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Posts Tagged ‘Foreclosure’

Alleged Bad Actor Faces Lawsuit, Foreclosure

February 22nd, 2017 Comments off
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A condemned home in the GreenPark Residences community. Credit: SaintPetersBlog.

In what has been a multi- year saga, the city of Tampa, Florida is suing the owner of a condemned manufactured home community for millions in code violation fees.

According to SaintPetersBlog, nearly six years ago GreenPark Residences obtained a neglected 18-unit community in the city, and since then, officials with the City of Tampa have been at odds with Rosario C. “Ross” Scopelliti, 51, who owns GreenPark and has allegedly done whatever he can to legally avoid necessary repairs and maintenance on the homes there.

In 2012, city officials had condemned 17 of 18 of the homes in the community, and had to relocate nearly two-dozen residents.

And, it appears that at the same time, Scopelliti was working to get the city to pay him.

Scopelliti has filed for bankruptcy protection, and filed a 15-count federal lawsuit against the city in April 2014 for “inverse condemnation.

In the suit, Scopelliti accused the city of interfering with his leases and undermining his business by offering his tenants $1,500 each for relocation costs.

He pointed out that once the city condemned the homes in the community, residents stopped paying rent, and that the city used selective code enforcement against him.

AllegedBadActorFacesLawsuitForeclosurecreditGoogle-postedtothedailybusinessnewsmhpronewsmhlivingnews

GreenPark Residences, red marker on map. Credit: Google.

After the U.S. Middle District of Florida court ruled against him, Scopelliti continued his battle by filing with the U.S. Court of Appeals, which affirmed the District court’s ruling at the end of January.

The ruling then set the stage for a suit filed February 6th in Hillsborough County Circuit Court, where Tampa says GreenPark owes more than $13 million in unpaid code violation liens issued in 2011.

The city is now seeking to foreclose on GreenPark.

Per SaintPetersBlog, Scopelliti is a Canadian native and has previously sued a local government for condemning housing he owned, including the city of St. Petersburg, Florida in a similar case in 2001.

The Daily Business News has covered a number of stories of so-called “bad actors,” including a recent case in Chapmanville, West Virginia. That story is linked here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Foreclosure Continues to Haunt One-time Homeowners

April 13th, 2016 Comments off

rent versus buy   rent-directEven though years may have gone by since they last owned a home, losing a home to foreclosure has turned many people off to the whole process of buying a home. Dan Sullivan, a foreclosure prevention specialist in Pittsburgh, said he has seen people who have worked for five or six months with a mortgage officer, only to be turned down for a loan, according to nationalmortgagenews.

Once the shock of the foreclosure and the move is over, they feel at ease with their current situation,” he said. “They are happy with their landlords, and renting allows more freedom and less stress for them. I had one client say to me, ‘I’ll never own a rake again.'”

The Urban Institute’s Housing Finance Policy Center found 19 million renters who had owned a home in the last 16 years, and 96 million renters who have not had a mortgage in that same period of time. Sullivan said it can take two to four years to rebuild their credit above 620, the typical threshold needed to obtain a mortgage.

Paying utility and credit card bills on time counts only on a normal credit report, as MHProNews understands. Lenders will obtain a mortgage credit report, and if the applicant lost a home to foreclosure in the past—i.e., was delinquent making payments in a timely fashion, as many were—that can cut the legs out from under their application. Foreclosure means there was a loss of an appreciating asset as well as economic stability.

Patricia Whitaker, of Innovative Housing Opportunities, an affordable housing developer, said “What we find is so many renters are paying more than 50% of their income for rent and are unable to save the sufficient down payment to even get into homeownership or get back into it,” Whitaker said. “It’s very difficult to get into the housing market with rising rents and so much of the household income going towards rent.” ##

(Image credit: rentbuydirect)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Detroit Auctioning 16,000 Abandoned Homes

April 16th, 2014 Comments off

Hit hard by the foreclosure process and now trying to fight the ensuing blight, not to mention being embroiled in bankruptcy, Detroit is beginning to sell off some of the 16,000 homes it owns due to tax liens, according to cnnmoney.com. The opening bid for each home will be $1,000, but buyers must rehab the home and have someone living there within six months or they will lose the home and the money. An open house will be held April 27 to enable potential buyers to inspect the first 15 homes on the block in advance of the May 5 auction. Rehab must begin within 30 days of taking possession and rebuild plans have to be approved by the Detroit Land Bank Authority, as MHProNews.com has learned. “We are moving aggressively to take these abandoned homes and get families living in them again,” said Detroit’s Mayor Mike Duggan. “Knowing that other people are going to be buying and fixing up the other vacant homes at the same time will make it a lot easier for them to make that commitment.” ##

(Photo credit: dornob.com–abandoned home)

Former Fuqua Homes Plant Sold

January 24th, 2014 Comments off

The 125,000 square foot industrial space in Bend, Oregon at one time occupied by Fuqua Homes, Inc. has been sold to a hedge fund manager and his wife for $2.7 million. The couple will likely develop it into a multi-tenant facility, according to bendbulletin.com. Fuqua Homes built manufactured and modular homes at the site for over 40 years, but their employment fell from 330 workers in 2006 to 50 in 2010. MHProNews.com has learned involuntary bankruptcy, and complaints to the Oregon Department of Justice that Fuqua failed to deliver homes that had been paid for, led to the company’s eventual demise. Dallas-based Plains Capital sued the company in December, 2011 to recoup over $8 million in loans and eventually received the Bend plant in a foreclosure proceeding.

(Photo credit: Ryan Bennecke/bendbulletin.com)

Home Sales up 33% in Coeur d’Alene

December 9th, 2013 Comments off

MHProNews has learned overall sales of homes in the Coeur d’Alene Multiple Listing Service (MLS) are up 33 percent over 2012, although some rural areas are showing increases of 70 to 75 percent. The sales of newly-built homes doubled year-over-year, while foreclosures and short sales made up half of total sales this year compared to 2012. While manufactured homes saw an increase in the average price, sales declined eight percent from last year. As cdapress.com reports, multifamily housing sales rose 15 percent, the best performing sector in the commercial category, reflected as well in other parts of the country. As MHProNews knows, sales of manufactured homes have been rising nationally for three consecutive years.

(Photo credit: Chris Butler/Idaho Statesman–Delores Laredo working on a manufactured home in Nampa, ID)

Abandoned Manufactured Home Draws Ire, Cats

October 7th, 2013 Comments off

Although an abandoned, burned out manufactured home in Spout Springs, North Carolina has been declared a public nuisance, the stench, feral cats and cockroaches have plagued its neighbor, Jim Redgate, for five years. “The only change is every year more cockroaches crawl out of there, and more feral cats move in,” he says. After the fire, the owners moved, Chase Mortgage began collection attempts, the insurance company wrote a check to the owners but because they were in default, and the house had not been foreclosed on yet, the check could not be cashed. As fayobserver.com informs MHProNews, an envelope from Chase’s collection agency was placed on the charred porch to notify the occupants how to keep their home. At a foreclosure auction in June, 2013, no one wanted to buy the house so it returns to Chase’s responsibility. If lenders do not think a property will bring in enough money, they will leave it in legal limbo, and in some cases legal and municipal fees will pile up on the original owner. “I’d take a chain saw to the place myself, but I’ve been told I could be arrested for trespassing,” says Redgate.

(Photo credit: Cindy Burnham/fayobserver.com–Jim Redgate in front of burned out home,)

Housing Recovery in Phase 3, Market 64% Back To Normal

August 29th, 2013 Comments off
joe-kolko-trulia-chief-economist-credit-forbes-posted-manufactured-home-daily-business-news-Trulia’s Chief Economist Joe Kolko revealed the latest findings from their Housing Barometer. Kolko’s findings are that the recovery has entered a new phase as mortgage rates rise and inventory expands. While prices and existing-home sales are nearing normal, new construction and sales are far from their pre-bust peak. Forbes tells MHProNews that “Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.” It seems the fourth phase, described as when young adults finally start moving out of parents’ homes and begin to fuel new household formation, is still off in the distance. ##

(Photo Credit: Trulia’s Joe Kolko/Forbes)

Housing Recovery is Real Despite a Few Bumps in the Road

August 20th, 2013 Comments off

While 75 of the largest metropolitan housing markets across the country are posting a recovery index of over 100, which according to RealtyTrac means those markets are recovering faster than the national average, 63 markets continue to have at least 20 percent of homes underwater. Foreclosure is beyond its highest point in all of the 100 markets, but distressed sales continue to comprise nearly one in every five sales in almost 75 percent of the metro markets. As HousingWire tells MHProNews, the recovery varies from market to market because of supply and demand, but market experts do not envision any major setbacks. Monty Smith of Realogy NRT says, “Other than macroeconomic forces that (are) out of our control such as unemployment and interest rates, we don’t see anything that would change the current positive trend lines we are seeing.”

(Image credit: globest.com)

Housing Stock in Trouble Drops

August 13th, 2013 Comments off

In its National Delinquency Survey, the Mortgage Bankers Association (MBA) reports homes across the country in some type of financial distress fell in the second quarter to 10.1 percent from 11.6 percent a year ago. Nationwide the average foreclosure rate was 3.3 percent in Q2 2013, although Florida hit the high note for the state with the highest delinquency and foreclosure rate at 17.4 percent of its housing stock. Meanwhile, abqjournal tells MHProNews foreclosure activity is shifting away from the states that had the highest rates—Arizona, California, and Nevada—to the northeast states of New York, New Jersey and to a lesser extent, Connecticut. The drop in the foreclosure rate over all is feeding the rise in home asking prices.

(Photo credit: Google Images)

Sun Rises Once Again on Sunset Village

July 15th, 2013 Comments off

Updating a story MHProNews last published May 27, 2013 regarding the plagued Sunset Village manufactured housing community in Glenview, Ill., new owners have purchased the property out of a three-year foreclosure. Former owner Richard Klarchek was sued by Cook County and the state for failing to adequately address water quality and other maintenance problems, dropping the community into foreclosure. He then filed personal bankruptcy, which further complicated Sunset’s fate. Occupancy fell from around 300 homes to 150, according to chicagotribune. David Worth, principal of Ravinia Communities LLC (formerly October Investment Properties), is one of the new owners along with JDI Realty LLC and The Wolcott Group LLC. Ravinia owns about 2,500 manufactured home sites in seven states, including Illinois, California, Florida and Michigan, Worth said. “We’re coming into this with eyes wide open,” Worth said. “Our sole focus is improving the community and bringing it back to what it was a few years ago, when it was probably the most affordable option on the North Shore.”

(Photo credit: glvenviewpatch–Sunset Village)