News about properties and real estate
In Hard Times, Houses of God Turn to Chapter 11 in Book of Bankruptcy The auctioneer told the small crowd huddled outside the Talbot County Courthouse that the property would be sold “as is” — rectory, bell tower, oak pews and rose-tinted stained glass windows included. “Who gives $700,000, 700, 700?” he called out. One …
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Homeowners share tale of struggles with Alan Grayson Among the 49,190 Florida homes in foreclosure last month was the cozy ranch house of Cheyenne Bowers and David Paxton, who wonder where they will go when it’s sold at auction in March. The couple refinanced their mortgage a few years ago to pay off other debts, …
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Homeowners refinance, put savings under mattress Chicago-area mortgage broker Steve Molitor had knee replacement surgery a few weeks ago, purposely scheduling it around the holidays because it’s typically a slow time of year in his business. But as he and other can attest, it’s been anything but slow. Since the Federal Reserve’s announcement during Thanksgiving …
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More ways to profit from market downturn Still shedding tears over your mansion’s declining value and your beaten-down stocks? Edward Mendlowitz, CPA and partner with the New Brunswick, N.J. accounting firm, WithumSmith Brown, says his wealthy Florida clients have been benefiting from the economic downturn. How? They’re getting assets out of their taxable estates in …
HOAs cry foul over foreclosures Local homeowners’ associations and condo boards say banks are unfairly getting a break on how much back dues they have to pay when they take back a home in foreclosure. That’s resulted in financial pain for some associations and helped drive others to the brink of collapse. But bankers say …
Siesta Key resort operator goes after lender Like practically every major real estate investor in the region, Richard Dear is reeling from the multimillion-dollar decisions he made during the boom. The Siesta Key vacation rental operator has defaulted on eight loans totaling $10.8 million since June, and sought Chapter 11 bankruptcy protection in September for …