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.
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.
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.
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.
The $182 million awarded to the state by the federal government was based on the unemployment rate, which is falling.
Indiana saw default notices climb 37 percent in February compared to February 2011. Scheduled home auctions were up 92 percent from the previous year.
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.
The estate of Richard J. Salewicz, who died in 2010, is named in the foreclosure suit that also targets Tyson Corp., the company he owned on the southwest side of Indianapolis. Local accounting firm London Witte is not part of the court action.
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.
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.
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.
A Marion Superior Court judge has approved the appointment of a receiver to manage Lexington Park near North Post Road and East 38th Street.
Zoeller said the money will go to fraud victims who help his office file legal actions against businesses accused of predatory practices.