Radio Show Report On Waterford Speedbowl Foreclosure

Jeffrey R. Godley, an appointee of the court to supervise foreclosure of Waterford Speedbowl property on Saturday was invited to the radio show of Gary Danko – Speedway Line Report, on Monday.

Godly opined that the present owner, Terry Eames, of the property was trying to get his finances in order before the auction. He had till Friday 5 pm to forestall the proceedings, which could be done either by coming to an arrangement with a bank and filing a motion in court or by filing for bankruptcy. Otherwise Godly would have to proceed with the sale. Signs of hope are there because neither the bank nor Eames wants the unit to slip out.

Godly further explained the matter. This auction is not like bidding for unpaid cardboard boxes lying around in godowns. The bidder must register by showing ready possession of $300,000 (banker’s cheque). Interested parties have already contacted Godley. They will be able to examine the property till Saturday 10 am. 15 inquiries from outside and from local individuals and business groups have turned up. 10 packages have been sent out but unless the cheque is seen nothing can be said for sure. It is definitely churning up a lot of interest. The auction will be in public but the bidder’s identity will be known at the conclusion of the proceedings.

Godley went on to add that there is no protection for Jerry Robinson and Bill Roth who are the current leaseholders. As per law anything entered on land records after foreclosure begins is not taken into account. To put it plainly – if there is a lease then it goes away once the sale process begins. With the confirmation of the court to the new ownership the latter acquires the right to evict the present tenant. However Godley is not aware if there are any arrangements between the bank and the tenants but most probably this is not the case.

In the case of a successful bidder an agreement for purchase will have to be executed and a report filed with the court. Usually this is done within a week or two of the auction. Another week or a fortnight is required to get a court date. With that approval the bidder will have 30 days to close. To sum it up – processing requires 60 days time to mature and be effective.

Related Posts

• Foreclosure: Communities Pitching In With Buckets To Douse Foreclosure Flames
• Refinancing Plans May Save Millions from the Jaws of Foreclosure
• Foreclosure Pace Drops Without Raising Hopes
• Foreclosures Are Breeding Sophisticated Swindlers
• Foreclosure Bill May Save The Dying But Not The Dead