Toledo Legal News - Seized Property Legal Notices Details


Seized Property Legal Notices

WHEREAS, on October 25, 1993, a certain Mortgage Deed was executed by Anne E. Line, married and James Lawrence Line, married, as mortgagors in favor of Unity Mortgage Corp., dba The Reverse Mortgage Company as mortgagee, and was recorded on October 29, 1993, in Volume 93-3324, Page C12 and re-recorded May 18, 1994 in Volume 94-1294, Page C10 in the Office of the Recorder, Lucas County, Ohio; and
WHEREAS, the Mortgage Deed was insured by the United States Secretary of Housing and Urban Development pursuant to the National Housing Act for the purpose of providing single family housing; and
WHEREAS, the Mortgage Deed is now owned by the Secretary, pursuant to an assignment recorded on August 11, 2000, in Volume 00-3089, Page E03, in the Office of the Recorder, Lucas County, Ohio; and
WHEREAS, a default has been made in the covenants and conditions of both Mortgage Deeds in that the payment due on January 1, 2010, 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 September 30, 2010 is $91,480.37 plus costs and
WHEREAS, by virtue of this default, the Secretary has declared the entire amount of the indebtedness secured by the Mortgage Deeds to be immediately due and payable;
NOW THEREFORE, pursuant to powers vested in me by the Single Family Mortgage Foreclosure Act of 1994, 12 U.S.C. 3751 et seq. by 24 CFR part 27, subpart B, and by the Secretary's designation of me as Foreclosure Commissioner, notice is hereby given that on November 24, 2010 at 11:30 a.m. local time, all real and personal property at or used in connection with the following described premises will be sold at public auction to the highest bidder:
Situated in the County of Lucas, City of Toledo and State of Ohio. The South one-half (1/2) of Lot Number Twenty (20) in KOCH’S SUBURBAN ACRES, an addition in the City of Toledo, Lucas County, Ohio. Parcel No.20-27287 Also known as: 828 Hayes Road, Toledo, Ohio 43615
The sale will be held at subject property located 828 Hayes Road, Toledo, Ohio 43615. The Secretary of Housing and Urban Development will bid $94,047.37.
There will be no proration of taxes, rents or other income or liabilities, except that the purchaser will pay, at or before closing, his 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 $9,404.74, 10% of the Secretary's bid 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 $9,404.74 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 will pay all conveyance fees, all real estate and other taxes that are due on or after the delivery of the remainder of the payment and all other costs associated with the transfer of title. At the conclusion of the sale, the deposits of the unsuccessful bidders 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 of $500.00, paid in advance and shall be non refundable. The extension fee shall be in the form of a certified or cashier's check made payable to the Secretary of HUD. If the high bidder closes the sale prior to the expiration of any extension period, the unused portion of the extension fee shall be applied toward the amount due.
If the high bidder is unable to close the sale within the required period, or within any extensions of time granted by the Secretary, the high bidder's 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.
Foreclosure Commissioner
Charles W. Winters
It’s Attorney
600 S. High Street, Suite 200
Columbus, OH 43215
(614) 221-3388
10-29 11-12-2010 3Fri

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