Mortgages

Receiver appointed to manage troubled Century Building

October 1, 2012
Scott Olson
A Marion Superior Court judge has appointed a receiver to manage the seven-story building in downtown Indianapolis that is facing foreclosure. A lender to the building's owner claims it is owed $10.5 million.
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Settlement allows Broadbent to keep downtown HQ

September 28, 2012
Scott Olson
The Indianapolis developer will continue to own its corporate headquarters at 117 E. Washington St. after reaching a settlement with two banks that had filed a lawsuit to foreclose on the building.
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Notices going to those eligible for mortgage settlement

September 25, 2012
Associated Press
More than 37,000 Indiana borrowers who lost homes to foreclosure soon will receive claim forms for payments under the national mortgage settlement.
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Stonegate Mortgage acquires Florida firm

September 5, 2012
The Indianapolis-based mortgage company has entered the Florida market with its purchase of NattyMac LLC in St. Petersburg.
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North-side office building falls into foreclosure

August 27, 2012
A nearly 100,000-square-foot office building on East 46th Street in Indianapolis is in foreclosure after lenders found the owner in default on a $4.5 million loan. A hearing to appoint a receiver to manage the property has been set for Sept. 5.
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Centre Properties retail center hit with $7M foreclosure suit

August 9, 2012
Scott Olson
Indianapolis-based developer Centre Properties is the target of another foreclosure suit, this one involving Pyramid Place Shoppes, a retail center in a busy shopping area on the city's northwest side.
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National, state foreclosure starts on the rise

August 9, 2012
Bloomberg News, Associated Press
The number of homes that received an initial notice of default — the first step in the foreclosure process — increased 6 percent in July compared to the same month last year. Foreclosure starts rose 83 percent in Indiana.
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More U.S., Indiana homes facing foreclosure risk

July 12, 2012
Associated Press
More than 1 million properties experienced foreclosure filings in the first half of 2012. Twenty states saw a first-half rise in foreclosure activity from the same time a year ago. Indiana had the biggest rise on a percentage basis, with a 32-percent increase in foreclosure activity.
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Indianapolis fastest-growing companies run the gamutRestricted Content

June 16, 2012
Marc D. Allan
This year's list of fastest-growing private companies in the Indianapolis area is a diverse lot, operating in industries ranging from human resources to office furnishings to construction to home health care and games.
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Bank seeks to foreclose on local apartment complex

June 4, 2012
The owners of Arbor Green Apartments on the city's northeast side owe nearly $15.9 million on a 2008 loan, according to court documents.
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Fishers building owner seeks bankruptcy reorganization

May 30, 2012
Lantern Partners LLC owns the Freedom Mortgage Building once occupied by the failed Irwin Mortgage Corp. Lantern's largest creditor is owed nearly $11.4 million.
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South-side medical office building in foreclosure

May 18, 2012
Munster-based Citizens Financial Bank claims the owner of the building at 1340 E. County Line Road owes $4.1 million on a loan originating from 2002 and is seeking to have a court-appointed receiver manage the building's operations.
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Local real estate developer files for bankruptcy

May 1, 2012
Scott Olson
Cornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection, listing $11 million in personal debt he attributed to the prolonged slump in the real estate market.
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Hundreds losing jobs at local Aurora Bank office

April 25, 2012
Scott Olson
The bank said it will terminate all 450 employees at its office on the northeast side of Indianapolis as the troubled residential mortgage servicing provider prepares to sell a large portion of its assets.
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Foreclosures down nationally, up in Indiana

April 12, 2012
Associated Press
Actual foreclosures sank to a five-year low in March, but the number of homes entering the foreclosure process is on the rise again.
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Foreclosures surge in most states, including Indiana

March 15, 2012
Associated Press
Indiana saw default notices climb 37 percent in February compared to February 2011. Scheduled home auctions were up 92 percent from the previous year.
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Zionsville real estate schemer sentenced to 30 months

March 14, 2012
Kathleen McLaughlin
A Zionsville man who pushed real-estate investing schemes has been sentenced to 30 months in prison after pleading guilty to wire fraud and money laundering.
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Local mortgage firm lands $25M in private equity

March 12, 2012
 IBJ Staff and Bloomberg News
Indianapolis-based Stonegate Mortgage Corp. has received funding from Long Ridge Equity Partners, a private-equity firm, to help it expand in mortgage origination and servicing, the company said Monday.
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Record-low rates aren't creating rush at local mortgage firms

March 12, 2012
Scott Olson
Local mortgage industry executives say record-low interest rates aren't leading to a big boom in business because broader economic issues are keeping large parts of the population from seeking or qualifying for loans.
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LISC sues to foreclose on Emrich's Furniture buildingRestricted Content

March 10, 2012
Kathleen McLaughlin
LISC, a not-for-profit lender, says it has not received any payments on its $515,265 construction loan since Jan. 1, 2011, and is owed more than $228,000.
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Foreclosure activity edges higher in January

February 16, 2012
Associated Press
Banks took back more U.S. homes in January than in the previous month, the latest sign that foreclosures are accelerating after slowing sharply last year. Foreclosures were up 69 percent in Indiana compared to January 2011.
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Foreclosure sought for downtown's Century Building

February 15, 2012
Scott Olson
The lender claims owner Blue Real Estate defaulted on an $8.5 million loan on the historic building after failing to make payments beginning in July 2011.
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13K Indiana foreclosure victims to get $2K checks

February 9, 2012
Associated Press
Indiana homeowners will receive about $43 million in refinanced loans while other borrowers will get $30 million worth of loan-term modifications and other relief as part of a $25 billion nationwide settlement with the country's biggest mortgage lenders.
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Few in Indiana using state fund to avoid foreclosure

January 30, 2012
Associated Press
A state program created to help Indiana residents avoid foreclosure by providing them with 10-year loans is seeing few takers even though the state's foreclosure rate is among the highest in the nation.
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Stonegate Mortgage plans to add 45 workers in '11Restricted Content

November 19, 2011
 IBJ Staff
The Indianapolis-based firm has pledged to add a total of 300 workers by 2015.
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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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