50 Maple Street Up for Auction
After paying $708,000 for the 3,172-square-foot house back in 2003, the owner of 50 Maple Street appears to have run into some trouble in recent months. The beautiful house came up for foreclosure auction back in April but evidently dodged the bullet; now it’s scheduled again for 3 p.m. this Thursday at 360 Adams Street….
After paying $708,000 for the 3,172-square-foot house back in 2003, the owner of 50 Maple Street appears to have run into some trouble in recent months. The beautiful house came up for foreclosure auction back in April but evidently dodged the bullet; now it’s scheduled again for 3 p.m. this Thursday at 360 Adams Street. The lien is $286,056, a relatively modest figure given what a stately home this is. Any neighborhood scuttle on this one? GMAP P*Shark
Both property shark and realty trac are VERY incomplete. The only sure way is to do a title search which will bring up all kinds of violations etc.
I would like to bid on this but I am out of town this day. Can only hope it doesnt sell and i get another shot at it.
Well, I’m infatuated with the building so I’m planning to check out the auction. I’ll let you know how it goes.
oh, one of these? 555 Carlton’s going to be auctioned too, for the 21st time since 2007! not. This is just the second time that this property wont be auctioned.
Please Note: Some of the properties may not be sold for various reasons, including but not limited to, judicial stays of the foreclosure proceeding and forbearance agreements between the parties.
PropertyShark and ACRIS both show two mortgages, both made at the time of purchase. One, a 15-year first mortgage, was for $321K; the second, a HELOC, had a maximum O/S of $315.2K. I would imagine this is the HELOC that’s delinquent; in any case, whoever comes in here isn’t getting off with merely $286K.
Seriously. Hardly an “only in NY” situation. The difference is that this place is worth plenty. The owner is in no way “underwater” on her mortgage. Unless … lord only knows what the inside looks like.
I don’t think its only in NY. I think most people in various stages of foreclosure are living rent free for around 2 years all across the country. Nice house. Possibly worth 286K as long as it’s in good shape inside. Of course Freddie and Fannie will give my tax dollars to the selling bank for someone to take out a million dollar loan for it that will go back into foreclosure in a couple years.
Better question: how do you know this isn’t the second mortgage?
What happens to the second mortgage if JP Morgan ends up with the winning bid? Do they need to pay the outstanding liens when they take title?
Look on ACRIS: there are definitely two mortgages outstanding.