News about properties and real estate
2nd developer sues Hackensack lender [North Jersey] A Florida developer has accused Hackensack’s Kennedy Funding Inc. of failing to repay $525,000 from an unsuccessful loan application. A lawsuit filed by Royale Luau Resort LLC of Destin, Fla., in U.S. District Court in Newark claims the company made the payment to Kennedy Funding as part of …
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Condo converter’s debts pile up [South Florida] Warren Hickernell looked like the boldest contrarian in the Southwest Florida real estate market last year. He spent millions changing motels and apartment buildings into condominiums long after the conversion trend seemed spent. But with banks foreclosing on six of his 18 conversion projects — demanding repayment of …
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Builder allows customers to use forfeited deposits Frenzied flippers have walked away from contracts to purchase homes as the real estate market has slowed across Florida. In their dust, they’ve left behind cash. Rather than keep the cash, Taylor Woodrow is offering other buyers the opportunity to use forfeited deposits toward the purchase of a …
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Primed to fail After landing in bankruptcy court in 2004, Cynthia King was deluged with letters from companies offering to help straighten out her finances so she wouldn’t lose her cozy St. Petersburg home. King went with a $143,250 loan from Resmae Mortgage of California. It paid off her original mortgage and gave her some …
Subprime defaults close mortgage firm [North Jersey] Bergen County mortgage banker David Sadek was riding high a year and a half ago, serving sushi and shish kebab to investment-banking clients aboard his yacht A Loan at Sea. His firm, founded in 1991, was on track to achieve a company record of $1 billion in annual …
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Florida lawmakers want to help renters with cuts in property taxes The more than 850,000 residents of Broward and Palm Beach counties who rent their homes would benefit by changes key lawmakers say they are now willing to make to the tax cut plans taking shape in the Legislature. Until now, many Republican lawmakers had …
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