Foreclosure Not Sparing Winchester

Winchester Development made a name for itself by building the Sacramento Bridge. After an earthquake had damaged parts of Southern California free way system, Myers repaired vital parts in half the scheduled time. Today its owner is facing foreclosure on its holdings at Meadow Vista. But he is determined to see justice and will not buckle under without giving a fight.

Myers is up against many Sacramento reports about loan defaults involving more than $61 million – all connected with the development. In Sacramento Court petition was filed against him by Wachovia Bank notifying foreclosure on 157 of the 409 lots held by him at Winchester. The units make up a sort of castle with a huge clubhouse and 18 hole private golf course. The architects in charge of the designing are world famous Robert Trent Jones senior and junior.

Myers has been in communication with the lender and there are many options ahead. Myers is facing this problem just at a time when the real estate market is at an all time low in Placer County. However work on his own 8,000 square feet house at Winchester is in progress. Golfers are playing on the course and the club office is busy keeping accounts of activity. Jerry Cooper resident of Winchester is taking on a round of golf at ease looking at the clear sky above.

It is a matter of speculation – are the foreclosure clouds clearing? However small, some steps are being taken with President Bush in the forefront. He has announced that a five-year freeze would be enforced on some categories of sub-prime mortgages. The critics are skeptical that considering the volume of the foreclosure crisis this is hardly a drop in the ocean. Foreclosures are not unknown happenings in the mortgage world. But what is happening today is making everybody sit up. The sheer number of foreclosures with houses falling like cards is telling on the general socio-economic health of the country. It is affecting everybody and the Senate has begun to growl. The Presidential elections being just around the corner it is an uncomfortable situation for some and an opportunity for others.

The lenders are a hard-pressed lot. Having pressed for foreclosure on so many properties they do not know how to digest the intake. Foreclosures are expensive time and energy consuming operations. There are no buyers at the foreclosure auctions because of the housing slump.

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