Lender Successfully Bids For A Damaged Seafood Plant
Filed under: Foreclosures
At the foreclosure auction held at Gloucester County Court House on Tuesday, Meadow Financial – a lending firm from Washington D.C., bought a seafood plant situated on Aberdeen Creek for $350,000.
The rundown plant stands on about one acre. Three years ago Meadow Financial had lent $380,000 at 18% to Clifton Odell Boyd Jr. of Georgia, for purchasing the business from former Gloucester Supervisor George Sterling. The deal came to a close on 8th July 2004 without any repayments being made. Boyd subsequently came to be accused and convicted of fraud in Gloucester County circuit court. Sterling passed away in August 2005.
Gloucester Seafood – a part of the estate of Sterling was turned over to Hale Delavan, a businessman from Norfolk. Delavan had initially said that he was not going to bid for the property. Gloucester Seafood has been running in another place on Ditchbank Road but it is uncertain if it is still in operation, as Delavan could not be contacted. At the foreclosure auction Meadow Financial was the highest bidder.
The lawyer appointed to handle the foreclosure was James Towarnicky from Fairfax. Just before noon he read out the foreclosure notice. Not more than five people had assembled at the court premises to attend to the auction. Of these one was Mark Sterling – one of the two sons of George Sterling. Towarnicky threw the question about anybody wanting to buy the property. Harry Corr of Gloucester offered $ 10,000. But Towarnicky said that the lender was bidding $350,000 by means of a written bid. After the auction Towarnicky went on a tour of the building in question. When he was asked what Meadow Financial was going to do with the unit he vaguely shook his head.
These instances are bringing to the forefront that so far the mortgage sector has been a lenders paradise with little protection for the borrowers. Today all that can be done is to appeal to lenders. Apparently the lenders seem to be suddenly proactive and extending a lending hand but that is because the sheer number of foreclosures has led to a cash crunch and collapse of the housing market. If the lender group wants to survive they will have to bend in order not to break. Central banks around the world got together on Wednesday to help banks under pressure to be able to borrow money.
Search House Foreclosures
- Washington House Foreclosures
- Georgia House Foreclosures
- Gloucester County House Foreclosures
- Norfolk House Foreclosures
- Fairfax House Foreclosures
- Foreclosure Situation Comparatively Better Along Alabama Coast
- Upscale Retirement Communities in Sumner Facing Foreclosure
- Foreclosures Spiking in Central Ohio
- Distressed Americans Reaching Out To Websites On Foreclosures
- Quick Action Stops Foreclosure In Baltimore
- Facade of Bipartisan Bonhomie Cracks over Debt Relief
October 10th, 2008 at 8:22 am
[...] The Florida bank foreclosures can never be set aside by offering lower property rates to the bank as here the federal rules are strictly imposed in the case of bank foreclosure. If in case the debtor bank gets lower price for the property in the auction than the bank is given the right to file for deficiency judgment in the court of law. After that the original borrower will be responsible for paying the difference to the lender. [...]
October 22nd, 2008 at 7:55 am
[...] Bank Foreclosure is a serious problem for both the money lender and borrower as the defaulter is unable to pay back the installments and the lender use foreclosure [...]