Forecloure Houses: Hudson Clob Snubs Foreclosure

December 21st, 2007

The 89 years old Hudson Portuguese Club has a spacious new hall with a chapel and a separate room for trophies. The Club has much to cheer about as it managed to raise over $1 million within six weeks to fend off a foreclosure suit filed against its property on Port Street last month. This means that the club will be able to continue with its Portuguese language course, soccer matches and other allied activities. Last summer the club played host to the President of Portugal. The club is situated by the banks of the Assabet River. It has two full time employees supported by 30 temporary helping hands. Portuguese immigrants – mostly farmers – came to this region around 1886

Figueiredo, the president of the club called this experience with foreclosure as ‘growing pains’. The club had been warned by Hudson Savings Bank in April that it was lagging behind in the loan it had taken about two years ago amounting to $4 million to build a separate hall. Nobody took it seriously that the heritage club was running the risk of being shut down. Figueiredo however admitted that enough funds were not coming in from the restaurants and the renting out of banquet facilities. This was because the concept of running a business was new to the club personnel who had so far been engaged in operating a social organization.

In October the bank became impatient and blinked foreclosure signals. The club immediately reacted as one body and its 500 members all pitched in. The loan with Avidia Bank (created by the merger of Hudson and Westborough banks) was restructured. Those who could afford quickly arranged $1 million and another set gave $520,000 in the form of donations and personal loans. Fund-raisers brought in another $500,000. One of these was a traditional Portuguese dinner replete with turnip soup. It brought in $60,000.There was a flash of pride in the eyes of the members who were determined not to let down their forefathers who had pioneered the setting up of this great body.

Avidia bank remained non-committal on the matter of foreclosure. The club still owes the bank $2 million but is optimistic that the new payment schedule will steer them through. They plan to utilize the facilities of the club in a more profitable way. The members too, now they have vested interest in it, are expected to be more proactive.