The dispute started in October when the lender tried to take possession of the building at the southwest corner of 49th Street and College Avenue. Now the owner has filed Chapter 11 to delay foreclosure proceedings.
Financial terms of the agreements, announced in a written statement, were not disclosed, but the mortgages involve tens of millions of dollars in debt on retail properties spread throughout the area.
Cindy Konich is the new CEO of Federal Home Loan Bank of Indianapolis. She succeeds Milton J. Miller, 57, who retired July 1.
The Madison Park Church of God bought a 200-acre site near Interstate 69 in 2007 and built a church there using three bridge loans. One $6 million loan matured on July 12 and couldn't be repaid.
Stonegate ranked No. 1 on IBJ’s May list of fastest-growing Indianapolis-area private companies. The eight-year-old company saw revenue rocket from $15.5 million in 2010 to $95.5 million in 2012.
The settlement results from a complaint that alleged Wells Fargo's properties in white neighborhoods were much better maintained and marketed than properties in minority areas.
Indiana Attorney General Greg Zoeller says checks totaling more than $26 million will be mailed to more than 18,000 Indiana consumers this month containing shares of the National Mortgage Settlement.
The fast-growing Indianapolis-based firm will use the funds to fuel originations of loans not intended for government-backed programs, as well as to build its portfolio of servicing contracts, CEO Jim Cutillo said.
State officials estimate that about 10,000 Indiana homeowners will get help in making their mortgage payments under an expansion of a federally funded foreclosure prevention program.
Old National Bank is suing the operator of charter school that closed last summer in Indianapolis, claiming it failed to pay off the $1.8 million balance on its mortgage.
Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal.
The owner of the building at 4225 E. 82nd St. owes $4.9 million on a $7.4 million loan, according to the suit. The tenant, Lifestyle Family Fitness, closed the location in November 2011.
A lawsuit from the lender claims that Women’s Physician Group still owes $8.7 million on a $9 million loan it received for a northwest-side building.
Home repossessions rose in 29 states and the District of Columbia in November, led by an increase of 96 percent in Indiana. However, the number of homes starting on the path to foreclosure declined to the lowest level in six years.
A loan with a balance of $94 million on a South Dakota shopping center owned by Simon Property Group was sent to a special servicer because default is imminent, Fitch Ratings said.
The three complexes are Dogwood Glen Apartments on the city’s northwest side, Elmtree Park Apartments on the far-east side and Heathmoore Apartments on the southeast side.
The buildings on the northwest side of the city total nearly 200,000 square feet and are owned by an affiliate of a company that operates 12 cemeteries and four funeral homes throughout Indiana.
The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis.
A lender has filed to foreclose on the Uptown Business Center, a neighborhood retail building at the southwest corner of 49th Street and College Avenue that a local developer had hoped to use as a springboard to revitalize the intersection.
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.
