Entertainment Complex Loses Out To Foreclosure
Filed under: Foreclosure
Foreclosure is a great leveler – and like death makes no distinction from one to another. The only stake at issue is money and money. The latest to crumble under its onslaught is inPlay on Peoria riverfront at 316 Washington Street. The complex has been closed few days ago.
When inPlay fell behind repayment, Mid-America initiated foreclosure proceedings according to court records revealed on 11th January. The sign on the closed doors of the window are confusing because only winter hours of operation – Friday, Saturday and Sunday are stated. The management of inPlay could not be contacted for further information. Some wanted to avail of the banquet facilities of the said entertainment complex but they were told that for the moment this will not be possible. The concerned individuals were worried that if events were not held as scheduled they would have to lose deposits.
The six-storey building was developed by Mike Stessman in 2003 housing condos, video and game parlours as well as a restaurant and banquet hall. Stessman said that the unit had been shut down for renovation and repairs. He is no longer involved with its operations and now resides in Des Moines. Here he owns and runs an inPlay joint while overseeing another in Omaha. The Peoria inPlay had been affected by lack of sufficient response from Downtown. Five years ago this building had been given a new look to set up inPlay. It was part of the riverfront renaissance, according to developers.
Court records do not lie and despite statements to the contrary in all probability it is the curse of foreclosure that has struck down this house of fun and games. In analyzing the causes the usual culprit seems to be the sub-prime mortgage but more factors are at play. If the economic health of the region is strong then foreclosures cannot do much damage – the victims find strength to fight back and stave it off. But if the financial health of the locality is down then foreclosures can easily give a stinging blow. A weak person cannot fight infections. Foreclosures have always been there in the mortgage industry but what is of concern is the alarming number of foreclosures. It is a foreclosure tsunami raging across the country. This is telling on the general socio-economic health of the nation with concentrations varying from one place to another.
Search House Foreclosures
- Peoria House Foreclosures
- Omaha House Foreclosures
- Illinois House Foreclosures
- Chicago House Foreclosures
- Rockford House Foreclosures
- Foreclosures in Texas Overtake National Average
- HUD Funds Come To the Rescue of Foreclosure Victims
- Foreclosures and the Individual
- Foreclosure Relief Programme Kicks Off
- Predatory Lending Leads to Foreclosure
- Foreclosure Bus Tours to Tempt Buyers
July 27th, 2008 at 11:29 pm
[...] of the country should lead to innumerable Ohio foreclosure houses. America is in the grips of a foreclosure tsunami. From the number of Ohio foreclosure houses it can be gauged that Ohio is one of the worst affected [...]