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The Westin Tempe faces a potential foreclosure sale after failing to make its loan payments. The lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week, according Maricopa County records. Such notices inform borrowers and property owners they are facing a potential foreclosure and auction sale. The notice said that the 18-story hotel, which opened in 2021, will be auctioned off to the highest bidder on April 24 at the Arizona Superior Court building in downtown Phoenix. The construction loan for the Westin Tempe was issued in...

The unfortunate case of 111 Wall Street might be even more unfortunate than it sounds. Two months since we wrote that the vacant, 1.2 million square-foot tower at the corner of South Street “epitomized the crisis” of the downtown commercial market, the building owned by Nightingale Properties and Intervest Capital Partners now faces a foreclosure action by mezzanine lender Oaktree Capital Management, as first reported by Real Estate Alert.

Troubles of Brookfield DTLA show how some office-sector bets are starting to unravel ... A major Los Angeles office owner operated by Brookfield Asset Management is struggling to make mortgage payments as vacancies and rising interest rates disrupt the city’s commercial real-estate market. The company, known as Brookfield DTLA Fund Office Trust Investor Inc., owns six Los Angeles office buildings and a retail center. Five of the office buildings face the risk of foreclosure, according to its public filings, and at least two of its mortgages are in default. The company on April 21 filed to delist from the New...

It was a dream come true—or rather about to come true—when the Halls bought their forever home. It had everything they needed and more: five bedrooms, four bathrooms, a family room, a dining room, a roomy garage, good schools, and a good neighborhood. Sure, a fixer-upper, but they felt up to it. Prentiss Hall, a home improvement contractor, made it his life project, and everybody lent a hand—his wife, Tawanda, and six children, cousins, and friends. “We were really excited,” Tawanda told The Epoch Times. They negotiated the price down to $67,000—a bargain, perhaps, but the home demanded a daunting...

Karen Lew claimed her mortgage debt was forgiven because of a non-existent law called NESARA/GESARA When Karen Wai King Lew told a B.C. judge that her mortgage debt had been completely forgiven, she invoked a two-decade-old conspiracy theory about a "new world order" that has recently resurfaced. According to a recent B.C. Supreme Court ruling, Lew appealed a foreclosure order on her Vancouver home on the basis that something called NESARA/GESARA had been enacted and all credit card, mortgage and other bank debt would be wiped out in a "jubilee" of forgiveness. "She described it as a pending new world...

When Deborah Foss, a 66-year-old grandmother in New Bedford, Mass., bought her home in 2015, she expected it would be where she would live the rest of her life in comfort and security. But by February of this year, she had been forced from her home and is now reduced to living in her car. What went wrong? With chronic health problems and living on a fixed income, Foss fell behind on her property taxes when she hit a rough financial patch. That’s when the city sold a $9,626 tax lien on her home to a private investment company. Under...

New data revealed a major increase between Dec. 2021 and Jan. 2022 in loans sent to foreclosure. This shows they’re on the rise. A report from Black Knight shows that lenders took back over 2,634 homes in February 2022. That was a 70% more than 2021.

<p>This issue has been lurking in the background for months. Where I live, there are almost no homes on the market for rent. The inventory of the number of homes for sale is at record lows, and when combined with historically low home mortgage rates, the prices at which homes are selling have gone through the roof.</p>

The Westin Book Cadillac hotel is facing foreclosure due to plummeting revenues amid the pandemic, its owner tells Crain's Detroit Business. The 33-story tower was rehabbed in 2008 for $180 million. According to Crain's, owner John Ferchill is underwater with $77 million in commercial mortgage-backed securities debt that has been delinquent since May. The property is valued at $75 million. Ferchill says he's been unable to come to an agreement with his lender, Citi Real Estate Funding Inc.

Alongside potential obstacles such as job loss, financial insecurity, and a subsequent inability to cover many upcoming bills, Visual Capitalist's Avery Koop notes that many Americans are now facing potential home loss as well.According to a recent survey by the U.S. Census Bureau, of the estimated 17 million adults who are not current on their rent or mortgage payments, a whopping 33% of them could be facing eviction or foreclosure in the “next two months”.Note: While this survey was conducted Nov 11-23, 2020, respondents’ interpretations of “the next two months” ranged between Nov 2020–Jan 2021.Millions Facing Home LossAlthough people across...

The real estate developer at the heart of Portland's “Red House on Mississippi” controversy has discussed selling the home back after months of protests hit a tipping point over the past week, according to reports. Roman Ozeruga, 33, bought the house, which is located on Mississippi Ave in North Portland, through a foreclosure sale in 2018 for $260,000. The attempt to evict the Kinney family, a Black and Indigenous family that has owned the house since the 1950s, set off protests from left-wing activists. Protesters started to camp out around the house, expressing outrage against gentrification and the eviction of...

Today, during a deposition of the designated representative of the Bank of New York as Trustee for a Countrywide CWMBS securitization, the representative (who is an attorney and employee of the servicer Shellpoint) admitted under oath that MERS is not the true beneficiary of a Deed of Trust (DOT) despite claiming to do so, as the Beneficiary is the lender and MERS is not and was never the lender. The representative also admitted that the Substitution of Trustee filed by a law Firm and signed by Shellpoint (as a dba of New Penn Financial) contained a false statement that the...

If you thought the results of the 2016 election would cause members of the news media to do a bit of soul-searching about the tenor of their coverage, you were wrong. If you thought they might want to understand why their hysterical attempts to take down Donald Trump were all for naught, you were mistaken. And if you thought they were interested in understanding why media trust numbers just hit record lows, you were delusional.After spending weeks post-election complaining about the rise of so-called fake news and attributing Hillary Clinton’s loss to its proliferation, a large number of members of...

A vacant lot owned by a Jackson woman was foreclosed by Hillsdale County because she failed to pay a $7 late fee on her property taxes. A Freedom of Information Act request found that Pam Baker, a Jackson resident, owed Hillsdale County $7.70 in interest and late fees for delinquent taxes from 2013 on land she owned near Lake LeAnn in Somerset Township. The 2013 taxes on the property, which she owned since 2000, were due on Feb. 14, 2014. Baker says she paid her taxes two weeks late because she was in a car crash seven days before the...

The Portland City Council voted Wednesday to move forward with a plan to foreclose on so-called "zombie homes" for the first time in 50 years as the city grapples with a swelling population and skyrocketing home costs that are locking new homeowners out of the market. Commissioners and the mayor voted 4-0 in favor of the plan, with one member absent. The vote targets five of the city's worst abandoned properties, the first part of a long-term plan to free up housing in an overheated market while clearing out squatters who have plagued developing neighborhoods outside the city's hip core...

Depending on how much credence you give to "whisper listings," there are between 27 and 50 $100,000,000+ houses on the market; last year, only two houses in that bracket sold worldwide. The glut of super-duper-ultra-luxury houses on the market worries economy-watchers, who view the oversupply as a bellwether for a housing crash -- the last glut (which wasn't nearly as pronounced as the current one) was in 2007/8.

The bank now trying to foreclose on Marjorie Gunter has produced a troubled paper trail. OneWest submitted a document signed this February to prove that the original lender for her mortgage, a company called MortgageIT, had signed over ownership to OneWest. But MortgageIT, owned by Deutsche Bank, wasn't in business in February. It had ceased operations three years earlier, in 2008. A Deutsche Bank spokesman declined to comment. Even if the February document were authentic, it wasn't recorded until nearly 10 months after OneWest had launched its foreclosure action, which began in May 2010. Real estate law throughout the United...

The housing market may not be the bright spot of the recovery, especially as more people are starting to lose their homes. According to the real-estate information company RealtyTrac, foreclosures rose in the third quarter from this time last year, and many states are seeing significant increases. "The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place," Daren Blomquist, vice president at RealtyTrac, said in the report. "In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last...

New foreclosures may be back to nearly normal, but the mess from the epic housing disaster in the last decade is far from gone. Bank repossessions, the final stage of the foreclosure process, jumped 66 percent year over year in the third quarter of this year, according to RealtyTrac, a foreclosure sales and analytics company. It's the largest annual rise ever recorded in bank repossessions by RealtyTrac. More than 123,000 homes went back to the bank in just three months. "In states such as New Jersey, Massachusetts and New York, a flood of deferred distress from the last housing crisis...

Completes seventh non-performing loan sale. Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers. According to Freddie Mac, these loans have been delinquent for approximately two years, on average. In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or...