in a better position to buy a home or rent.

$tand By Me works with nonprofits to offer personal financial coaching, with four coaches statewide devoted to helping Fresh Start clients.

Since it began six years ago, $tand By Me has served more than 75,000 Delawareans, including more than 14,000 who have participated in financial coaching.

Carney and other leaders spoke at an event formally kicking off the program at the Goodwill store at Lea Boulevard in Wilmington. Goodwill is one of three nonprofits with Fresh Start financial coaches, along with NCALL Research and Interfaith Community Housing of Delaware.

For information, visit or call 504-3549 or 652-3991, ext. 106, in New Castle County, 678-9400 in Kent County or 855-1370 in Sussex County.

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Florida appeals court reverses judgment that borrower in foreclosure case committed technical error

BROWARD COUNTY — Florida’s 4th District Court of Appeal recently reversed a lower court decision that had said a borrower in a foreclosure case had committed a “technical breach.”

Summitbridge Credit Investments III LLC (Summitbridge) filed the appeal after the Broward County Circuit Court ruled that the borrower, Carlyle Beach LLC, owed money but that a foreclosure was unfair.

The legal issues for the borrower and lender began when Summitbridge bought Carlyle Beach’s commercial loan from the original lender, which had implemented several modifications, in 2012. Carlyle Beach had agreed to certain terms “so long as credit is available under this agreement and until the bank is repaid in full.” The borrower had to prove financial standing with certain documents and statements during the time of the loan. But Carlyle Beach allegedly didn’t comply with the agreed-upon terms, so the lender wanted to foreclose.

Carlyle Beach said it didn’t break the contract because the agreement was only in place “so long as credit is available.” Shortly after taking the out the loan, the borrower was told the “credit-line was no longer available.” The lender never asked for more financial proof.

Summitbridge submitted an appeal because it said that there was no cancellation of financial information so an alleged “material breach” was enough to bring foreclosure. It also said the borrower’s late payment of the property taxes should not prevent foreclosure and that the court was incorrect in not allowing “essential discovery” and that the lower court “misapplied equitable concepts” when it dismissed the notion of “relief on its non-equitable claims.” The district court agreed with the trial court on all points except the concerning the “material breach.”

Carlyle Beach argued that the lender didn’t have the proper position to foreclose and that the court was incorrect when it decided that it was guilty of a “technical breach.” The appeals court agreed with the trial court on the borrower’s issue about whether the lender could foreclose but agreed with the borrower on its cross-appeal that the trial court erred when it came to the borrower’s “technical breach,” so it reversed that judgment. 

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As foreclosure well runs dry, investors look to new builds

After the financial crisis, investors began buying up foreclosure properties and renting them out.

But after the foreclosure well ran dry, investors began looking into a whole new sector – new builds. HousingWire Magazine’s cover story in April outlined the growing build-to-rent sector, and the new opportunities it offers investors.

Now, many large investors are joining the trend and buying up homes from builders across the country, according to an article by Heather Perlberg for Bloomberg.

From the article:

American Homes 4 Rent, a five-year-old real estate investment trust and the biggest of the publicly traded landlords by number of homes, is buying lots and houses around the U.S. Colony Starwood Homes plans to purchase at least 600 just-erected properties over the next year from more than a dozen builders. Privately held AHV Communities LLC is plotting whole neighborhoods for those who want —without the bother of ownership —- single-family residences with some apartment-complex bells and whistles, such as fitness centers and bocce-ball courts. Residents don’t even have to mow their lawns.

The article explains the build-to-rent boom is based on the assumption that there is a significant number of people who want to live in a detached home, but can’t afford to buy it.

However, this is not the view that one homebuilder took when he opened Texas’ first build-to-rent neighborhood.

Josh Hartmann, NEXmetro Communities chief operating officer, explained these leased homes are not competing with single-family homes, but catering to an altogether different demographic: those happy to stay renters.

“People are going to live where they’re going to live,” he said, pointing out many renters enjoy the community offered and not having to keep up with the home maintenance.

The Bloomberg article points out that while new builds typically cost more for investors, they also save money on maintenance and repairs, in addition to being able to charge a 5% to 8% premium on the rents as opposed to existing homes.

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Welcome foreclosure relief for N.J. homeowners | Opinion

If you listen to the Wall Street folks for any length of time, you would think our housing troubles are over. While major housing markets like San Francisco, New York, Las Vegas and Dallas may be getting traction these days, that traction hasn’t made it way to many New Jersey communities, especially in South Jersey.

The situation doesn’t come as a huge shock. Positive national trends come slowly to many smaller communities and rural areas, if they come at all. When they do, it’s usually some type of trickle-down effect. Like trickle-down economics generally, very little improvement is seen.

Such is the case with our local housing market. The story coming out of Wall Street is that the foreclosure crisis is yesterday’s news. But in many communities, we are still in the middle of that storm.

Data show that New Jersey now has one of the highest foreclosure rates in the country. As of March, one in every 497 housing units was involved in some type of foreclosure action. In Cumberland County, that number was one in every 357 housing units. In Gloucester County, it was one in every 210 units; for Salem County, it was in every 252.

The City of Bridgeton had roughly 460 properties in some type of foreclosure activity (default, auction or bank-owned) in March 2017. The number of homes put on the list was 44 percent higher than in February. The real kicker is that these numbers are 80 percent higher than at the same time last year.

These numbers don’t happen in a vacuum. Among the 216 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in March were Trenton (1 in 355 units), Atlantic City (1 in 452), and Philadelphia (1 in 577). 

In Bridgeton, roughly 5.6 percent (389) of our residential units were vacant at the end of 2016.  It is a safe bet that a good number of these units were among the 460 properties that were touched by foreclosure as of March.

Foreclosures do damage in our neighborhoods by lowering the value of surrounding properties, and this leads to its own problems. Vacant properties are magnets for crime and vandalism, which can further a cycle of decay and instability.

Those factors don’t even touch on the human impact, which is significant. When a family is removed from a home in foreclosure, there are likely to be one or more children who get hauled out of their school and away from their friends. 

Those who stay in homes where they owe more than the property is worth face many financial struggles. When living in a house with no equity, it doesn’t take much to push them over the edge and into foreclosure.

That’s why I was glad to come across the SUN (Stabilizing Urban Neighborhoods) foreclosure program, which helps people behind in their mortgage payments or facing foreclosure. A 30-year-old non-profit associated with Boston Community Capital, a mortgage broker, SUN aims to allow clients to repurchase their homes under new mortgages that they can afford. 

According to SUN, it has helped upwards of 800 families keep their homes since 2009 by lowering their mortgage bills (principal balances and overall monthly payments) by an average of 35 percent. 

SUN works with banks and attorneys to stop the eviction process. It purchases foreclosed properties at their distressed values, then resells those properties to the current occupants at a serious discount off the previous mortgage. SUN concentrates on providing homeowners who have a stable income with affordable, 30-year, fixed-rate mortgages. This process works especially well for homeowners who are “under water” on their current mortgages.

With so much at stake for our residents and the health and stability of the Bridgeton community more generally, I encourage anyone who is facing foreclosure and reach out to SUN to see if the program can help.

To learn more about the program, call SUN at 855-604-4663. There is no application fee, and the program welcomes applications from anywhere in New Jersey. 

You can also find information about SUN on the City of Bridgeton website at 

Albert B. Kelly is mayor of Bridgeton. Contact him by phone at 856-455-3230 Ext. 200.

Bookmark Follow on Twitter @NJ_Opinion and find Opinion on Facebook.

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1st District Court of Appeal sends foreclosure fee case back to lower court

TALLAHASSEE — In a case involving a Florida man and his fight to keep a bank from foreclosing on his late mother’s reverse mortgage, the 1st District Court of Appeal has affirmed a judgment and remanded a portion of the case regarding attorney fees to the lower court.

In the ruling, the appeals panel said that the issue of the fee for the plaintiff’s attorneys must be supported by testimony from the attorney or a representative of that representative absent a stipulation or waiver.

The original case was filed in the Circuit Court for Escambia County by OneWest Bank as a foreclosure on a reverse mortgage formally held by the mother of the appellant, Stephen Henderson Jr.  

As the case went to judgment, the attorney for OneWest Bank submitted a fee schedule to be added to the amount awarded to the bank in the proceeding.

The original amount proposed amount due to OneWest Bank was $8,976.70. Then the attorney submitted a bill in the amount of $13,753.50, according to court documents. The bill was never officially entered into the record and neither the attorney nor a representative testified at the hearing, court documents state.

Henderson appealed the final award and moved for the court to reject the fee award.

The appeals panel affirmed the foreclosure but remanded the case back to settle the additional fee award, stating that the record must reflect the evidence and direct testimony to support attorney fees in a mortgage foreclosure case.

“On these facts, Appellee may be entitled to attorneys’ fees, but it first must adduce additional competent and substantial evidence in support of the fees claimed,” the panel wrote in the decision. “Mortgage foreclosure plaintiffs seeking attorneys’ fees must support their claim with competent, substantial evidence of the number of hours worked and evidence that those hours and hourly rates are reasonable.”

The court remanded the case back to the circuit court for further proceedings.

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Hat Trick: Trick Daddy Files For 3rd Bankruptcy Just Before Foreclosure – Hip

Trick Daddy knows how to use the system to his benefit. The Miami rapper has filed for his third bankruptcy in three years—just in time to stop the loss of his home via foreclosure.

Reports Bossip:

Trick – real name Maurice Young – filed for Chapter 13 bankruptcy last month on the same day that his house was supposed to be auctioned off to the highest bidder.

It is the third time in three years that the Miami rapper has filed for bankruptcy, with his other two being dismissed because of failure to make plan payments.

Trick listed his assets between $100,000 and $500,000 but said he owes between $500,001 and $1 million to various creditors.

Besides his house, which is worth $417,000, he has $2,500 in furniture, $150 in clothing and $400 in jewelry. The rapper said he has no cash on hand, in the bank, or in investments, but does own $10,000 in stock in the company Trick Rick Music Publishing.

Among his debts are about $57,000 in back child support, $280,000 left on his home’s mortgage and $290,000 to the IRS.

Reportedly, Trick says he only made $17,000 this year, and $75,000 total last year.

Sounds like the “Shut Up” rapper needs to book a tour, stat. Reportedly, Trick will be appearing in the forthcoming Love Hip Hop: Miami reality show.

Photo: Power 105

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    Intermodal facility faces foreclosure


    Minot’s intermodal facility is in default, and its lender is asking the court in a foreclosure proceeding for the right to sell property to collect on its debt.

    The Minot City Council will meet Tuesday at 4 p.m. for attorney consultation. The city owns the property, which is leased to North Dakota Port Services.

    The mortgage, held by First Western Bank, was created in March 2013 to secure $10 million in loans. One loan came into default last November because of the failure to pay the balance of $994,952 plus late fees and of $32,053. Per diem penalty is $164.

    First Western also has declared the second loan in default for failure to make monthly payments for October, November and December of 2016 and January and February of 2017, for a total of $499,480. The remaining principal owing on the second loan is $7.17 million, with interest and late fee of $203,697. Per diem penalty is $1,179.

    Because of the default, the lender is able to declare the full amount due under the terms of the loan agreement. Collateral on the loans includes personal property as well as real estate.

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    Homeowners Say Real Estate Website Lists False Foreclosures …

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    NORTH TEXAS (CBSDFW.COM) – A stranger’s knock lead to a troubling discovery for one North Texan.

    “My house has never been in trouble,” Demetria Rogers told CBS 11 News.

    She built her dream home from scratch in 2001.

    Thus, when a stranger came knocking at her door one afternoon, it rattled her. The encounter was caught on her doorbell camera.

    “I was wondering, I was looking online,” the stranger said to her. “I saw this house online, is it foreclosed?” he asked Rogers.

    “And, then he said ‘well, your house is on Zillow. It’s foreclosed on,’ ” Rogers recalls. The stranger wanted to know if she wanted to sell it.

    She immediately rushed to check the real estate website Zillow herself. There it was. Her home was listed as a foreclosure. Zillow cited public records showing her home was bank-owned for 10 years. Rogers called the real estate agent Zillow had listed for her home. She couldn’t help. Then she called the mortgage company who said that her home was never and is not referred for foreclosure.

    The I-Team dug through county property records, tax records and court records to confirm, there was no foreclosure.

    “I have been nervous ever since. I am very concerned!” Demetria said.

    Turns out Rogers is not the only one. The I-Team found dozens of similar listings all over North Texas. The homes are listed as foreclosed online, but county records show otherwise.

    Ray Daughhetee owns one of them. He has been trying to get Zillow to correct the foreclosure listing on his home since he discovered it about two years ago.

    “So far I’ve reported it twice, and then today,” he said.

    He is concerned about what it was doing to his home’s value.

    “If I see the home is foreclosed upon, it throws up a lot of red flags.”

    Real estate expert Nicole Espinosa says people think the home is damaged and not maintained properly. Also, she says homes listed as foreclosed on Zillow far outnumber the real foreclosures.

    For example, Zillow shows 1,045 foreclosed homes in Tarrant county. The Multiple Listing Service or MLS, used by realtors, lists at just 553. That includes homes in pre-foreclosure.

    In Dallas county, Zillow shows 1,491 foreclosed homes, compared to MLS data of 591. Espinosa says the perception it leaves, is the biggest problem.

    “Why is your house listed as a foreclosure, or why was it once, in a foreclosure,” Espinosa says it gives a negative perception to the buyers.

    Zillow told CBS11: “Zillow has information on more than 110 million homes and we strive for accuracy in all listings. The primary source of our information comes from public records. Because public records sometimes have inaccurate information, we’ve made it easy for homeowners to claim their home and provide us accurate information. Homeowners can flag their home details on Zillow with one-click, and if the information is no longer accurate, we will remove it immediately.”

    Several realtors said, Zillow benefits from having as many listings show up as possible. That draws buyers and connects them to realtors.

    The company wouldn’t say how often it checks and corrects records on its own, without leaving it up to homeowners. About a week after the I-Team started investigating, the foreclosure label on Demetria Roger’s house disappeared. But, she believes the damage has been done.

    “The guy who came to buy my house was asking the neighbors about it. that’s embarrassing.”

    If you want an accurate list of foreclosed properties, you can ask a realtor. Most counties in North Texas keep updated lists on line.

    Click the following links to them by county:


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