Fort Lauderdale hotel resolves foreclosure suit with $11M refi

 

Some South Florida hotels managed to keep occupancy high over the past year, but experienced other hurdles: Lenders’ scant appetite for hospitality during the pandemic left owners with few options for refinancing.

The Grand Hotel Fort Lauderdale fell into this conundrum. It just scored the refinancing needed to resolve a lender’s foreclosure lawsuit that was filed after the hotel missed its mortgage principal payment due date in February.

Sheridan Capital, a subsidiary of FM Capital, issued the refinancing. Aaron Kurlansky and Joe Back of Sheridan structured the loan.


The previous lender, Universel Hotel, had sued the 196-key Grand for $10.1 million, which breaks down to $9.5 million in principal; $33,646 in past due interest; and $540,575 in default interest, according to the complaint. Universel filed for foreclosure in June in Broward Circuit Court....

https://therealdeal.com/miami/2021/08/17/fort-lauderdale-hotel-resolves-foreclosure-suit-with-11m-refi/

Don't believe the real-estate hype: Foreclosures are already here

Margery Golant is a Broward-based attorney and nationally recognized expert on mortgage foreclosure. In the meantime, many of our loved ones and ...

https://www.sun-sentinel.com/opinion/commentary/fl-op-com-real-estate-market-foreclosures-20210627-n2haa527czahdawxkii6omtspe-story.html

Financial Tips for Struggling Homeowners

 

A lot has changed in the housing market during the past few years. Prices have surged, then plummeted, and are now slowly climbing back upwards again. During this time, many American homeowners have found themselves in financial trouble and struggling to make ends meet.

https://www.latinpost.com/articles/150829/20210625/financial-tips-for-struggling-homeowners.htm

04/22/13 Comprehensive Real-Time News Feed for Foreclosures.

• Dallas-area foreclosure filings for May spike but are below last year's levels _{2013-04-22, 11:12 pm}
  But home foreclosure postings for May are still 25 percent behind where they were a year ago in North Texas.
• Montco's Financial Ship Enters Calmer Waters _{2013-04-22, 09:13 pm}
  ... to receive nearly $900,000 less in reimbursements. a€¢ Revenue projections were made assuming that mortgage foreclosures would grow at a rate of about five percent in 2013. Through the first quarter, these filings are down 27 percent. While this is ...
• Existing-Home Prices Soar As Supplies Remain Tight _{2013-04-22, 08:59 pm}
  ... gain to an annualized 419,000 units in March. That would be a 19% year-over-year increase. Distressed homes - foreclosures and short sales - were 21% of March existing-home sales, the lowest since NAR began tracking the figure in October 2008. ...
• Illinois home sales, prices continue to grow in March _{2013-04-22, 08:12 pm}
  Sales of existing homes in Illinois home continued to rise in March, growing 13.6 percent from a year ago, while median prices increased 3.6 percent, according to the Illinois Association of Realtors.
• Once homeless woman shares her story at fundraiser _{2013-04-22, 07:33 pm}
  ... recent years has created a new population of homeless and near homeless as unemployment skyrocketed along with foreclosures. When Malin was at the end of her rope struggling to keep her family together and off the streets, she sought sanctuary at ...
• Consumption falls as consumers break free of mortgage debt _{2013-04-22, 07:18 pm}
  In five years time, U.S. households reduced their total outstanding debt by $1.3 trillion as mortgage debts either paid off or were written down, researchers with the Federal Reserve Bank of New York claim in a new report .
• Foreclosure invalid due to unrecorded assignment _{2013-04-22, 07:06 pm}
  A foreclosure sale could be set aside due to the mortgagee's failure to ensure that all assignments of the mortgage were properly recorded beforehand, the Minnesota Supreme Court has ruled in affirming judgment.
• No, The Housing Comeback Is Not Taking A Pause _{2013-04-22, 06:00 pm}
  ... up over 20% from March 2012, and distressed sales down. The NAR reported (from a survey): Distressed homes - foreclosures and short sales - accounted for 21 percent of March sales, down from 25 percent in February and 29 percent in March 2012. ...
• Forget Buying A Single-Family Home: Purchase an Apartment Complex _{2013-04-22, 05:50 pm}
  ... in Dallas in 2009 at the time when the market was perfect for the single-family home and there were a ton of foreclosures," said Fairless, principal of Fairless Investing , who switched from buying single-family homes to investing in apartment ...
• Tiffany Aliche: 30 Things Every 30-Year-Old Should Know About Money _{2013-04-22, 05:35 pm}
  I'm 33 and I've made just about every financial mistake you can think of: over-drafting, bad checks , bank account closed , reports to Chexsystems , low credit score, having a ton of credit cards , pre-foreclosure, high-credit card debt, late student loan payments, investment scams ... there's more, but you get the picture.
• Business shifts from foreclosure fixes to general contracting _{2013-04-22, 04:58 pm}
  ... crisis, has shifted its business to general contracting services for property owners. There are fewer foreclosures these days and big lenders have been hiring national firms to do the work, which then often subcontract the work out to places like ...
• LIC development site to hit auction block with $39M lien _{2013-04-22, 04:43 pm}
  A development site in the Court Square area of Long Island City is slated to hit the foreclosure auction block May 17 with an outstanding lien of $38.54 million.
• Heer's foreclosure auction attracts no bidders besides mortgage holder _{2013-04-22, 04:25 pm}
  No person or company placed a bid on Monday afternoon on the building that used to be Heer's Department Store -- except the investment company that held the mortgage on it.
• What Everyone Should Consider Before Buying A Foreclosure Or Short Sale _{2013-04-22, 03:03 pm}
  For years, many buyers routinely steered clear of foreclosures and short sales. In their minds, such properties were "damaged goods" - real estate remainders that were likely to be dumps and money pits.
• Housing Recovery Signals Are Real This Time, Says S&P _{2013-04-22, 03:02 pm}
  After what it called years of tenuous signals indicating that the housing recovery was underway Standard & Poor's Ratings Service say this time it is different .
• NAR Blames Low Inventory For U.S. Home Sales Drop In March _{2013-04-22, 12:16 pm}
  ... get there without greater increases in housing construction," Yun added in the statement. Distressed homes - foreclosures and short sales - accounted for 21 percent of March sales, down from 25 percent in February and 29 percent in March 2012. ...
• Existing home sales edge down, prices rise _{2013-04-22, 12:04 pm}
  Home resales edged downward in March, pointing to some slowdown in the housing market recovery pace as overall economic activity cools.
• Limited liability company sells Heer's building to itself for $960k _{2013-04-22, 03:00 am}
  ... at a discount, then selling them for a profit. "It's just a business transaction. They work through the foreclosures and if they can make money off the foreclosures, they're happy to do it," he said. "If not, what they'll probably do is offer this ...
• The Buzz: Adios to Senor Tequila's _{2013-04-22, 03:00 am}
  Reader question: Did you write anything recently about what's going on at Senor Tequila's and the other two restaurants? I noticed the furniture is gone and they're doing some demolition inside.
• March Existing-Home Sales Slip Due to Limited Inventory, Prices Maintain Uptrend _{2013-03-22, 03:00 am}
  ... were 13 consecutive months of year-over-year price increases was from May 2005 to May 2006. Distressed homes - foreclosures and short sales - accounted for 21 percent of March sales, down from 25 percent in February and 29 percent in March 2012. ...