Foreclosures

Effort to save minority car dealer lands Bill Mays in ditchRestricted Content

June 11, 2011
Greg Andrews
PNC Bank last month sued Mays, one of the city’s most prominent black businessmen, charging he defaulted on a $3.5 million loan he received in 2008 that has an unpaid balance of $2 million.
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East-side Ramada fetches $1.3M in online auction

June 10, 2011
Maria LaMagna
It's not yet clear who submitted the winning bid for the 188-room hotel, which is near Interstate 465 and Pendleton Pike.
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Foreclosed Ramada hotel up for auction

June 2, 2011
The hotel on the east side of Indianapolis near Interstate 465 and Pendleton Pike will go up for online auction on Tuesday with a minimum starting bid of $300,000.
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City slow to spend $29M in federal funding for neighborhoodsRestricted Content

May 14, 2011
Francesca Jarosz
Indianapolis has lagged in making payments to not-for-profit developers executing a huge federal program to rehab neighborhoods, putting a strain on those groups and setting the city behind in spending its share of the money.
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Northwest-side medical building facing foreclosure

May 12, 2011
The operator of the building at 8424 Naab Road near St. Vincent Hospital is accused of owing an Illinois investment firm $4 million.
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East-side apartment complex facing foreclosure

May 5, 2011
One West Bank in California says it is owed nearly $3.3 million, and is seeking to foreclose on Red Mill Apartments near East 38th Street and North Franklin Road.
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Local developer seeks bankruptcy protection

April 29, 2011
Scott Olson
Platinum Properties LLC, an Indianapolis upscale residential real estate developer, sought Chapter 11 protection on Monday, listing several huge debts to prominent local businesses and business people.
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Foreclosure filings fall in state, nation

April 14, 2011
 IBJ Staff and Bloomberg News
Foreclosure filings in Indiana dropped 36 percent in the first quarter from the year-ago period, and 27 percent nationally. An industry report, however, attributes the decline to paperwork delays related to a documentation scandal.
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Bank seeks foreclosure on two strip centers

April 8, 2011
First Financial Bank in Ohio is asking a Marion Superior Court judge to appoint a receiver for Woodland Shops on the city's northwest side and Lakewood Shops on the northeast side.
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Suit accuses Bank of America of fraud, racketeering

March 31, 2011
Scott Olson
The complaint, filed in Marion Superior Court, follows a similar suit that was dismissed in federal court. Bank of America and its Countrywide unit are accused of using perjured affidavits to foreclose on homes.
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Bank seeks to foreclose on Polo Club restaurant

March 28, 2011
The south-side steakhouse is named in lawsuit stemming from a $1 million loan made to the former owners of a Steak & Ale restaurant at the location on South East Street.
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Northeast-side office building falls into foreclosure

March 18, 2011
The 83,653-square-foot office building at 6666 E. 75th St. near Binford Boulevard and Interstate 465, is known as Heritage Park II. It is only 55-percent occupied.
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Another northwest-side apartment complex faces foreclosure

March 16, 2011
Lender Fannie Mae filed to foreclose on Inverness Apartment Homes, whose Vancouver-based owner allegedly owes $4 million on a note that was due in February.
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Northeast-side office building target of foreclosure

March 8, 2011
Scott Olson
Owners of the nearly 40,000-square-foot office complex near East 71st Street and Binford Boulevard have defaulted on a $3 million bank note, according to court documents.
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Northwest-side apartment complex faces foreclosure

March 2, 2011
Kathleen McLaughlin
Fannie Mae filed a lawsuit in Marion Superior Court Tuesday, seeking foreclosure and the appointment of a receiver at Arrowwoods Apartments over an unpaid note of $4.56 million.
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California investor losing grip on holdingsRestricted Content

February 19, 2011
Kathleen McLaughlin
Blue Real Estate defaulted on a $17.5 million loan for six buildings in Park 100, according to a mortgage foreclosure suit Bank of America filed this month in Marion County.
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Castleton Plaza seeks bankruptcy reorganization

February 18, 2011
Scott Olson
Shopping center on East 82nd Street lists nearly $10.4 million in liabilities and about $7.6 million in assets. The Chapter 11 filing follows a request to foreclose on the property from the center's lender.
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Lender seeks to foreclose on Castleton Plaza

February 1, 2011
Scott Olson
German American Capital Corp. claims the owner of the strip mall, Castleton Plaza LP—a subsidiary of Broadbent Co.—owes it $10 million. The lender is requesting the property be sold at a sheriff's sale to help satisfy the debt.
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Foreclosed-property care sparks fight over who's responsibleRestricted Content

December 4, 2010
Francesca Jarosz
Lawmakers might address in the upcoming legislative session the controversy over who is responsible for upkeep on foreclosed properties.
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Bank of America seeks to dismiss racketeering suit

November 11, 2010
Homeowners Dwayne Ransom Davis and Melisa Davis sued last month in Indianapolis, claiming Bank of America “routinely” submitted perjured affidavits to support foreclosures. They lost their Knightstown home last year.
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Indiana couple accuses Bank of America of racketeering

October 20, 2010
Bloomberg News
Dwayne Ransom Davis and Melisa Davis accuse the lender of using “robo-signers,” people who sign affidavits attesting to facts underlying foreclosures without actual knowledge of those facts, to push through paperwork to take their home in Knightstown.
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Central Indiana real estate auction activity heats up

October 9, 2010
Cory Schouten
A recent wave of foreclosure auctions suggests banks and other underwater real estate owners finally are poised to let go of a glut of properties.
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U.S. homes lost to foreclosure up 25 percent this year

September 16, 2010
Associated Press
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. Banks have been stepping up repossessions to clear out their backlog of bad loans.
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High-end home market hits foreclosure lullRestricted Content

July 24, 2010
Norm Heikens
Until this year, Indiana's foreclosure epidemic knew no demographic boundaries. But suddenly that’s changed. Since March, not a single foreclosure on a house priced at $1 million or more has been filed in the Indianapolis area—a possible sign of better times for uber-expensive homes.
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Financial upheaval produced war stories galoreRestricted Content

July 24, 2010
Norm Heikens
The foreclosure epidemic has left a wake of carnage in the Indianapolis area.
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