Manhattan’s largest apartment complex entered into the final step of foreclosure because of its $3 billion unpaid mortgage. Bank of America and US Bancorp. have lost their patience and they are calling the note now and they have formally set a public auction for October 4. They hope to receive back a large portion of [...]
August brought a heavy rise of home foreclosures in New York: 37% compared to the month before, a much sharper increase than the rate for the United States, a new report show. Foreclosure filings nationwide increased 4% compared to the previous month, according to RealtyTrac, an online seller of distressed properties. New York reached the [...]
A unit of Deutsche Bank AG filed a foreclosure lawsuit against the Manhattan office tower that formerly housed Newsweek magazine. The reason: the developer, Joseph Moinian failed to repay the $250 million mortgage. The mortgage payments stopped in January for the 1775 Broadway, according to the lawsuit papers filed in State Supreme Court Manhattan. The [...]
No region is immune to foreclosure, as the latest foreclosure auctions reveal. A Victorian home in the Hamptons, the wealthy beach community outside New York city is set to be auctioned the upcoming weeks. The auction will see a 3,000 square-foot home on Gilbert Road in Montauk, New York, built only four years ago. This [...]
A foreclosure reform is on its way to troubled New York homeowners, because five of the city’s largest banks have responded to a call for foreclosure reform, according to the City Comptroller John Liu’s announce. Last month Liu sent a letter to Bank of America, Citibank, J.P. Morgan Chase, Wells Fargo and HSBC asking them [...]
According to a nonprofit credit counseling firm New York is still considered distressed, but it’s doing better than 30 other states troubled by housing market collapse. On a scale in which a score of 100 represents a state with no financial distress, New York was given a rating of 67.8 by CredAbility, an Atlanta-based company. [...]
Following the state attorney general’s office announcement that the entire permanent collection was promised as collateral for a loan needed to pay the mortgage, the Chelsea Art Museum is facing the loss of its charter. The Museum’s latest problem are penalties-related, who’s funder and director, Dorothea Keeser is doing everything possible to avoid foreclosure. However, [...]
