Foreclosures of the Week
On Thursday at 3 p.m., the financial institution that loaned the current owner of 416 Pacific Street $810,392 against the four-story brownstone will seek to recoup its money at the weekly public foreclosure auction held in Room 261 at the Kings County Courthouse in Downtown Brooklyn. Also of interest to bottom feeders bargain hunters may…
On Thursday at 3 p.m., the financial institution that loaned the current owner of 416 Pacific Street $810,392 against the four-story brownstone will seek to recoup its money at the weekly public foreclosure auction held in Room 261 at the Kings County Courthouse in Downtown Brooklyn. Also of interest to bottom feeders bargain hunters may be the sale of Apartment 1D at 325 Clinton Avenue in Clinton Hill. There’s outstanding debt of $159,022 against the co-op apartment.
416 Pacific Street [Property Shark] GMAP
325 Clinton Avenue, #1D [Property Shark] GMAP
“BTW Nobody is paying their Mortgages now.”
That’s not true. I’m paying MINE!
I wouldn’t consider them “bottom feeders”. More like a specialized predator/scavenger who can smell a sick or injured animal from a far off distance and make the kill. However, like many scavengers, they must compete with their own kind for a limited supply of carcasses. These days there may be more sick and injured but their own population has also increased accordingly. People who buy foreclosed properties have some of the strongest jaws in the entire animal kingdom.
The Who
Lies
La la la la la la lies….
I sympathize with you 12:34 but there’s a big difference between simply having to move and losing your life’s savings, going deep into debt and perhaps declaring bankruptcy.
I actually agree that bottom feeder is NOT the right term for someone who hopes to pick up a property at a below market price at one of these auctions. A bottom feeder would be someone who takes advantage of the opportunity that exists when people are desperate (before foreclosure) by offering them an extreme low-ball price–they search foreclosure reports and look for those that need to sell or lose whatever equity they have in the home and offer them a pathetic price.
These properties are being auctioned post-foreclosure and at least one will require a huge amount of work to bring back to livable condition.
Although I have heard that these auctions can be a bit like a feeding frenzy.
Please correct me if I am getting this wrong!
@iluvclintonhill:
Can’t imagine what it feels like to know you are losing your home? Why, I imagine it sort of feels like being priced out (i.e., kicked out) of an apartment you’ve lived in for years, and a neighborhood you’ve invested in by shopping there, perhaps planting flowers at the park or joining the PTA or starting a business. Maybe you teach school there, or walk the beat or work in the firehouse. Maybe you were very kind to your elderly landlady, and took out the garbage and shoveled the snow. But for whatever reason, you couldn’t get a downpayment together (maybe you work in a service profession and don’t have family money), and though you worked with ACORN and Neighbors Helping Neighbors, and signed up for every housing lottery, the fact is that you couldn’t afford to buy, and you didn’t get lucky, so you rent. Yes, I imagine not being able to pay the mortgage feels, to some extent, like being told that your rent is going up $500 a month because the market has changed, and that you’ll just have to move, and too bad, but you’re a bitter rent-stabbing, bottom feeding moron, so move it along. Probably it feels sort of like that.
There’s a long tragic history to 416 Pacific. (I live across the street.) But the bottom line is: the house is the scourge of the block. The D of Environ Protection turned off gas, water, everything this summer after declaring it a toxic site. (House is apparently filled with rodents, dead and alive.) I have actually seen rats running across window sills. Owner is mentally ill and has Collier’s Disease (the hoarding thing). A few years ago, she got a lawyer to overturn some earlier mortgage she’d taken out, claiming it was a predatory lender. Which explains why she’s been there for as long as she has, having never paid a bill. (She inherited the house from her mother.) I can’t say I will be sorry to see her go, if she ever does. Though I have my doubts. (So far, she has outwitted everyone, including a previous foreclosure attempt.) The house reeks so badly I sometimes cross the street rather than walk in front. Good luck to prospective buyers. The house is huge, on a huge lot, and smack in middle of a great block, etc. But it will obviously require massive amounts of work. I understand there’s mold everywhere.
“bottom feeders”
How totally disrepectful and ignorant.
Ignore the haters. Mr. Brownstoner, please make this a ongoing feature. Thanks in advance.
No the Meds are fine, Asshole. While your here, Read this.
Remember Long-Term Capital? Thats the hedge fund that blew 3.2 Billion dollars. Greensperm and Co had to bail out these suckers. Now kiddies we have 100’s of billions of dollars to worry about!
Nov. 6 (Bloomberg) — Citigroup Inc. named Richard Stuckey to manage most of its $43 billion of subprime mortgage assets, choosing the same executive who helped unwind Long-Term Capital Management LP’s bad bets nine years ago…
Rescuing the bank’s subprime holdings may be a harder challenge than Long-Term Capital, said Lawrence White, professor of economics at New York University’s Stern School of Business. New York-based Citigroup owns subprime mortgage securities that rarely trade and are hard to value. The Long-Term Capital hedge fund was holding derivatives tied to interest-rate and equities that readily trade.
“The opaqueness as well as the stinkiness are greater,’’ White said.
Citigroup said yesterday in a filing with the U.S. Securities and Exchange Commission that the amount of assets it held that were hard to value rose 42 percent in the third quarter. The company’s Level 3 assets climbed to $135 billion at the end of September from $95 billion at the end of June, according to SEC filings.
The What
Someday this war is gonna end…..