The bank's wholly-owned subsidiaries include OakFirst Loan Center Inc and OakFirst Loan Center LLC, both finance companies and First OREO Trust and FUBT OREO I LLC, both formed for the purposes of holding, servicing and disposing of the real estate that the bank acquires through foreclosure or by deed in lieu of foreclosure
and OakFirst Loan Center, LLC, both of which are finance companies, and First OREO Trust and FUBT OREO I, LLC, both of which were formed for the purposes of holding, servicing and disposing of the real estate that the Bank acquires through foreclosure or by deed in lieu of foreclosure
. The Bank also owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, which was formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland.
Defendants defaulted on the promissory note and offered Whitefish a deed in lieu of foreclosure
; Whitefish did not accept the deed and filed an action to foreclose and collect the debt.
A deed in lieu of foreclosure
is a transfer of title in real property from the property owner to the lender, in order to avoid foreclosure or to cease the process.
You might recall the bank entered the ownership picture through a deed in lieu of foreclosure
as part of a June 2009 settlement to end cross litigation between the bank and Combs.
The transaction completes a building repositioning that started in 2011, when United American Land (UAL) acquired the vacant property's defaulted mortgage and deed in lieu of foreclosure
. Since then, DiMare, who represented UAL in the 2011 acquisition, has acted as leasing agent and completed a total of 58,000 square feet in new leases to reach zero vacancy.
Most of these homes have already gone thru foreclosure or deed in lieu of foreclosure
and are ready for a new buyer.
Now the firm has discovered that far from being averse to the mortgage market, almost 80% of its former clients surveyed expressed a desire to purchase another home within a year after losing the first one in a foreclosure, short sale or deed in lieu of foreclosure
The Portland-based lender last month took ownership of a sprawling subdivision in the Laurel Hill Valley neighborhood from East Ridge Development LLC in a deed in lieu of foreclosure
In other cases there would be a short-sale or possibly a deed in lieu of foreclosure
. In these situations, the homeowner knew that the home had become unaffordable and was provided with a graceful way out.
When home retention is not an option, sometimes VA can help arrange a sale or deed in lieu of foreclosure
, which are better options for veteran borrowers than foreclosure.