Mortgage Companies No Longer Giving Mortgages To Great Gorge Village Units
Posted in the Highland Lakes Forum
#1 Jan 31, 2011
Heard from a neighbor that mortgage companies are no longer giving any mortgages to anyone wanting to buy a unit in great gorge village?
Something about Comet Management being under a massive lawsuit?
Does anyone know anything about this being true or not?...Given the economy and Vernon's slow downward collapse...i wouldnt doubt it if it was true
#2 Jan 31, 2011
I have heard the same. I tired to sell my unit and was told by my relator exactly what you were told. There are so many units for sale in the condos and it is the reason none of them are moving..They have a lawsuit pending for 90 million dollars and only have 80 mil in coverage... So lenders are backing off. Another reason why I have been saying COMET HAS TO GO!!!!
#3 Jan 31, 2011
What is the lawsuit over? Is there any truth to it?
#4 Jan 31, 2011
From what I heard someone who was staying for the week at a rental unit was seriously injured on the premises .. There is also another pending lawsuit that involves intrawest that is still pending and I dont know any of the details... Supposedly less than 5 units have been sold in the last year here due to unwilling lenders and the problem is not getting better...
#5 Feb 1, 2011
So if someone got hurt how is that comet management's problem? unless they didnt provide adequate ways to get to condo etc...
I wonder what would happen if they up and left..no more monthly fees?
#6 Sep 19, 2012
I am posting this on 09/18/12 and can't beleive this comment is still here unupdated. All lawsuits are massive in their initial amount but this one was settled over a year ago for a tiny fraction of the intial $80 million suit. It was a ridiculously frivolous suit to begin with and completely covered by insurance.
Gossipy neighbors usually are not a reliable source and this one clearly did not know what they were talking about. Mortages at Great Gorge are as available as anywhere else in the U.S. right now meaning they are tight because banks just aren't lending like they used to.
#7 Sep 20, 2012
Thanks John for posting truth.Some of the stories that go around Vernon are unbelievable. Yes you can get mortgages in GGV despite the gossip and comments from people that have no idea what they are talking about and are just trying to cause trouble.No wonder Vernon is in the mess it is.
#8 Nov 27, 2012
I was turned down by every bank in the area for a re fi.. Turned down again today.. Three options
* rent it out
* win lottery and pay it off
* walk away from it.
#9 Apr 14, 2013
Refinanced two units in great gorge in April 2012. One Wells Fargo and one with quicken loans. Banks are lending and refinancing as long as your credit, income and debt to income ratio are in check.
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