Many survive foreclosure in style

Homeowners in foreclosure are increasingly plotting a graceful landing that leaves them not in dire straits following an eviction, but with the same or even better living standards than before they defaulted.

A study released this summer by a Federal Reserve Board discussion group found that homeowners post-foreclosure are bucking conventional wisdom that dictates they defray expenses by moving in with extended family members or into crowded apartments in poorer neighborhoods.

Instead, the report titled “The Post Foreclosure Experience of U.S. Households" found the majority of people following a foreclosure end up sharing a home with the same number of people in a similar, or the same, community.

via Many survive foreclosure in style.

Residents plan cohousing condos

The creators of a new and unusual downtown condominium project have only the very neighborly in mind.

The co-owners of Walnut Commons aren’t looking for neighbors interested in just borrowing a cup of sugar or waving “hello” as they pull out of their driveways.

Walnut Commons is a proposed cohousing community that would include 19-21 private units in a three-story, green-certified building centered around a common living space, where neighbors would gather regularly for communal dinners, lectures, children’s activities and other programs. Professionals, artists, seniors and children are welcome.

"We have the vision of what we want to do," said Jeff Major, project manager for the group’s financial partner and architect, Barry Swenson Builder. “You get community when you want it, but privacy, too. This allows people to pool their resources.”

via Residents plan cohousing condos – Santa Cruz Sentinel.

West Palm Beach’s CityPlace is target of foreclosure suit

A lender has filed foreclosure against CityPlace, the high-profile shopping complex that’s facing financial woes in spite of its high occupancy.CityPlace fell behind on its $150 million loan in March, and an entity affiliated with LNR Partners of Miami Beach on Thursday filed a foreclosure suit in Palm Beach County Circuit Court.

When contacted, CityPlace Partners said: “CityPlace Partners continues to work closely with the special servicer to realign the loan and ensure the continued long-term success of CityPlace. Those talks are ongoing.” Real estate experts say it’s unclear whether the lender would seek to take back the property.

via West Palm Beach’s CityPlace is target of foreclosure suit.

Reverse mortgage turns sour for heir

Like thousands of local homeowners in their golden years, Rosemary Chandler took out a reverse mortgage in 2005 to help pay her expenses and remain in the Elk Grove home that’s been in her family since the 1940s.

The decision worked out fine during her lifetime. But since her death in January 2010, it has created a legal mess for her son, who now faces foreclosure and eviction from the family home.

This month, Robert Chandler, 66, filed a class-action lawsuit against Wells Fargo Bank in U.S. District Court in San Francisco, alleging that the San Francisco banking giant routinely violated federal rules on reverse mortgages, forcing the homes of deceased borrowers to go into foreclosure instead of allowing family members to purchase them from the bank.

via Reverse mortgage turns sour for heir – San Jose Mercury News.

Vacant North Lake Way lot with Intracoastal frontage sells for $5.17 million

A vacant lakefront lot near Dolphin Road at 1348 N. Lake Way has sold for about $5.17 million, according to a warranty deed recorded Monday by the Palm Beach County Clerk’s office.

With 156 feet of frontage on the Intracoastal Waterway, the lot is 253 deep and lies several blocks south of the island’s northern tip.

Broker Christian Angle of Christian Angle Real Estate had listed the property at $7.495 million for its owner, the TAJA Realty Trust. Patrick Carney, chairman and CEO of Claremont Cos. in Bridgewater, Mass., is listed in state business records as manager of the limited liability company that bought the property. Claremont is a real estate investment, development and asset-management firm.

via Vacant North Lake Way lot with Intracoastal frontage sells for $5.17 million.

West Palm Beach firm rolls out a new loan modification for underwater borrowers

Lenders have long resisted cutting loan amounts for struggling homeowners, fearing it would entice more borrowers to default.

But one locally based servicer, Ocwen Financial Corp., believes it has found a solution.

The company is rolling out a new loan modification plan for underwater borrowers that lowers the amount owed on the loan – thus reducing the monthly payment – but asks for a share in the appreciated value when the house is either sold or refinanced.

via West Palm Beach firm rolls out a new loan modification for underwater borrowers.