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.
The Indianapolis developer will continue to own its corporate headquarters at 117 E. Washington St. after reaching a settlement with two banks that had filed a lawsuit to foreclose on the building.
More than 37,000 Indiana borrowers who lost homes to foreclosure soon will receive claim forms for payments under the national mortgage settlement.
The Indianapolis-based mortgage company has entered the Florida market with its purchase of NattyMac LLC in St. Petersburg.
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.
The number of homes that received an initial notice of default — the first step in the foreclosure process — increased 6 percent in July compared to the same month last year. Foreclosure starts rose 83 percent in Indiana.
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.
This year’s list of fastest-growing private companies in the Indianapolis area is a diverse lot, operating in industries ranging from human resources to office furnishings to construction to home health care and games.
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.
Lantern Partners LLC owns the Freedom Mortgage Building once occupied by the failed Irwin Mortgage Corp. Lantern’s largest creditor is owed nearly $11.4 million.
Munster-based Citizens Financial Bank claims the owner of the building at 1340 E. County Line Road owes $4.1 million on a loan originating from 2002 and is seeking to have a court-appointed receiver manage the building’s operations.
Cornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection, listing $11 million in personal debt he attributed to the prolonged slump in the real estate market.
The bank said it will terminate all 450 employees at its office on the northeast side of Indianapolis as the troubled residential mortgage servicing provider prepares to sell a large portion of its assets.
