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Foreclosure: Benson/Nash

NOTICE OF MORTGAGE Foreclosure SALE

THE RIGHT TO VERIFICATION OF THE DEBT AND IDENTITY of THe ORIGINAL CREDITOR WITHIN THE TIME PROVIDED BY LAW IS NOT AFFECTED BY THIS ACTION.

NOTICE IS HEREBY GIVEN: That default has occurred in the conditions of the following described mortgage:

DATE OF MORTGAGE: December 8, 2005

ORIGINAL PRINCIPAL AMOUNT OF MORTGAGE: $216,500.00

MORTGAGOR(S): Ross Benson and Derek Nash, both single individuals

MORTGAGEE: Voyageur Financial, Inc., DBA Minnesota Guaranty Mortgage Corporation, a Minnesota corporation

DATE AND PLACE OF FILING: Filed December 29, 2005, Dakota County Recorder; Document No. 2392776

ASSIGNMENTS OF MORTGAGE: Assigned to: Wells Fargo Bank, N.A.

LEGAL DESCRIPTION OF PROPERTY:

Lot 16, Block 2, River Hills 1st Addition

COUNTY IN WHICH PROPERTY IS LOCATED: Dakota County, Minnesota

THE AMOUNT CLAIMED TO BE DUE ON THE MORTGAGE ON THE DATE OF THE NOTICE: $215,619.03

THAT no action or proceeding has been instituted at law to recover the debt secured by said mortgage, or any part thereof; that there has been compliance with all pre-foreclosure notice and acceleration requirements of said mortgage, and/or applicable statutes;

PURSUANT, to the power of sale contained in said mortgage, the above described property will be sold by the Sheriff of said county as follows:

DATE AND TIME OF SALE: July 9, 2009 at 10:00 am

PLACE OF SALE: Dakota County Sheriff’s office, Law Enforcement Center, 1580 Highway 55, Hastings, Minnesota

to pay the debt then secured by said mortgage and taxes, if any actually paid by the mortgagee, on the premises and the costs and disbursements allowed by law. The time allowed by law for redemption by said mortgagor(s), their personal representatives or assigns is six (6) months from the date of sale.

“THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGOR’S PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINNESOTA STATUTES, SECTION 582.032, DETERMINING, AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL DWELLING OF LESS THAN FIVE UNITS, ARE NOT PROPERTY USED IN AGRICULTURAL PRODUCTION, AND ARE ABANDONED.”

Dated: April 27, 2009

WELLS FARGO BANK, N.A.

Mortgagee

REITER SCHILLER, P.A.

By: /s/

Rebecca F. Schiller, Esq.

Sarah J.B. Adam, Esq.

N. Kibongni Fondungallah, Esq.

James J. Pauly, Esq.

Leah K. Weaver, Esq.

Attorneys for Mortgagee

25 North Dale Street

St. Paul, MN 55102-2227

(651) 209-9760

(X9887)

THIS IS A COMMUNICATION FROM A DEBT COLLECTOR.

NOTICE OF MORTGAGE FORECLOSURE SALE

FORECLOSURE DATA

Minn. Stat. § 580.025

(1) Street Address, City and Zip Code of Mortgaged Premises

10711 Prescott Court, Burnsville, MN 55337

(2) Transaction Agent

Voyageur Financial, Inc., DBA Minnesota Guaranty Mortgage Corporation, a Minnesota corporation

(3) Name of Mortgage Originator (Lender)

Voyageur Financial, Inc., DBA Minnesota Guaranty Mortgage Corporation, a Minnesota corporation

(4) Residential Servicer

Wells Fargo 800-416-1472

(5) Tax Parcel Identification Number

026410016002

(6) Transaction Agent’s Mortgage ID Number (MERS number)

None

5/1-6/5

Article source: http://www.rosemounttownpages.com/community/legal-notices/1081018-foreclosure-bensonnash

Brockton residents rally against banks, foreclosure tactics

Rally shows support for victims of banks’ foreclosure practices in Brockton

BROCKTON — Christine Hrycenko stood outside her home on Trenton Street on Sunday afternoon, surrounded by friends and supporters carrying signs and chanting rallying cries.

This was because, she said, the brown-shingled bungalow has been her home for the past 13 years. And no bank, no investor and no methods of financial intimidation were going to take that away from her easily.

“I’m here until the judge tells me to get out,” Hrycenko said.

Hrycenko was joined by about two dozen supporters and members of the nonprofit City Life foundation, rallying against banks and their foreclosure tactics and showing support for those who have faced foreclosure and eviction.

Many shared their stories Sunday, detailing a puzzling system in which banks often begin foreclosure processes even when homeowners are willing to pay.

That was the case with Hrycenko, who said her problems began when she started negotiating for a loan modification with her bank five years ago.

She was in the process of submitting a new application for the modification, she said, when she learned her house had been auctioned off.

It was truly befuddling for Hrycenko, who said she was always willing to pay what the banks asked for.

“For a lot of people, it isn’t because they don’t want to pay,” she said. “It’s because the banks don’t want to work with you. It’s their way or your highway.”

Many banks seem more interested in selling and flipping homes, she said.

Joining Hrycenko and the crowd Sunday was City Councilor Anne Beauregard and state Rep. Michelle DuBois, who said they were both in support of fixing the foreclosure problems in Brockton.

Several more stories were shared over the afternoon, like Elenice Umana’s.

Umana, who has lived at her home on Thorny Lea Terrace for 17 years, said she missed one payment on her mortgage, then reached out to her bank to see how she should make it up.

They advised her to make two payments sometime in the future. A few months later, she said, they filed for foreclosure, citing missed payments.

Umana said she’s paid thousands of dollars in legal fees fighting her bank.

Leading Sunday’s rally was City Wide, a Boston-based nonprofit seeking to help those facing foreclosure. Community organizer Ronel Remy spoke during the rally, telling those battling the banks that they weren’t alone.

As supporters carried signs that read “Equity Not Eviction,” Remy led chants of “What do we do when the banks attack? We stand up, we fight back.”

Beauregard, the Ward 5 councilor, said she plans to bring Remy to speak to the City Council in March in hopes of addressing Brockton’s foreclosure issue, which she called one of the worst in the state.

“We want to empower individuals, and educate them about the resources they do have,” Beauregard said. “And making them realize they are not alone — that’s half the battle right there.”

Article source: http://brockton.wickedlocal.com/news/20180218/brockton-residents-rally-against-banks-foreclosure-tactics

Real estate investors plead guilty to rigging public foreclosure auctions

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Justin Sellers/The Clarion-Ledger

Two real estate investors pleaded guilty Thursday for their roles in a conspiracy to rig bids at public real estate foreclosure auctions on the Mississippi Gulf Coast.

The U.S. Department of Justice said brothers Jason Boykin and Shannon Boykin conspired with others to rig bids, designating a winning bidder to obtain selected properties at public real estate foreclosure auctions. Co-conspirators made and received payoffs in exchange for their agreement not to bid.  

Assistant Attorney General Makan Delrahim of the Department of Justice’s Antitrust Division said Shannon and Jason Boykin are the first two defendants to plead guilty in an ongoing investigation into anti-competitive behavior at real estate foreclosure auctions in Mississippi.

Court papers say Shannon and Jason Boykin took titles to the properties through their companies, Divine Homes LLC and Apple Investments LLC. 

Read:: Levon Brooks: ‘An extraordinary man’ who wrongfully spent one-third of his life in prison

From May 22, 2012, through at least March 22, 2017, the Boykins purchased properties and made payoffs totaling $1,551,992.

Their attorney, John Colette of Jackson, said Thursday he had no comment.

Sentencing is set for May 16. The Boykins each face a maximum 10 years in prison and a $1 million fine. And the penalty may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime if either amount is greater than the statutory maximum fine.

“Rigging, cheating and swindling foreclosure auctions undermines confidence in the marketplace, defrauds companies, and hurts owners of foreclosed homes. These criminal actions harm us all, and I commend the Antitrust Division and the FBI for their investigation and prosecution of these crimes throughout the country,” U.S. Attorney Mike Hurst of the Southern District of Mississippi said in a news release.

Real estate properties are often sold at these auctions, the proceeds are used to pay off the mortgage and other debt attached to the property, with remaining proceeds, if any, paid to the homeowner. According to court documents, these conspirators paid and received money in connection with their agreement to suppress competition, which artificially lowered the price paid at auction for such homes.

 

Article source: https://www.clarionledger.com/story/news/2018/02/15/real-estate-investors-plead-guilty-rigging-public-foreclosure-auctions/343156002/

Negotiations Continue For Man Charged In Foreclosure Scam

February 17, 2018

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Plea negotiations are ongoing for a Tyrone Township man charged in an alleged mortgage foreclosure scam that affected a number of Michigan residents.

54-year-old Lawrence Adell Sefa, who is facing a total of 30 charges, appeared in Livingston County Circuit Court Friday for a pretrial hearing. In case negotiations a number of points are considered, including the defendant’s criminal history, the severity of the crime and the likelihood of conviction at trial.

A plea agreement could not be reached at Sefa’s hearing, which led to a request from his attorney, Joshua West, that a trial date be set. His request was followed by a request for adjournment by the Michigan Attorney General’s Office, who is prosecuting the case. Their request was granted. Sefa returns to court March 2nd.

Sefa is charged with 15 felonies, including conducting a criminal enterprise and false pretenses, and 15 counts of Credit Services Protection Act violations, which is a misdemeanor. He is said to have stolen tens of thousands of dollars from Michigan residents facing mortgage foreclosures in a scam he operated through his company.

An investigation was launched after multiple complaints were made regarding Sefa and his company, LAS Loan Assistance Centers. Clients claim Sefa and LAS took money from them up front for mortgage assistance and/or debt settlement, but never provided the promised services. Sefa and LAS allegedly guaranteed specific outcomes, such as lower monthly mortgage payments, which is impossible to do. Sefa is also accused of withholding his clients’ personal financial documents when asked to return them. (DK)

Article source: https://whmi.com/news/article/30537

Great Recession, 10 years later: Foreclosure crisis cut deeply; the sting is still felt – The News

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During the Great Recession, Lee County became the nation’s foreclosure capital.
Steve McQuilkin / USA TODAY Florida Network

It was a cycle that repeated often — default, foreclosure, repossession, and eviction.

All too familiar to thousands in Lee County beginning in 2008. Jobs were lost, incomes were reduced, homes became unaffordable

Many of the foreclosed mortgages were “products” designed to qualify as many potential home buyers as possible.

To do that, the mortgages included a variety of non-typical features. Features such as balloon notes, loans without documentation of income and interest-only payments, fashioned on the premise that the rising market would go on forever.

It didn’t.

The real estate market in Southwest Florida stumbled, fell and hit rock bottom in 2008.

Map/Database: Foreclosures in Fort Myers, Cape Coral

Map/Database: Foreclosures in Naples, Immokalee, Marco Island

The Fort Myers/Cape Coral area was the hardest hit across the country.

Foreclosure cases skyrocketed and jammed the dockets.

More than 40,000 foreclosures were filed in 2008 on homes in Lee County. More than 9,000 were filed in Collier County.

By the spring of 2009, the Circuit Court backlog in Lee County was 29,000 foreclosures, each by the holder of a mortgage note. In many cases, owners were faceless trusts that bought mortgages from the original lender, packaged them into securities and sold them.

In Lee County, the result was the notorious “rocket docket” that brought in retired judges to preside over speedy judgments in foreclosure cases.

Retired judges heard some 300 cases per week and two judges worked full time on foreclosures, handling up to 4,000 in a single month.

Six thousand cases were heard during December 2008. The fact that many homeowners didn’t bother to show up made things easier.

The rocket docket helped put thousands of houses on the market at once, and critics said the massive dumping of housing stock on the market depressed prices. The median price bottomed out at less than $90,000 in 2009. 

More: Economy bounces back, but many still recovering from devastating downturn

More: For black Americans, the real estate market that isn’t

Visit from the past 

The market glut led to lower prices at auction, and ultimately to the ghost of the Great Recession haunting people who thought the crisis was behind them.

The ghost was in the form of deficiency judgments, a legal demand that dispossessed homeowners pay money for a home they no longer owned. 

Even years later, foreclosed former homeowners were sued for the difference between the amount still owed on the mortgage loan they got from eager brokers during the boom and the value of the property at the time of the foreclosure sale. 

The Federal National Mortgage Association Fannie Mae, sought to recover some of its loss by selling the debt to a company that would sue the homeowner for the deficiency.  

A Texas company bought many of the notes and began filing suit against people who had started the road to financial recovery. The mortgages were bought at discounts; the mortgage buyer’s profit came in collecting as much of the deficiency as possible with as little expense as possible. 

One company, Dyck O’Neal Inc. of Dallas, filed more than 10,000 suits in Florida against former homeowners for the difference in their mortgage balance and the value of the home at foreclosure. 

The collectors came armed with a Florida statute that allows garnishment of debtors’ wages.

Lisa Davidson, then of Fort Myers, was sued by Dyck O’Neal in 2014 in Lee Circuit Court, four years after the foreclosure.

Davidson said she had agreed to sell the house for less than the amount owed on the mortgage. She arrived at the closing prepared to sign the sale papers.

At the closing, Davidson said, her real estate agent demanded she sign a promissory note to the lender promising to repay the difference between the mortgage amount not paid at the closing.

“The agent put a paper in front of me and said ‘sign here,’ I was distraught and under distress and didn’t read the whole agreement,” she said  “I trusted them.”

Immediately after the closing, the note was transferred to Dyck O’Neal Inc., one of a small number of companies that buy judgments emanating from Fannie Mae mortgages.

“With student loans and hospital bills and surgeries and the economy not what it was, there’s a lot of factors,” she said. ”I was struggling to make ends meet.”

She made three payments and couldn’t afford to continue.

“Dyck O’Neal is a company that got in bed with Fannie Mae to collect these things,” said Fort Myers attorney David Fineman.

Fineman has defended dozens of people in several Florida counties in suits brought by Dyck O’Neal. He did not comment on any specific case, but said results can differ from judge to judge.

“I had a few that filed bankruptcy because they’d rather get it over with,” Fineman said. “I’ve had some that lose and just filed bankruptcy to get rid of it, and I’ve had some that want to fight tooth and nail because they think it’s the right thing to do because of what happened to them.”

Graphic: Unemployment rates for Lee, Collier (2003-2017)

The rocket docket and the legal process wore Davidson down. 

Court appearances took her away from work. As a commissioned salesperson, every trip to court represented income opportunities lost.

Davidson tried to negotiate but said she received no response.

Finally, she appealed to Judge George McHugh to ask the company to answer her inquiries.

“The last (lawyer) who was in there said here’s how it’s going to work, they’re not going to budge,” she said. “They’re going to make your life a living hell and you have to agree to it or they’re going to keep you in court forever.”

Ultimately, she agreed to payments of $100 per month, which the collection lawyers insisted be through automatic withdrawal from her bank account. 

More: New Year’s 2006 began long slide for Fort Myers, Cape Coral home prices

More: It didn’t have to happen: The Great Recession was avoidable

Ownership upheavals

The impact of the foreclosure crisis is well-remembered by the people who lived through it.

The human drama of homes lost and lives turned upside down was not limited to people living from paycheck to paycheck.

The recession claimed successful businesses. Some sacrificed personal finances to try to save their life’s work.

One such case was a foreclosure filed against Bill McDaniel who owned a mining and excavation company and multiple small real estate and development limited liability companies in Collier County. 

McDaniel, now a Collier County commissioner, lost his Golden Gate Estates home to foreclosure in 2014, owing just over $1 million on a mortgage and court fees.

“The problem is it’s not just the valuation of your home that’s going down, it’s also your capacity to earn the income to make mortgage,” McDaniel said. “It’s an awful thing and I wouldn’t wish that circumstance on anyone. When that depression came, I had to choose to make payroll and keep my companies alive, or make mortgage payments. I didn’t have income for both. I chose to make payroll.”

More: Great Recession, 10 years later: Young professionals battled for scarce jobs

More: Great Recession, 10 years later: Losing it all in Cape Coral does not mean life is over

Business hit, too

The wave of foreclosures didn’t just cost people their homes, it emptied full strip malls and shopping centers.

For builders, it was like watching a row of dominoes falling – people couldn’t pay mortgages, stopped going out to eat, started losing their homes and left town.

Construction dried up, offices closed, restaurants couldn’t make rent. Randy Johns, owner of Phoenix Associates, a construction company in North Naples, said the impact fell on a company he worked more than 20 years to build.

“We all extended ourselves too much,” Johns said. “Investors were buying from other investors and not end users. It all came to a crash so fast we couldn’t liquidate. We lost all our cash.”

By 2007, Phoenix owned 11 shopping centers in the Naples area, renting out office space and store fronts. During the height of the recession, many of the restaurants had left or couldn’t make rent. The bank forced the sale of the plazas for less than what was owed on the mortgage.

“It was just like we started over and everything we had done over 25 years was gone,” Johns said. “We got down to just six employees from 87.”

Phoenix does very little home building now, focusing almost entirely on offices and storefronts. But Johns watches the residential market for signs of the next crash. The time to worry, he said, is when investors start buying up homes.

“We’ve always had seven-year cycles here in Collier,” he said. “This time, it seems like the people buying houses are the ones living in them. They’re not trying to flip them before they even close on them. So I’m hoping the market will be good for the next four or five years.”

Mobile and app users: View a timeline of the Great Recession

Far away gambles

Much of the foreclosure crisis was fueled by out-of-control demand that sent prices soaring. 

Even local banks that knew the landscape got burned. 

A pair of out-of-state credit unions – one in Colorado, the other in Michigan – took big, and ultimately unsuccessful gambles, investing more than $400 million in Florida real estate loans. 

Interactive map: Map of bank failures in Florida

Before June 2005, Huron River Credit Union of Ann Arbor, Michigan, had never written a real estate loan in Lee County.

That month, Huron River recorded the first of hundreds of loans it would make in the region.

Within 16 months, managers of the depositor-owned institution “committed the majority of Huron’s assets to a high-risk construction program in Florida,” according to a report from the National Credit Union Administration‘s inspector general.

Huron River risked $202 million — of a $303 million loan portfolio — in Florida real estate.

The NCUA inspector general concluded that Huron River “ignored warnings regarding the expected decline of housing values, in particular those in the Florida real estate market.”

Huron River failed in February 2007, less than two years after writing its first loan.

Norlarco Credit Union of Fort Collins, Colorado, also made millions of dollars in loans on Southwest Florida real estate concentrated in Lee County.

The NCUA inspector general’s report on Norlarco’s failure looked at a sample of 350 of its loans.

In the sample loans examined, 97 percent of its residential construction mortgages it wrote from 2004 to 2006 were on property in Cape Coral, Fort Myers, Alva and Lehigh Acres — property the inspector general said was overvalued by 35 percent.

Credit unions can lend only to its members who qualify through residence or affiliations. The inspector general said Huron River made loans to borrowers it had no such relationship with, in violation of the law of its home state. 

More: Banks fell in the Great Recession, but they’re stronger now

More: Great Recession, 10 years later: Stimulus pumped millions into region’s economy

Norlarco allowed people to gain membership in the credit union if they joined a Colorado bird watchers group for a nominal fee. Huron River went one better by ignoring the requirement which the inspector general said “contributed significantly to the rapid and uncontrolled loan growth.”

Norlarco also broadened lending policies to make loans. Credit scores of 700 or more declined from 56 percent of the portfolio examined to 43 percent in a year. The credit union also stretched payment terms on 87 percent of the loans to avoid listing loan as non-performing.

Regulators slammed the doors for good at both institutions. 

Huron River was liquidated in November 2007, 70 years after its founding.

Three months later, Norlaco was liquidated 48 years after it was organized to make mortgage and car loans to school teachers. 

Losses to the National Credit Union Share Insurance Fund came to more than $38 million for Huron River and more than $10 million for Norlarco.

Struggle to rebuild 

Since the deluge of foreclosures, housing markets have rebounded. The Florida Realtors’ association says demand once again is outstripping supply.

The median price for a Lee house was $243,500 in 2017, up 7.1 percent. In Collier it was $434,900, up 3.5 percent. 

Habitat for Humanity turned from building new homes in Collier County to focus on rehabilitating places abandoned by families, some of which left with food still in the fridge.

“Normally here, an auction will have something like three foreclosures and two of them will be condos and one of them will be a storage unit,” said Lisa Lefkow, Habitat CEO. “During the recession, there would be 95 properties up for sale and the bidding would be brutal and ruthless.”

More: Great Recession: Jobs abound, but wages haven’t kept pace with rising costs

More: Some hotels, restaurants suffered, but tourists kept money flowing during Great Recession

Properties stood empty, owned by faceless financial companies that bundled mortgages and sold them as securities. 

In Lee County, many one-time dream homes quickly deteriorated as people packed up and left. Some were invaded by squatters, others were stripped of fixtures, such as copper piping, stolen for scrap value.

As in Collier’s experience with Habitat for Humanity to the south, Lee County’s Neighborhood Stability Program worked to acquire, fix and resell more properties in areas such as Lehigh, Cape Coral, Bonita Springs and parts of east Fort Myers.

The hangover from the Great Recession still impacts people who struggle to rebuild credit, perhaps even buy homes, and resume the lives that changed when the market crashed. 

Lisa Davidson, living and working in Southwest Florida, looks ahead to finishing paying off the deficiency judgment left from her foreclosed house.

The payments have been on time, month after month, but for a while it was no help.

“I’m optimistic,” she sad. ”I have two more years of paying these bloodsuckers, I just want it over with.”


About this series: We examine the impact and lingering effects of the Great Recession.

Great Recession: 10 years later:

Economy bounces back, but many still recovering from devastating downturn

It didn’t have to happen: The Great Recession was avoidable

Banks fell in the Great Recession, but they’re stronger now

Some hotels, restaurants suffered, but tourists kept money flowing during Great Recession

New Year’s 2006 began long slide for Fort Myers, Cape Coral home prices

For black Americans, the real estate market that isn’t

Jobs abound, but wages haven’t kept pace with rising costs

Young professionals battled for scarce jobs

Losing it all in Cape Coral does not mean life is over

Stimulus pumped millions into region’s economy

Click here to get complete coverage of “Great Recession: 10 years later”

 

Article source: https://www.news-press.com/story/news/local/2018/02/17/great-recession-10-years-later-foreclosure-crisis-cut-deeply-sting-still-felt/1079686001/

D-FW home foreclosure filing uptick may signal that the slide in mortgage defaults is over

About 800 Dallas-Fort Worth homes were scheduled for foreclosure in January.

Out of the millions of houses and condos in the area, the few hundred houses facing forced sale are hardly noticeable — unless, of course, you live in one of them.

During the housing downturn in 2010, North Texas was getting almost 6,000 home foreclosure filings a month. That year, almost 64,000 notices landed on the courthouse steps in Dallas, Collin, Denton and Tarrant counties.

But after the housing market turned the corner and prices began to rise, home foreclosures in the D-FW area quickly fell back to pre-recession levels.

Now, with residential values in the area at all-time highs, home foreclosure rates in the area are near record lows.

But there are signs that the long slide in North Texas home mortgage defaults may be over.

“Dallas was one of the markets where we saw an uptick in foreclosure starts in late 2017,” said Daren Blomquist, chief economist for Attom Data Solutions, which gathers mortgage and foreclosure data. “This surprised us. We saw it in Dallas, Denver, Nashville and Austin — great markets that are on fire.”

Late-loan levels in North Texas are still so low as to not be something to worry about.

Only 1.4 percent of Dallas-area homeowners with a loan were seriously behind in their payments in CoreLogic’s latest nationwide mortgage delinquency report. That’s better than the 2 percent of mortgage holders nationwide who are 90 days or more behind.

Home mortgage defaults in southern Texas shot up after last year’s hurricane.

“Serious delinquency rates are up sharply in Texas and Florida compared with a year ago,” said CoreLogic’s top economist, Frank Nothaft.

About 2.5 percent of Texans with home mortgages were seriously in arrears as of November, according to CoreLogic. In the Houston area, it was 4.6 percent.

Article source: https://www.dallasnews.com/business/real-estate/2018/02/16/d-fw-home-foreclosure-filing-uptick-may-signal-slide-mortgage-defaults

Independence Center to enter foreclosure sale on Friday – KCTV5

INDEPENDENCE, MO (KCTV) -

Friday will mark a big day for metro shoppers.

Independence Center is going up for sale and could have new owners by the weekend.

The Simon Property Group currently runs the mall. They own big malls across the country but no longer list Independence Center on their website.

Currently, the mall is $200 million in debt right now. Payment was due in July but was never presented. 

Tom Lesnak, President of the Independence Council for Economic Development, says, no matter what, the sale won’t have a big impact.

He says he is confident that a new owner will be announced in the coming days and that the mall will stay open.

David and Diana Noltensmeyer, of Lexington, MO, say they shopped at the mall as children and would be sad to see it go.

“We bought our wedding rings here at Helzberg, so, I’m kind of concerned about where I’m going to go if they foreclose, and it’s scary. It’s sad,” Diana Noltensmeyer said.

The Noltensmeyers say the mall provides a great service to their family and others like them.

“Little country towns like we live in, in Lexington, this is the only place to go,” Diana Noltenmeyer said. “We just hope it stays, you know it’s a good place to shop and things, all in one place, it would be sad to see it go.”

Chris Marks, of Independence, MO, says the mall has more of a sentimental value to people than anything else.

“Sad, I’ve been coming out here since I was a little kid. But it’s just sort of destiny,” Marks said. “Its been a part of Independence for a long time. Always emotion behind it.”

Marks says he has seen a similar situation happening throughout the country.

“Well it’s destiny, it’s destined to happen in the big malls,” Marks said. ”It’s obvious. Just watching what’s going on around the country, we travel the country, and it’s not just here, it’s everywhere else that it happens too.”

Those with the city said that they are confident the mall will be bought and then it’s up to developers to determine what happens next.

Dr. J. Snorgrass with Avila University said that we need only look at other malls to see what could happen and that, on the other side, there is a potential for growth.

“There’s been a lot of proposals on what to do with that space, but it’s got to meet with the public’s demand and fulfill the criteria of things they want to see,” Snorgrass said. “If it doesn’t meet that, then we’re gonna have the same problem again with another eyesore or white elephant that doesn’t make any money for the developers and the city.”

He said that, if development is to happen, you can expect more of a mixed-use type of area with amenities that make the mall more of an attraction rather than just an area for shopping.

The area has seen a recent increase in crime, including the murder of a metro teen in January. 

Over the past six months, crimes have ranged from sexual assault to burglary, but the highest reported crime was theft.

The only other enclosed mall is the Oak Park Mall in Johnson County, KS. The mall recently announced that Nordstrom is leaving and moving to the Country Club Plaza in Kansas City, MO.

Copyright 2018 KCTV (Meredith Corp.) All rights reserved.

Article source: http://www.kctv5.com/story/37516295/independence-center-to-enter-foreclosure-sale-on-friday

Lender sets Bangor Mall foreclosure for March 7, big transition looms

Lori Valigra | BDN
By Lori Valigra
February 16, 2018 4:24 pm

The beleaguered Bangor Mall looks set for major changes after a lender said it has begun taking steps toward a foreclosure to be completed by March 7.

If the foreclosure is concluded, experts say the lender will likely put the mall up for sale.

A New York research company that tracks commercial loans nationwide said there’s a market for brick-and-mortar malls, but cautioned that the mall’s customers could see anything from a fixed-up property to a downtrodden “dead man walking” shopping center.

“There are people out there looking for distressed malls,” said Manus Clancy, senior managing director of data research at Trepp, the New York-based commercial real estate data company that publishes regular reports on loans. “Someone always buys them for some amount [even if it is very low].”

Trepp published comments from LNR, a Miami-based company that handles troubled loans, which issued its monthly update on the mall Thursday. LNR is handling that loan and the foreclosure steps on behalf of the lender. Mall owner Simon Property Group of Indianapolis defaulted on an $80 million loan taken out against the mall last Oct. 1.

LNR is now conducting due diligence on the property to check if there are environmental or health issues or liens, said Clancy. A series of sewer liens by the city of Bangor have been paid over the past few months.

Clancy said the March 7 deadline may slip for reasons similar to a house sale closing being delayed.

“While it is slated for March 7, it may not happen then if the due diligence isn’t completed or if Simon changes its mind about handing over the property to the lender,“ he said. Parties sometimes change their mind at the last minute, he added, and Simon could do that before all details of the foreclosure are completed.

LNR and Simon would not comment on the status of the mall.

However, in the Jan. 16 Trepp report, LNR noted that Simon “is not interested in modifying the loan.” Simon could have, for example, asked the lender to extend the life of the loan, decrease the outstanding balance on the loan or decrease payments.

LNR already has formed a Maine-based company to handle the mall’s property for it and the loan trustees, according to documents filed Jan. 19 with the Penobscot County Registry of Deeds. The company is called MSCI 2007-IQ16 Stillwater Avenue LLC.

No foreclosure notice has been filed yet with the Superior Court in Bangor or with the Penobscot County Registry of Deeds. A court clerk said foreclosures typically are filed with the court first. The court then issues a clerk certificate that is sent to the registry.

If the foreclosure is completed, the trustees will own the mall, and LNR will work to prepare the mall for sale, according to one expert.

“LNR will continue to manage the asset [Bangor Mall] and try to salvage some value,” said Steve Jellinek, vice president at Morningstar Credit Ratings, which rates loans like Simon’s.

Clancy said it isn’t clear what customers will experience if the mall is sold. If a buyer comes along and wants to redevelop and improve it, it could be a plus for shoppers.

However, it it becomes what he called a “dead mall walking,” with more and more tenants leaving and fewer shoppers coming in, customers may feel unsafe, and the mall could spiral downward.

Another option is that the mall could be sold for other purposes, such as being turned into a community college or call center.

In a separate move, Simon has asked the city to drastically lower the appraised value of the mall, which would halve the $1.4 million in property taxes that it pays for this tax year.

Jellinek said Simon is responsible for property taxes until the foreclosure is completed.

The Bangor Mall area makes up almost half of the 6.4 million square feet of retail space in Greater Bangor, according to data compiled by Epstein Commercial Real Estate brokers..

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Article source: https://bangordailynews.com/2018/02/16/business/lender-sets-bangor-mall-foreclosure-for-march-7-big-transition-looms/

Lone Star owner faces foreclosure for third time in four months – San …



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Click ahead to see how the redeveloped Lone Star Brewery was imagined before plans were scrapped.

Click ahead to see how the redeveloped Lone Star Brewery was imagined before plans were scrapped.

Photo: Renderings




















When Houston company Parkview Capital Credit took over the Lone Star Brewery last summer, residents of nearby neighborhoods hoped it was a sign that the vacant industrial complex would finally be redeveloped after so many false starts.

But the South Side brewery remains in financial turmoil as its owner, a subsidiary of Parkview, faces foreclosure for the third time in four months.



The 32-acre property will be sold on the steps of the Bexar County Courthouse on March 6 after the subsidiary, Lone Star Brewery Development Inc., defaulted on a $7.4 million loan, according to county property records and foreclosure listing service RexReport.

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The brewery previously faced foreclosure in November, but NCC Financial, the Houston firm that made the $7.4 million loan, instructed local lawyer Dale Weyand to pull the sale for reasons that remain unclear. Weyand and NCC didn’t respond to requests for comment.

A 3.1-acre property that Parkview’s subsidiary owns on the western border of the brewery was scheduled to be sold at foreclosure action earlier this month, but county property records indicate that it wasn’t sold after all.

Parkview’s CEO, Keith W. Smith, didn’t respond to requests for comment.

Despite intense local interest in the brewery, Parkview doesn’t seem to have made any public statements about it since taking control last June, apart from mentioning its ownership in federal securities filings.

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In December, apartment developer NRP Group sued Parkview’s subsidiary for not refunding a $550,000 deposit after a deal to buy land for an apartment complex at the site fell through. In its lawsuit, NRP mentioned that it hadn’t even been able to get the subsidiary to respond to demands that it refund the deposit payments.

Construction was supposed to start last summer on a highly-anticipated $300 million project to rehabilitate the graffiti-strewn brewery into retail shops, office space, apartments and a hotel, but the effort collapsed.

The brewery’s troubles started around June, when national retail developer CBL Associates withdrew from the rehabilitation project after learning that its partner, Mark Smith of San Marcos-based Aqualand Development, had a history of legal and financial troubles. Parkview took control of Lone Star Brewery Development — and, as a result, the Lone Star property — from Aqualand that month, according to federal securities filings.

The 35-acre brewery, which was valued at $12.3 million last year by the Bexar Appraisal District, has been the subject of at least four failed revitalization projects since it brewed its last beer in 1996.

Article source: https://www.mysanantonio.com/real-estate/article/Lone-Star-owner-faces-foreclosure-for-third-time-12614726.php

210 Development rethinks 242-unit West Side apartment project following foreclosure – San Antonio Express


The future is uncertain for a proposed apartment complex that was expected to bring new life to the near West Side after a partnership that includes local company 210 Development Group lost the property through foreclosure.




210 Development plans to buy back the property, at 700 West Commerce St., and continue to build Vitré, a $45 million, 242-unit apartment complex with 5,000 square feet of ground-floor retail, spokeswoman Holly Thoman said. They are pursuing a partnership with the San Antonio Housing Authority to bring an affordable housing component to the project, she said.


The city awarded the project a $3.8 million incentive package in September 2014 through its Center City Housing Incentive Policy, but the only part that has been disbursed so far is a $968,000 construction loan, said Veronica Garcia, interim assistant director of the city’s Center City Development and Operations Department.

The 2.1-acre property was sold at foreclosure auction on February 6 to VDP Solutions, a company that shares an address with Brevet Capital Management, a New York investment company with a regional office in San Antonio, according to county property records. The sale price was $4.5 million.

The foreclosure concerned an $11 million loan that 210 Development’s partnership, Vitre Development Partners, took from another entity named Brevet Direct Lending-Short Duration Fund, according to the county records.

The foreclosure sale was part of a “restructuring process,” Thoman said. In 2016, the development partnership “paused its plans” on the project in order to develop it as mixed-income housing rather than as a market-rate complex, according to a news release that 210 Development sent Thursday evening.

Construction on the complex is expected to begin in the fall, Thoman said.

“I don’t think we necessarily chose to go through (the foreclosure), but after discussion with the partnership and the other people involved, it was decided that this was the best path forward in order to achieve the structure we need in order to move forward,” she said.

Thoman declined to say who 210 Development’s partners are, citing a confidentiality agreement, but said they are based in Dallas and Houston. State corporate filings indicate that one of the partners is affiliated with the Betz Companies, a commercial real estate firm from Houston.

210 Development has been a minority partner in the development team for the complex, Thoman said. The company plans to stay involved, but it’s unclear exactly what its role will be, she said.

The developers have applied for state tax credits for affordable housing but haven’t been awarded them yet, she said.

Article source: https://www.expressnews.com/real-estate/article/210-Development-Group-rethinks-242-unit-West-Side-12618031.php