Mortgage Companies No Longer Giving Mortgages To Great Gorge Village Units

Posted in the Highland Lakes Forum

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1 - 9 of 9 Comments Last updated Apr 14, 2013
tekguy2k

Franklin Lakes, NJ

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#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
condo owner

Bernardsville, NJ

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#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!!!!
tekguy2k

Highland Lakes, NJ

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#3
Jan 31, 2011
 
What is the lawsuit over? Is there any truth to it?
condo owner

Flemington, NJ

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#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...
tekguy2k

Highland Lakes, NJ

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#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?
John Mannix

Sparta, NJ

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#6
Sep 19, 2012
 
tekguy2k wrote:
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
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.
Shirley Frank

New York, NY

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#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.
Dianne LAng

Vernon, NJ

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#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.
Skier 3

Lafayette, NJ

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#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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