Home Builders Association of Chester and Delaware Counties

HBA Newswatch

May 5, 2008

HOPE FOR DELIQUENT MORTGAGE HOLDERS
With the slowing of the economy and the advent of the subprime mortgage crisis, an increasing number of homeowners are finding themselves in default on their mortgages and are consequently having mortgage foreclosure actions filed against them by their lenders. Some of these foreclosure actions will eventually result in the homeowners filing for bankruptcy in an effort to save their principal residence.
The nature of the mortgage market, in which mortgages are frequently sold by mortgage originators or the original lender, often results in the ownership of the mortgage loan changing hands multiple times. Often times, the transfer of the mortgage, note and any other documents evidencing ownership of the loan does not keep up with the transfer of the mortgage loans. It is not unusual for the party owning the loan at the time of a foreclosure or a bankruptcy proceeding to not have up-to-date documentation as it attempts to enforce the mortgage.
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MORE RENTALS PROPOSED FOR COATESVILLE
FIRM PITCHES LOFT APARTMENTS
By R. JONATHAN TULEYA, Staff Writer
COATESVILLE — Another developer is prepared to join the increasingly crowded residential rental market along the city’s main business corridor, but with a twist.
CWave Solutions of East Whiteland is planning what company officials describe as artist colony-style loft apartments for vacant land adjacent to the Coatesville Cultural Society on the 100 block of East Lincoln Highway.
City Council last Monday night gave final approval of the $110,000 sale of the Coatesville Redevelopment Authority-owned property to CWave Solutions.
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NONPROFIT MOVES FORWARD WITH HOMES
HABITAT FOR HUMANITY ENTERS PHASE TWO WITH HOUSING PLAN ON POPLAR STREET
By ANNE PICKERING, Staff Writer
WEST CHESTER — A plan first proposed in 2002 to build 14 Habitat for Humanity homes in the East End is moving forward after Tuesday’s charity event presented the land-development plan for the second phase of the project to the Chester County Planning Commission.
Three phase-one houses have been built on South Worthington Street between East Barnard and East Miner streets. Another twin is scheduled to be built on the site for a total of five houses.
With phase one moving along, Charles Huston, executive director of Habitat for Humanity of Chester County, is turning his attention to the other side of Poplar Street.
There, behind a chain-link fence where Davis Citgo Inc. used to park its fuel oil tanker trucks, the second phase of Habitat’s development — nine new sweat-equity houses will take shape.
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