Bank Of America Wants To Foreclose On Building Housing Bank Branch

South Florida Business Journal:

Bank of America wants to foreclose on a Boynton Beach building where it houses one of its branches.
The Charlotte, N.C.-based bank (NYSE: BAC) filed a foreclosure lawsuit on May 17 against One Boynton LLC over the 21,552-square-foot financial building at 114 N. Federal Highway. It concerns a mortgage last modified at $7.5 million in 2007.

Read the whole story: South Florida Business Journal

Comments

[jJohnson1]

03:08 AM on 06/01/2011

Hey BofA stop buying sports cars and huge homes and jst pay your bill, BofA a real deadbeat neighbor.

[J0E1]

05:14 PM on 05/31/2011

People are reading this as they are foreclosing on themselves. They merely take up space in a building owned by someone outside of BoA. All it will do is give BoA the property so they will now own the building the operate in.

[Ed Baker]

01:31 PM on 05/31/2011

And the award for most misleading headline of the year goes to.......

[J0E1]

05:12 PM on 05/31/2011

HP... all of HP.

[stargazer13]

09:58 PM on 05/30/2011

the way of the wind it went

[jojobinx]

06:04 PM on 05/30/2011

Let them collapse on themselves , the thieving BA$tards

[Mister Grumpy]

03:36 PM on 05/30/2011

If we are lucky....... an asteroid will hit BofA corporate and wipe them off the face of the planet.......... well....... I can wish can't I?

[loki]

04:28 AM on 05/30/2011

BoFa only leases space from the owner, who has the loan for the building with BoFa. me thinks this is a ploy to get the building so they dont have to pay rent.

As for commercial and student loans, an credit cards and other debt that will soon cause the next waves of bubble burstings, what do the ivy greed capitalist care. They already own the politicians. When they lose again, they will just order their political puppets to find them some money, on the tax payer backs of course, and while their are at it, toss in a nice profit margin as well. Now that the ivy greeders know that they fit the To Big To Fail, they will do whatever they want, when they want it, no matter who gets hurt and no matter what the cost. Because Big Brother has got their back.

[Ed Baker]

01:30 PM on 05/31/2011

Me thinks if the owner wants to continue to collect rent, he should pay his mortgage payments.

[Jen Celli]

03:20 PM on 05/29/2011

Is BofA just choosing to strategically foreclose only on those commercial properties that they happen to be able to acquire for their own best interests? What about all of the other commercial defaults and defaulted unsecured personald debt out there? When are they going to tackle those losses on the books?

There's a bucket load of defaulted student loan debt out there that aren't on the books either. When the full brunt of just how much debt is out there and uncollected comes floating to the surface, there's going to be another round of bailouts to ensure that US Treasury certs don't hit the market and collapse the economy. Just like the first time around, only this time, it will cost even more.

[Mia Nodecker]

03:10 PM on 05/29/2011

The real story is that this is a commercial real estate foreclosure... not good
People have been warning about a commercial real estate meltdown like what has happen in the home market.... not good at all.

[Jen Celli]

03:25 PM on 05/29/2011

Absolutely Mia. A drive through any town in America and a look at the commercial spaces that are empty is a very telling sign. Commercial debt is much different that residential. The loans are for shorter duration and generally higher value. These are not even being noted. How long before they have to tackle the problem? It's going to hit when the economy grinds down to the halt that high gas and living expenses place on the populace.

You can't run a sustainable economy if your income is devined from a dwindling middle class with stagnant wages and no disposable income. Commercial defaults are a result of no new small business ventures and over-building of commercial properties during the false economy of the last bubble. It will come home to roost and you can bet on it. See my post above yours.

[merger]

04:01 AM on 05/30/2011

Thus could be the beginning of it.

[jwilson1]

01:22 PM on 05/29/2011

BofA needs to throw the employees out on the street and teach them a lesson. Send the foreclosure doc's to a robo signer for fast execution...cheat them out of their rights!!!!

[MPFIED]

12:54 PM on 05/29/2011

Cannibalism! Next thing you know they'll be cuffing themselves and demanding prison sentences for the mess they've made of the banking system.

[Steve Rockett]

11:57 AM on 05/29/2011

This reminds me of the cartoon wherein the snake eats its own tail and eventually disappears. Or sitting in front of a mirror with a big mirror behind you and seeing yourself infinitely posing. Maybe BofA could rename itself the Mobius Strip Club.

[Osusuki]

11:30 AM on 05/29/2011

The Roman poet Ovid tells a tale of King Erysichthon of Thessaly, who was punished by the goddess Demeter for various crimes against nature by being cursed with insatiable hunger. The king sold everything he had to satisfy this hunger, including his own daughter. At the end, "the ill-starred wretch began to gnaw himself, and dwindled bite by bite as his own flesh supplied his appetite."

Remind you of anyone?

[NHGranite]

10:12 AM on 05/29/2011

Wonder what appraiser they paid to get themselves a $7.5 M mortgage. Fascinating - they got to modify this loan once already in 2007 and yet they won't modify loans of Main Street homeowners. Disgusting. Hey, US of A, let's modify this loan by nationalizing the banks AFTER they foreclose, we already own most of their debt.

[Raccoon1]

09:13 AM on 05/29/2011

I'm sure the Fed will assist them with several tens of billions of dollars in free tax money to accomplish this "to save the economy."