Category
Foreclosures
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02.12.10Trump Towers Site In ForeclosureFrom the AJC: The Midtown site of the proposed Trump Towers development has been listed for foreclosure, according to published reports. The Atlanta Business Chronicle reported Friday that the site of the condo project at the corner of West Peachtree and 15th streets is scheduled for auction on March 2. The planned development by Wood Partners was to include two towers, one 47 stories and the other 38, with 563 residential units. You're fired! 2008_11_17_2507_1, originally uploaded by ls1z28chris.
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10.07.09After the floodFrom the Atlanta Journal and Constitution: Cobb County officials expect that some owners of flood-damaged homes will simply walk away from their residences because the losses are so great. Cobb County Manager David Hankerson on Tuesday looks at a restriction notice placed on a home in Powder Springs that had suffered severe About 1,200 homes in Cobb County were severely damaged in last month’s historic flood, Cobb County Commission Chairman Sam Olens said. A lot of the homes severely damaged by the recent floods were already underwater - before the rains even started falling. Now that owners are facing huge repair costs, most of ...
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08.13.09Georgia ranks 7th in foreclosuresFrom the Atlanta Business Chronicle: For the third straight month, Georgia had the seventh-highest foreclosure rate in America, according to RealtyTrac’s July 2009 U.S. Foreclosure Market Report released on Thursday. The report said Georgia had 11,136 foreclosure filings -- default notices, auction sale notices and bank repossessions -- in July. This was up 10.7 percent from July 2008, but down 20.6 percent from June 2009 (when it also ranked seventh). One in every 356 households in Georgia was served a foreclosure notice in July. That the foreclosure rate is down over 20 percent from last month is certainly encouraging news indeed. 7, originally uploaded ...
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06.23.09Clermont Hotel faces foreclosureFrom the Atlanta Business Chronicle: The Clermont Motor Hotel, which houses a strip club famous for its mix of eclectic and ageless performers, is facing foreclosure. But the real estate agent listing the property as a redevelopment opportunity, said the owner is hopeful to stave off a forced sale from the courthouse steps. The 85-year-old hotel on Ponce de Leon Avenue is scheduled to be foreclosed on July 7. Gene Kansas, broker and developer for Gene Kansas Developments, said the “owner is working on a deal with the lender and in hopes it will not be foreclosed on.” The property has been for sale ...
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06.16.09Eon tries to fend off foreclosureFrom Globest.com: The developer of Eon at Lindbergh condominiums is hoping to negotiate a loan restructuring with its lenders prior to a planned foreclosure auction July 7 at the Fulton County Courthouse. The Harold A. Dawson Co., which has been working on the overall Lindbergh City Center project for the past decade, says its offer to put more money into the development was rejected. The 352-unit Eon segment, which occupies 3.5 acres of the total 47-acre mixed-use project between Midtown and Buckhead, is tied to MARTA’s Lindbergh Station. Construction on the five-story, $70-million condo project began nearly three years ago. Eon at Lindburgh ...
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09.18.0812 indicted in Atlanta mortgage fraud schemeFrom the Atlanta Journal and Constitution: Local authorities said Monday they charged 12 men with an elaborate mortgage fraud scheme in Atlanta’s West End neighborhood and seized more than $200,000 of assets. In indictments filed last week, Fulton County District Attorney Paul Howard Jr. accused the men of buying and selling nine homes using false appraisals that were more than double the homes’ actual value. Seven of the houses were in the 30310 zip code in the West End, where 26 homes were put up for foreclosure auction in late June. McFall said his work is not finished: there are “thousands” of homes ...
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09.03.08Comstock, BB&T: “friendly” $32.7 million foreclosure agreementComstock Homebuilding Companies, Inc. (NASDAQ: CHCI) recently announced that it and certain of its subsidiary companies have entered into a foreclosure agreement with BB&T over $32.7 million of the company's $144.0 million of secured debt. Under the terms of the agreement, Comstock will cooperate in the foreclosure process, and BB&T will release the company from any post-foreclosure deficiency liability. Atlanta-area properties included in the foreclosure agreement include lots at Maristone, Wyngate, and Glen Ivy. Sign Of The Times - Foreclosure, originally uploaded by respres.
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07.28.08Macon mall in foreclosureFrom the Macon Telegraph: Foreclosure action has begun against Macon Mall because of nonpayment on a $141.2 million loan, and a new management company has been approved by the court to take control of the 1.4 million-square-foot facility. However, mall officials say the mall remains open and ready for customers. "We don't expect any operational interruptions to the mall," said Brooke Houghton, spokeswoman for Chicago-based Jones Lang LaSalle Americas Inc., the court-appointed retail management company now managing Macon Mall. "We don't think there will be any impact on the stores or the customers we serve. We are open and ready for business as ...
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07.25.08Extreme Home Makeover house set for foreclosureFrom WSB: An Extreme Home Makeover may be going bust. The first metro family who got a new home is facing foreclosure. Channel 2 followed the progress as an army of volunteers swarmed a Clayton County neighborhood to build a new home for a deserving family on “Extreme Makeover: Home Edition” in 2005. When the show came to town, no one could have predicted what would happen less than four years later -- foreclosure. A foreclosure notice appeared last Friday, a $450,000 second mortgage they took out less than 15 months ago was in default. Patricia Harper, the homeowner, told Channel 2 she and ...
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07.02.08Days of reckoning for Georgia banksFrom the Wall Street Journal: Wall Street is bracing for regional and small banks to fess up to large losses from their mounting volume of soured construction loans made primarily to home builders. According to the Federal Deposit Insurance Corp., $45.4 billion of the $631.8 billion in construction loans outstanding at the end of the first quarter were delinquent. When banks announce second-quarter results in coming weeks, they are expected to report sharp increases in loans that builders can’t repay. Banks are also facing intensifying pressure from federal and state regulators to deal with the problem loans on their books. That will put ...