Croatan Surf Club heading for foreclo...

Croatan Surf Club heading for foreclosure

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KITTY Local person

Windsor, NC

#1 Apr 18, 2010
Saw where Croatan Surf Club might enter foreclosure proceedings for the 17 million loan. I think only 1 unit has been sold and that is because the banks won't lend on condo units that are new.
not surprised

Laurel, DE

#2 Apr 18, 2010
You said it perfectly. The banks won't lend. Well, in my opinion the banks are the majority of the problem with the economy right now. I feel that when the economy went sour and the banks needed assistance maintaining operations, that everybody that was in default with mortgages and other loans, should get a fresh start. I feel everybody should start over with a fresh credit score of 650 and if you fail, then that was your chance. But, if you start fresh and do the right thing, you will now have the opportunity to succeed.
Just my opinion

Fayetteville, NC

#3 Apr 18, 2010
not surprised wrote:
You said it perfectly. The banks won't lend. Well, in my opinion the banks are the majority of the problem with the economy right now. I feel that when the economy went sour and the banks needed assistance maintaining operations, that everybody that was in default with mortgages and other loans, should get a fresh start. I feel everybody should start over with a fresh credit score of 650 and if you fail, then that was your chance. But, if you start fresh and do the right thing, you will now have the opportunity to succeed.
?????
yuck

Clayton, NC

#4 Apr 18, 2010
not surprised wrote:
You said it perfectly. The banks won't lend. Well, in my opinion the banks are the majority of the problem with the economy right now. I feel that when the economy went sour and the banks needed assistance maintaining operations, that everybody that was in default with mortgages and other loans, should get a fresh start. I feel everybody should start over with a fresh credit score of 650 and if you fail, then that was your chance. But, if you start fresh and do the right thing, you will now have the opportunity to succeed.
Screw that. Why should my credit score be lowered? I've worked hard to maintain my credit score.

And banks are lending money. If they didn't, they would all be out of business. They just aren't making high risk loans and they are doing a little better job in their due diligence.
huh

Manteo, NC

#5 Apr 18, 2010
yuck wrote:
<quoted text>
Screw that. Why should my credit score be lowered? I've worked hard to maintain my credit score.
And banks are lending money. If they didn't, they would all be out of business. They just aren't making high risk loans and they are doing a little better job in their due diligence.
I normally don't agree with your posts but you're "dead on balls accurate" with that one. Yes, the banks made poor decisions with high risk loans in an effort to stimulate the economy, BACKFIRE. Because ultimately that does NOT absolve the consumer of his/her responsibilities. People CHOSE to live above their means and did not do their financial homework before they signed the paperwork. I myself have fought hard to keep my credit score up there; everything on my credit is and HAS been MY responsibility. It's not the banks fault if I overdraw my account or signed up for a mortgage I'd never possibly be able to make required payments on... It's MY fault, and if I make poor and uninformed decisions, well, look in the mirror...
local

Manteo, NC

#6 Apr 19, 2010
not surprised wrote:
You said it perfectly. The banks won't lend. Well, in my opinion the banks are the majority of the problem with the economy right now. I feel that when the economy went sour and the banks needed assistance maintaining operations, that everybody that was in default with mortgages and other loans, should get a fresh start. I feel everybody should start over with a fresh credit score of 650 and if you fail, then that was your chance. But, if you start fresh and do the right thing, you will now have the opportunity to succeed.
Oh my gosh,people actually have to demonstrate responsibility and capacity to qualify for a loan,what has this world come to?

The problem is the entitlement attitude that SOOOOO many people have in this country.That's what got us into this mess and your suggesting the same.You can have a 650,750.or even an 850 credit score,but it shouldn't be given to you.It's something that you earn,similar to a grade in school and that's the way that it should be.Many people don't want to take the time to educate themselves financially,they want it given to them.

I can't tell you how many people I've seen do cash out refi's,only to walk away from their upside down homes and leave the banks stuck with a devalued property.There's plenty of people who stuck it to the banks,who had and continue to have the ability to repay.In many states,mortgages are non recourse,but that usually applies to original purchase money,not cash out's.People are going to be in for a rude awakening if and when the bank sues for the deficit.

Good Morning......
Local-eze

Kill Devil Hills, NC

#7 Apr 19, 2010
huh wrote:
<quoted text> It's not the banks fault if I overdraw my account or signed up for a mortgage I'd never possibly be able to make required payments on... It's MY fault, and if I make poor and uninformed decisions, well, look in the mirror...
I have to disagree about whose fault it is for bad loans. Many years ago, banks required proof of income, and only let people borrow a certain percentage of income. They are the experts and know what people can handle. But the banks got greedy and started allowing people to borrow more and more. They were the experts and yet purposely allowed people to get in over their head.
heh

Manteo, NC

#8 Apr 19, 2010
Hard core reality: there are those out there to do us harm if we choose NOT to arm ourselves with the knowledge we need to succeed. The world is not such a nice place anymore. It's not anyone else's responsibity but our OWN for OUR OWN decisions. I hope we can continue educationing one another so the same wrong decisions won't be repeated. Maybe we can help others from repeating our own past mistakes. There are some really helpful people in this forum, I appreciate their advice although I don't know them and can't put a face on them. Let's keep keeping it REAL and helpful. Hey, we're all in this together...
High Finance

Benson, NC

#9 Apr 20, 2010
The mezzanine(sp) lenders will buy out the first note before it gets that far...they will have to protect their position.
Sunshine

Clayton, NC

#10 Apr 20, 2010
It serves them right. The prices they are asking for those condos are absurdly high.
beach box guy

Abernathy, TX

#11 May 22, 2010
banks are now restricted by law as to what is required to qualify for a loan.

why would you want to buy a place that you obviously cannot afford. SAVE MONEY. your credit score will raise when you deserve it. if you cant afford to save then you are living above your means.
The last thing the world needs is to give credit to the irresponsible people that caused this recession in the first place.
Banks need to keep people from buying. They are to blame just as much as the people who thought living paycheck to paycheck was ok for the rest of their lives.
I voted for Ryan White

Nashville, NC

#14 May 23, 2010
Why blame the foreclosure on the banks? Who built the GD thing? It wasn't the bank.

It was the developer Bud Dean who is a pompous, arrogant ass and I'm not sad to see him or his flunkie on-site agent Matt Whelan go down.

They took out one of the coolest, best old buildings on the beach and built that idiotic, ugly mess of Croatan Surf Club thinking they would have no problem selling $900,000 condos to suckers. Well, they couldn't.

Oh boo hoo, the banks are so tough! I have bad credit! Save me! I deserved a chance!

We already HAVE saved everyone who made terrible choices and spend wildly and got in a deep hole. It was called the bailout and if you think for one millisecond any of us with excellent credit are gonna help your sorry butt out any more than we already have, you are SADLY mistaken.

Get real and give me a break.
I voted for Ryan White

Nashville, NC

#15 May 23, 2010
I mean, how dare anyone suggest we ALL should revert to a credit score of 650 when some of us have skrimped and saved and done WITHOUT our whole adult lives just keeping our heads above water to achieve an 800+ credit score!

You are living in an extreme fantasy world if you think that would not cause the biggest uprising you've ever SEEN!!!

You gambled, you lost. Those are the rules. If you were suckered by unscrupulous lender, I do feel sorry for you. But no one held a gun to your head at the closing table, did they?

Sorry--that idiotic comment above caught me in the wrong mood this morning.
Stephanie

Davenport, IA

#16 Jun 23, 2010
KITTY Local person wrote:
Saw where Croatan Surf Club might enter foreclosure proceedings for the 17 million loan. I think only 1 unit has been sold and that is because the banks won't lend on condo units that are new.
Where did you hear that it is being foreclosed on? Any idea of when this will take place? I have a rental booked there this fall. I've heard rumors of this but no one seems to have any real information regarding where they heard it. Is there an article or something online that says this? Any info will be helpful!
Watcher

Manteo, NC

#17 Jun 23, 2010
Stephanie wrote:
<quoted text>
Where did you hear that it is being foreclosed on? Any idea of when this will take place? I have a rental booked there this fall. I've heard rumors of this but no one seems to have any real information regarding where they heard it. Is there an article or something online that says this? Any info will be helpful!
The best help I can offer is to suggest you read completely through the last page of this thread (if you haven't already):

http://obxconnection.com/outer-banks-message-...

Apparently, there was supposed to be some sort of hearing concerning the foreclosure procedings on June 16, but I know nothing more about that.

According to the Dare County Graphical Information Service,

http://daregis.darenc.com/website/dare/viewer...

only one of the all the condos in the property has been formally sold to anyone since it was built, and that could give you some insight into the property owners/management that is going on there.
HAHAHAHA

Spring Hope, NC

#18 Jun 24, 2010
The condos are totally overpriced. No wonder they didn't sell.
You Oughtta Know

Mount Morris, MI

#19 Jun 24, 2010
It was the developer Bud Dean who is a pompous,
arrogant ass and I'm not sad to see him or his flunkie on-
site agent Matt Whelan go down.
They took out one of the coolest, best old buildings on
the beach and built that idiotic, ugly mess of Croatan
Surf Club thinking they would have no problem selling $
900,000 condos to suckers. Well, they couldn't.
AGREED
You Oughtta Know

Mount Morris, MI

#20 Jun 24, 2010
John Kirschmeyer (sp?) is the only one who walked away from this clean!
Wonderin

Manteo, NC

#21 Jun 24, 2010
You Oughtta Know wrote:
It was the developer Bud Dean who is a pompous,
arrogant ass and I'm not sad to see him or his flunkie on-
site agent Matt Whelan go down.
They took out one of the coolest, best old buildings on
the beach and built that idiotic, ugly mess of Croatan
Surf Club thinking they would have no problem selling $
900,000 condos to suckers. Well, they couldn't.
AGREED
Matt Whelan, what a waste. Anyone here ever met the guy?! He typifies what's wrong with the Outer Banks. His %&#*$ doesn't stink, he thinks HE'S the %(*#&, etc. I could go on and on. Bottom line, if you ever see him out in public you will know what i mean. He is kind of like Rodney Dangerfield without the humor.
Southern S Local

Windsor, NC

#22 Jun 25, 2010
Matt can be a loud mouth in public that's for sure. he likes people to notice him.

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