Posts Tagged ‘portland’

Portland foreclosure rescue scams are on the rise. Detective Liz Cruthers of Portland Police Bureau introduced fraud specialist Richard Hagar to the participants of a meeting held in East Portland.
In localities as well as across the nation mortgage fraud is making its presence felt, according to Hagar who is a renowned expert in the field. He explained that the crime is not just about individuals and family units but it is affecting the entire local economy. While introducing Hagar, Cruthers said that real estate agents are indulging in fraud and this is in turn is leading to more foreclosures and fueling the meltdown from the sub-prime. Hagar presented in clear terms the nefarious activities related to real estate deals. It included foreclosure rescue scams. Hagar bluntly said “People who run ‘foreclosure rescue’ operations are the lowest of the low.” They offer false help to those in dire straits and then push them overboard.
Hagar went on to explain the procedure. When a borrower falls behind in mortgage payments he is sniffed out by a so-called helpful friend who suddenly arrives on the scene with a basket full of promises to tide over the foreclosure crisis. Understandably the foreclosure victim is in a traumatized state and does not understand the consequences of being persuaded to sign a “Quit Claim Deed.” The sham rescuer then gives the house owner $5,000 and offers to let the victim continue to stay on as a tenant. He says that at a convenient time in the future the house will be sold back to him. In reality if they miss even a single month’s rent they are thrown out. The situation is grim. The scammer has the title deed.
Hagar cited the instance of a local widow who was mourning for her husband when foreclosure threatened her. She had fallen behind in her payments due to the tragedy. One of the vultures smelt the rot and honed in with rotten promises. He offered refinancing but never did it. He offered to sell the house on her behalf but never did it. He said he would himself see to the stopping of the foreclosure process but did not do it. What he did was to buy the house in the court auction for peanuts - $10,000, because of the “kindness of his heart.” His kind heart made him give the widow $5,000 for moving out. It took him only two months to sell the property for $300,000!

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A bankruptcy filing has delayed a project in South Salem, Marion County. Developer Morford filed protection from creditors claiming shelter under bankruptcy laws just two hours before scheduled start of foreclosure proceedings.

Morford, from Portland, is in charge of PJM Fairview. His attorney Bradley Baker took the help of Chapter 11 to file the petition in Marion County Courthouse. Fairview owed the lenders, OFO Partners more than $13.5 million for a 104-acre property in South Salem. It postponed the foreclosure but it also meant a big delay in implementation of the project. But Morford has not given up hope to make his dreams come true. He is frantically working to refinance it.

Under the legalities of Chapter 11, PJM Fairview keeps possession of the property but Morford must submit to the court reorganization plans delineating how he plans to meet the demands of the creditors.

On the other side of the fence, OFO Partners, under the guidance of their attorney Brent Summers is sharpening their swords and waiting to ask the court within few days relief from the postponement that has adversely affected them. The aim it to complete the process of foreclosure and satisfy his clients.
Morford had bought the land from Sustainable Fairview Associates in 2006 for about $21 million. He planned something that would be sustainable as well as environment friendly. It would be located next to Pringle Creek Community – the latter being a green-development coming up on the remaining 32 acres of Fairview. Pringle Creek is not included in Morford’s holding and remains unaffected by plans gone awry with its next-door plot.

Morford’s plans for development envisage a project with mixed facilities. It will stand on more than 240 acres at 2250 Strong Road SE. There would be 816 single family home blocs on the south. On the north there would be multi-family homes, space for offices and shops as well as a 5-acre park. A site plan has also been drawn up for a school.

Gordon Root, the owner of another creditor does not think that these are anything but teething troubles and will not derail Morford’s project. Fairview owes Root Holdings more than $6 million. It too has started foreclosure proceedings for 145 acres. He is however of the opinion that for the welfare of all, every one should come forward to give Morford’s spectacular dream a big push.

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