Daily Archives: February 8, 2015

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The Foreclosure Hour – The Pathetic State of the Majority of Judicial Foreclosure Judge Decisions

The ULTIMATE spite house hits the auction block

The tale of Edith Macefield is apparently local legend in the Seattle area. In 2007, she famously turned down $1 million for her home, even as developers were literally building a shopping mall around it.

Macefield, who died in 2008 at the age of 86, refused to sell her 1,000-square-foot home to developers for $1 million because she didn’t want to leave her home. So the developers were forced to alter their plans and build the mixed-use office and retail building around Macefield’s home.

The result left her home as a bit of a local landmark and one of the most famous spite houses in the nation. Because the shopping mall was built around her house, instead of the other way around, Macefield’s house didn’t make HousingWire’s list of “The most obnoxious houses built of spite.” But honestly, in its heyday, Macefield’s house was anything but obnoxious.

Click the image below for a larger look at Macefield’s house.

Now, the home is in foreclosure and set to hit the auction block in March. According to a report from the Seattle Post-Intelligencer (with a h/t to Zillow’s blog), the current owner of Macefield’s home owes more than $185,000 on it.

From the Seattle PI report:

Reach Returns now owes $185,956.04 on the property, according to a foreclosure notice. Unless the company pays that off, the property will go up for auction at 10 a.m. on March 13, at the Fourth Avenue entrance to the King County Administration Building.

According to the Seattle PI report, Macefield bequeathed the home to Barry Martin, who was actually the construction superintendent on the project that surrounded Macefield’s home with a Lifetime Fitness and a Trader Joe’s.

The two apparently became very close throughout the construction process, with Martinreportedly looking after Macefield when she was diagnosed with pancreatic cancer.

Martin subsequently sold the house to Reach Returns in 2009. Again from the Seattle PI report:

Reach Returns owner Greg Pinneo said he planned to elevate the home to the height of the surrounding commercial building and create a two-level open space underneath, with plantings and water features.

But now, Reach Returns owes $185,000 on the property, which is currently boarded up.

Read on.

Congressman Aaron Schock’s residence listed as foreclosure

The property where Congressman Aaron Schock’s renting in the 18th District is for sale as a foreclosure.

The congressman’s home address is listed as 222 W. Detweiller Drive on his Federal Election Commission filing dated Tuesday. But a foreclosure listing has been up for more than a week, and the 35 photos posted of the property show what appears to be a vacant home.

Congressman Schock says he’s still renting the carriage house that’s been his in-district residence since 2009. He says instead of paying rent to the previous owner, now he’s paying the bank. Congressman Schock says once the house is sold he will work with the new owner to determine whether he remains as a tenant or needs to move.

The person listed as the last owner is William Boyd.

Read on.

JPMorgan Chase hit with class action over allegedly forgiven loans

SAN DIEGO (Legal Newsline) – A class action lawsuit against a national bank claims the bank allegedly tried to collect on forgiven loans.

Madeline Montry and Rebecca Burlingame filed the lawsuit Feb. 3 against JPMorgan Chase Bank, the National Collegiate Student Loan Trust and the Law Offices of Patenaude & Felix, A.P.C.

According to the lawsuit, the bank told consumers and the IRS that some debts it was owed were “discharged, cancelled or forever forgiven.” However, the bank then allegedly attempted to collect on the same debts after forgiving them.

In the plaintiffs’ case, the two took out a loan through Chase Bank totaling about $86,574. Around Dec. 31, 2013, the loan went into default, and the bank allegedly sent a letter informing them the debt had been forgiven.

Read on.

Swiss banker arrested in Germany over U.S. tax case: lawyer

A former Swiss banker charged by U.S. prosecutors with helping wealthy Americans evade taxes has been arrested in Germany pending extradition to the United States, his lawyer said on Saturday.

Roger Keller, a onetime client adviser in Zurich at Wegelin & Co, was one of three bankers at the now-defunct Swiss private bank charged in a 2012 indictment in New York federal court for helping U.S. taxpayers hide more than $1.2 billion (787 million pounds) in assets.

Thomas Green, Keller’s lawyer at the law firm Sidley Austin, in an email Saturday confirmed that his client had been arrested and is being held in Germany pending his extradition.

“I have not yet been in contact with Roger, but hope that can be arranged soon,” Green said.

The case is one of a number spilling out of a broad crackdown by the United States on offshore tax evasion by Americans.

Read on.