Foreclosures in the Volunteer State!
Tennessee Real Estate Search - Foreclosures, Pre-foreclosures and Tax Liens
Sign up to receive foreclosures by email
Tennessee Related Articles
Foreclosure Notice Filed For Memphis School, Church Site
Lender James D. Holden requested the foreclosure after Saving Station Christian Church - a corporation formerly known as Creative Life Inc. - and Carolyn Bibbs defaulted on a $275,000 loan dated February 2003 for property at 1222 Riverside Blvd., according to a first-run foreclosure notice in today's Daily News.
The sale is scheduled for Oct. 17.
The site is home to private school Creative Life Preparatory School, according to the Tennessee Department of Education's school directory. The school started in September 2001 with kindergarten through sixth-grade classes and added seventh- and eighth-grade classes in November 2002, according to the directory.
The Riverside Boulevard address also is home to Saving Station Christian Church, according to the Web site of Christian Church (Disciples of Christ) in Tennessee. Saving Station was the brainchild of Carolyn Bibbs, according to a 2006 press release from the Christian Church (Disciples of Christ) Disciples News Service.
The church targets inner-city and disadvantaged youth with hip-hop services, according to the release, which adds the church's oldest members are 18 or 19 years old.
The Internal Revenue Service has filed numerous liens on all property of Creative Life Inc., the predecessor of Saving Station, according to the foreclosure notice. The listed liens are dated March and November 2001, September 2002 and November 2005.
To read the entire text of the foreclosure notice, see Page 25 in the Foreclosures section of today's Daily News.
Source: The Daily News Online & Chandler Reports
|
Fed Agrees that Minorities
Receive More High-Cost Loans |
The data was collected under the Home Mortgage Disclosure Act (HMDA), which annually tracks variations in home mortgage delinquency rates.
The recent study from ACORN (Association of Community Organizations for Reform Now), "Foreclosure Exposure," showed that while high-cost and subprime mortgages became more prevalent for all homebuyers over the past decade, minorities - regardless of income - received a much higher percentage of high-risk loans, particularly adjustable-rate mortgage loans.
The number of Americans now in danger of losing their homes because of missed payments is at an all-time high, according to the Mortgage Bankers Association.
The "Foreclosure Exposure" study showed black home buyers were 2.7 times and Latinos were 2.3 times more likely to be given a high-cost loan than were whites. For refinances, blacks were 1.8 times more and Latinos were 1.4 times more likely to be given a high-cost loan. Racial disparities persist even among homeowners with similar income levels.
Though the foreclosure crisis is perceived to be the result of lending to risky borrowers with bad credit histories, the ACORN study shows that risk was inherent in the loans. Subprime borrowers who are able to qualify for fixed-rate loans were often duped by brokers to take out loans they cannot afford.
"We have seen a sharp increase in foreclosures in some of the urban and minority communities that most need to build wealth through homeownership," said ACORN national president Maude Hurd in a statement. "Too many of our neighbors were steered into unaffordable exploding ARMs without being given an option for a fixed-rate and now face foreclosure, which harms their families and our communities."
Borrowers are advised to seek U.S. Department of Housing and Urban Development-certified homeownership counseling to receive advice about obtaining an appropriate loan and to ensure they are not taken advantage of by unscrupulous lenders. Borrowers also can call their local ACORN office for assistance.
To read The Daily News' original story on the ACORN study, see the Sept. 7 lead story at www.memphisdailynews.com.
Article Source http://www.memphisdailynews.com/Editorial/StoryDaily.aspx?story=digest&date=9%2F17%2F2007
Featured Sponsors:
Advertise your business here!
Signup now and be featured on this page. Upload your photo and link to your website! Sign up NOW!
Related News and Articles:
Citigroup to offer help to 500,000 risky mortgage customers
Citigroup plans on ceasing all foreclosures in an attempt to help the nationwide foreclosure problem. Those facing foreclosure that will be reviewed for assistance must have the home listed as a primary residence.
read more
Only Halfway Through the Foreclosure Crisis?
While discouraging for the economy, this may mean there are still plenty of home buying opportunities available for first-time buyers and investors. Foreclosures are making up the majority of homes on the market. And foreclosure sales may be just what it takes to beef-up a lagging housing market.
read more
Home foreclosures still climbing, hit hard in wealthier counties
With Tennessee foreclosure rates increasing, may provide opportunity for investment and home buying in previously inflated areas such Williamson County and Middle Tennessee.
read more
Read past articles in the Article Archive