Toledo Legal News - Seized Property Legal Notices Details
Seized Property Legal Notices
Notice Content: NOTICE OF DEFAULT
AND FORECLOSURE SALE
Kriss D. Felty, Attorney
WHEREAS, on May 9, 1994, a certain Mortgage Deed wa executed by Virginia Hymore, Unmarried, as mortgagor (grantor) in favor of unity Mortgage Corp. DBA The Reverse Mortgage Company as mortgagee (grantee) and was recorded on May 27, 1994, in Volume 94-1399, Page D11 in the Office of the Recorder, Lucas County, Ohio; and
WHEREAS, the Mortgage was insured by the United States Secretary of Housing and Urban Development (the Secretary) pursuant to the National Housing Act for the purpose of providing single family housing; and
WHEREAS, the Mortgage is now owned by the Secretary, pursuant to an assignment dated March 4, 2005, and recorded on March 18, 2005 in Instrument Number 20050318-0018105, in the Office of the Recorder, Lucas County, Ohio; and
WHEREAS, a default has been made in the covenants and conditions of the Mortgage in that the payment due on August 1, 2005 was not made and remains wholly unpaid as of the date of this notice, and no payment has been made sufficient to restore the loan to currency; and
WHEREAS, the entire amount delinquent as of May 27, 2010 is $111,330.93; and
WHEREAS, by virtue of this default, the Secretary has declared the entire amount of the indebtedness secured by the Mortgage to be immediately due and payable;
NOW THEREFORE, pursuant to powers vested in me by the Single Family Foreclosure Act of 1994, 12 U.S.C. 3751 et seq., by 24CFR Part 27 subpart B, and by the Secretary's designation of me as Foreclosure Commissioner, recorded on March 18, 2005, in Instrument Number 20050318-0018105, notice is hereby given that, on May 27, 2010 at 10:00 a.m. local time, all real and personal property at or used in connection with the following described premises ("Property"), will be sold at public auction to the highest bidder(s):
Lot Number One Hundred and Twenty-Three (123) in Wildwood, a Subdivision in the City of toledo, Lucas County, ohio excepting therefrom the north Three (3) Feet Thereof. Commonly known as: 2203 Glendale Avenue, toledo, Ohio 43614. Permanent Parcel Number: 16-23101. The sale will be held in the Auditorium of the Lucas County Court House, 700 Adams Street, Toledo, Ohio 43604. The Secretary of Housing and Urban Development will bid in total indebtedness which, as of May 27, 2010 is $111,330.93. There will be no proration of taxes, rents or other income or liabilities, except that the purchaser(s) will pay, at or before closing, his (their) prorata share of any real estate taxes that have been paid by the Secretary to the date of the foreclosure sale.
When making their bids, all bidders, except the Secretary, must submit a deposit totaling $11,133.09 in the form of a certified check or cashier's check made out to the Secretary of HUD. Each oral bid need not be accompanied by a deposit. if the successful bid is oral, a deposit of $11,133.09 must be presented before the bidding is closed. The deposit is nonrefundable. The remainder of the purchase price must be delivered within 30 days of the sale or at such other time as the Secretary may determine for good cause shown, time being of the essence. This amount, like the bid deposits, must be delivered in the form of a certified or cashier's check. If the Secretary is the high bidder, he need not pay the bid amount in cash. The successful bidder(s) will pay all conveyancing fees, all real estate and other taxes that are due on or after the date of closing and all other costs associates with the transfer of title. At the conclusion of the sale, the deposits of the unsuccessful bidder(s) will be returned to them.
The Secretary may grant an extension of time within which to deliver the remainder of the payment. All extensions will be for 15 day increments for a fee paid in advance. The extension fee shall be paid in the form a of certified or cashier's check made payable to the Secretary of Housing and Urban Development. If the high bidder(s) close(s) the sale prior to the expiration of any extension period, the unused portion of the extension fee shall be applied toward the amount due at closing.
If the high bidder(s) is/are unable to close the sale within the required period, or within any extension of time granted by the Secretary, the high bidders' deposit will be forfeited, and the Commissioner may, at the direction of the HUD Field Office Representative, offer the Property to the second highest bidder for an amount equal to the highest price offered by that bidder.
There is no right of redemption, or right of possession based upon a right of redemption, in the mortgagor or others subsequent to a foreclosure completed pursuant to the Act. Therefore, the Foreclosure Commissioner will issue a Deed to the purchaser(s) upon receipt of the entire purchase price in accordance with the terms of the sale as provided herein. HUD does not guarantee that the property will be vacant.
Kriss D. Felty
Felty & Lembright
1500 West Third Street
Cleveland, OH 44113
(216) 619-4057 - fax
Clerk of Courts
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