Tour a Modern Mercer Island Home

Avid fliers who love cars, airplanes, hangars and barns, Shawn and Sherrie Parry are no shrinking violets. "We’re both the kind of kids who were described as bulls in a china shop," said Mrs. Parry.The culmination of their interests, vision and nonconformity is a house that doesn’t look anything like the others in this quiet, lakeside neighborhood—or like most other houses, for that matter. Amid tightly spaced Nantucket-style cottages and 1950s ranches sits an 8,000-square-foot conglomeration of concrete, rusted steel and glass geometric shapes.

A heavy steel door painted glossy wasabi green swings open to reveal a 75-foot-long bridge suspended 10 feet off the lawn below, creating an inner courtyard. Along one side a few feet away is a wing resembling a railroad car, with rusty burnt orange steel and gray concrete siding. The bridge ends in a door, which opens to another narrow steel bridge, almost a catwalk, overlooking the main room below. That room is mostly bare concrete walls, concrete floors and walls of steel columns and glass windows that look out over a back yard and Lake Washington beyond. Along the ceilings runs exposed pipe that pumps in geothermal heat.

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Foreclosure battle depletes ex-Wachovia employee

For two years, Barry Lancett’s effort to get a loan modification from Wachovia, then Wells Fargo, has consumed him.

The 55-year-old father of two physically shakes when he discusses his case and says the effort has distracted him when he should be focused on his job. In his crusade, he has accumulated mounds of paperwork and saved numerous recordings of his conversations with bank representatives.

His ordeal, which follows the arc of the housing boom, shows how complicated modification efforts can become – and how they can be trumped by foreclosure proceedings.

via Foreclosure battle depletes ex-Wachovia employee

Latest Foreclosure Crisis Is the Modifications

The Obama administration’s program to help struggling borrowers keep their homes is being hurt by the same miscommunication, botched documents and other snafus that caused the original foreclosure crisis.

After J.P. Morgan Chase & Co. agreed in January to her trial loan modification under the Home Affordable Modification Program, Stephanie Lulko made six $767-a-month mortgage payments, even though the bank said it had no record of her loan and then warned in a letter that she would be foreclosed on unless she paid $4,091.94.

via Latest Foreclosure Crisis Is the Modifications.

Bankruptcy battle: Golf course hoping for Rick Scott’s help

The public Stoneybrook Golf Course is going belly up and homeowners in the surrounding neighborhood might have to foot the bill.

The course – located off Corkscrew in Estero, just south of Miromar Outlets – has been in an ongoing bankruptcy battle with the governor.

For John Byrne, buying a home in Stoneybrook was an investment in paradise.

“I like the golf course, practice areas, people here. Everything suited what I was looking for,” he said.

via Bankruptcy battle: Golf course hoping for Rick Scott’s help.

Sinkhole concerns keep condo residents from homes

It’s been four months since a 25-foot wide, 40-foot deep sinkhole opened at the foot of the Bordeaux Village condominium building forcing a dozen families out of their homes. They still aren’t allowed back in the building because of safety concerns.

The reason for the exile: A squabble between the homeowner’s association and the insurance company that covers sinkhole damage to the building. It’s a dispute that won’t be solved any time soon, said Marielle Westerman, an attorney for the Bordeaux Village Homeowners Association.

That could mean some residents, now paying for temporary lodging on top of mortgages for a home they can’t get to, may lose their property.

Westerman said the conflict is over what needs to be done to stabilize the ground beneath the building and who’s going to pay for it. The situation is becoming more commonplace these days, as claims for sinkhole damage rise in Florida.

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Faithful mortgage payments may hobble economy

For almost two years, home foreclosures have swept the nation, spreading misery among once-buoyant families, spattering lenders with red ink and undermining efforts to restart the economy.

But a bigger problem may turn out to be the millions of Americans who are still faithfully paying their mortgages, but on houses worth far less than before the bubble burst. It’s not that these homeowners will stop making their payments. It’s just the opposite – that they will keep doing it.

How could that be a source of future trouble? Because, with home prices stagnant in much of the country, payments on mortgages that are underwater could absorb billions of dollars that might be used for other forms of consumer spending – a drag on family finances, the housing market and the overall economy.

And the drag could persist for years.

via Faithful mortgage payments may hobble economy.