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January 22, 2008
Foreclosures of the Week
There are two interesting co-op foreclosure auction scheduled for tomorrow morning. First off, unit 8F at the 13-story, prewar 40 Boerum Place is going on the block. There’s currently a lien of $327,669 on the property, which sold for $420,000 in 2005. There’s also an auction scheduled for unit 6A at 381 Argyle Road in Flatbush (a block away from Ditmas Park West). The unit has a lien of $78,586 on it, and it last sold for $89,610 in 2005. The Argyle Road auction is scheduled for 11 a.m. tomorrow on the steps of 360 Adams Street; the Boerum Place auction will follow at 11:30.
40 Boerum Place, Unit 8F [Property Shark] GMAP
381 Argyle Road, Unit 6A [Property Shark] GMAP
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Comments
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Posted by: guest at January 22, 2008 11:28 AM
I'm a bit confused about these 'foreclosure auctions'.
If I don't pay my mortgage and bank 'forecloses' - doesn't the bank end up being the title holder - and they then dispense with property as they see fit? Auction, list with realtor, etc.
Whereas I thought these auctions by the city - were tax lien auctions.
Anyone with experience can clarify -why a mortgage foreclosure ends up auctioned on court house steps?
Posted by: guest at January 22, 2008 11:38 AM
And what happens with co-op board approval when a unit is auctioned??
Posted by: guest at January 22, 2008 11:40 AM
Co-op boards can stop you from moving into the apartment - and stop the transfer of the lease, but the ownership of stock shares that are assigned to the apartment can be transfered from the bank to a new buyer. The buyer would then need to deal with the board.
Posted by: LM at January 22, 2008 12:28 PM
381 Argyle is IN Ditmas Park West. Its northern boundary is the south side of Cortelyou Road.
Posted by: Xris at January 22, 2008 12:34 PM
How soon will we be able to see what these actually go for?
Posted by: claver face at January 22, 2008 12:48 PM
Hi. My name is Frank Lovece, and I'm a Contributing Editor of HABITAT, the 25-year-old NYC magazine for co-op/condo boards. (See www.habitatmag.com)
I'm writing a service article about how smart, effective boards can minimize the impact that an apartment foreclosure might have on the building as a whole.
I'm on a deadline today and tomorrow (Jan. 22-23), and need to speak to board-members and mostly a couple of managing agents. Anyone who can speak with me for 15 minutes or so, please call Frank Lovece, HABITAT, 212-678-5192. Thanks.
Posted by: guest at January 22, 2008 12:51 PM
Your photo is 96 Schermerhorn -- NOT 40 Boerum --- and there are no units in foreclosure at this time at 96!
Posted by: guest at January 22, 2008 2:03 PM
40 Boerum is 96 Schermerhorn's alternate address. It looks like the post is correct.
Posted by: guest at January 22, 2008 3:08 PM
But there is no foreclosure.
Posted by: guest at January 22, 2008 5:25 PM
Comon bloggers here's your chance. Why only 10 comments? Oh I get it too much fun talking about listings you cant obtain. NO BUYERS LOOK ON BROWNSTONER> PULL THOSE ADS.
Posted by: guest at January 23, 2008 8:37 AM
THERE IS NO ADDRESS 40 BOERUM. How can there be any activity at an address that does not exist? There is no entrance to 96 Schermerhorn on the Boerum side... I don't see how that could accurately be the "alternate address."
Posted by: guest at January 23, 2008 9:47 PM
Big lots have multiple addresses. Has nothing to do with where the doors are.
http://tinyurl.com/you2vr
Posted by: guest at January 24, 2008 11:29 AM
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