B of A building faces foreclosure
The irony surrounding the Atlanta skyscraper is pretty tall, even if the company doesn't own it.
News came out recently that the company that owns the office building is struggling to meet its debt service as offices remain empty and the real estate crash continues to take a toll.
The Altanta Journal Constitution newspaper writes that, ”a company that specializes in troubled loans is making preparations for a possible foreclosure [of Bank of America Plaza] while negotiations continue on a deal to try to prevent the property from being seized by the lender, according to a report by Trepp, a real estate research firm.”
To be clear, the tower is owned by California-based commercial real estate firm BentleyForbes — not Bank of America. BentleyForbes bought the 55-story tower at the height of the nationwide real estate boom under the premise that it could get big rents for tenants clamoring for office space.
Obviously, things have changed. For both the housing market and for BofA, which went from a leading financial stock to one of the most hated companies in America.
The $363 million loan on Bank of America plaza went to LNR Partners in February, while a second loan had been in default for non-payment.
Obviously Bank of America isn’t the one holding the bag on this property, but it’s hard to ignore the direct relationship between the boom and bust or real estate and the boom and bust of U.S. financial institutions over the last decade.
- Corporations are still firing workers like mad
- The ONLY thing that will save the economy in 2012
- Your 10 best stocks for 2012
ATTN: John N. L Explain this to me if you think you know what you are talking about.
In 2009 my home loan with TBW (Taylor Bean and Whitaker) was sold, given, transferred to or whatever to BOA. Without notice. Since 2009 all payments made have been placed in an escrow account with BOA, (BOA REPORTING LATE PAYMENTS ON MY CREDIT THE WHOLE TIME). Four months ago BOA got it processed. Now when I make my payment they want to know when I will pay the past due charges, the title transfer, and title process fees from 2009, when I sold my home??????. $2600+ and I have never sold my home.
I knew what I was paying, I knew what the payment was, I got the loan on the house, I make my payments on time, I did not ask BOA to take it over and F it up. But they did, and at my expense.
So as far as I am concerned, if this situation puts BOA in a bad position or out of business good it is the least that they deserve for what they put everyone through, you obviously don't have a loan with them that you didn't apply for, but I do. SO F BOA..............
B of A came to me with a modification proposal, 1/2 payments for a six month period "until they figure out what to do with my loan", I swear that was the closing sentence,, I was about 12 days late on my payment, not running behind, well I took the 6 months,, the solution they came up with,, extended the loan for 5 years, for a total of 35 years, increased the montly payment by 189.00 due to late penalties and interest.
They put me further under water,, now they have it back. I will never do business with them again, even after my credit and damages that were created from this are repaired!
I am not bashing B of A for foreclosing on bad loans, all banks do that. I am bashing Bank of Un-America for removing American flags from some branches, foreclosing on the WRONG properties, refusing loan payments from customers the bank says are DEAD when they are standing right in front of them. And these are not isolated incidents in a few branches. This bank is run by nitwits and is too big to be run efficiently. My wife has been in mortgage banking for 22 years, starting with a small, local bank. Great service, great banking. It has since been bought out 4 times, each time by a larger banking institution, making it harder and harder to maintain quality work and good service. Not impossible, just harder. Think of this analogy. Watch Gordon Ramsey's Kitchen Nightmares, about failing restaurants. The one thing they all have in common is that their menus are too large. Banks could do much better by staying smaller and concentrating on the things they do good, just like any customer service institution.
Couldn't have happend to a more deserving, slimy group of money-maggots! ...well, except maybe Goldman Sachs. I fantasize about the new owner throwing them out and renting to another company. LOL
Now...if we could just see all those outrageous multi-million dollar bonuses eliminated.
People should destroy BOA, Chase and host of other predator lenders. These companies stick it to their customers with their fees like having to pay a fee to pay your bill on time. Its a disgrace and any customer who pays a fee like that is a moron..
These predator companies need you more than you need them. The only way to put any of them back in their proper place is to stop doing business with them.
Y'all are missing the point here.... 1 of 2 things will happen. 1) BOA will buy the building for pennies on the dollar and make out like bandits or 2) the scum bags that run the morally corrupt company (yes, there are actual humans that came up with all these ideas) will create some "holding company" or investment company and buy the building. Then they will lease it back to BOA and make out like the morally corrupt scum bags that they are. Either way, it is irony. Oh, and those "humans" I mentioned, think they are just smart investors.
I left BOA 10+ years ago and everytime I see someone I know whip out one of their BOA debit/credit cards I just cringe... that poor sucker. There is a stigma that goes with W.I.C. and welfare checks and I think BOA debit cards are equally embarrassing. My small town credit union does everything I need and I don't pay a lickety cent for any of their services.
Copyright © 2014 Microsoft. All rights reserved.
As geopolitical tensions threaten to spin out of control, investors are wondering how best to position their portfolios for the global turmoil.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.