September 27th, 2011
Posted in Businessman Robert Matthews is on the verge of losing his oceanfront home. The lender that holds his $24 million mortgage has filed a notice of foreclosure in Palm Beach County Circuit Court against Matthews. The notice was filed Sept. 15th by DB Private Wealth Mortgage LTD of New York (an affiliation of Deutsche Bank) in relation to a modified mortgage that Matthews and his wife, Mia Matthews, signed in May 2008.
Public records don’t specify exactly how much is owed on the mortgage. The property has six bedrooms and nearly 15,850 square feet of living space, both inside and out. The foreclosure filing is just one of the latest legal actions taken against Robert Matthews over various debts on properties, which include two office buildings on Royal Palm Way and the Palm House hotel.
Matthews’ house is currently listed for sale with an asking price of $44 million by broker Lawrence A. Moens. The county Property Appraiser’s office issued a preliminary “total market value” for the property at roughly $14.5 million for 2011 tax rolls. The foreclosure notice lists Matthews and other defendants, including his wife, Investors Warranty of America Inc., the IRS, Wells Fargo Bank and Merrill-Lynch Commercial Finance Corp.
Matthews was not able to be reached for comment. He purchased the original property at the location for roughly $7.1 million in 2002 through a limited liability company and then replaced the house with the current property that is under foreclosure. Due to the current situation with the U.S. economy, hundreds of thousands of homeowners are finding it difficult to keep up with mortgage payments. Homeowners that were previously able to afford their mortgage without problem are now struggling just to make ends meet. Although it can be extremely frightening to receive a foreclosure notice, there is still help available. If you have received a notice of foreclosure or have fallen behind on your mortgage, speak to a top foreclosure lawyer right away.
Foreclosure attorneys will do whatever it takes to ensure your home is not repossessed. They will begin by reviewing your financial status to come up with an alternative plan to foreclosure. Your foreclosure attorney will consult with your lenders and propose a plan of action in which everyone can benefit. Possible plans include mortgage modification, short sale, refinancing or even a temporary halt in payments. And since foreclosures actually cost lenders money to carry out, if an adequate plan is proposed by your foreclosure lawyer, chances are in your favor that your lender will accept the proposal.
Regardless of your reason for defaulting, be it because of job loss, pay cuts or even medical issues, foreclosure attorneys will fight for your rights as a homeowner so you don’t lose your property. Speak to a leading team of foreclosure lawyers right away to ensure the best possible outcome for your case.
Tags: Commercial Finance, County Property Appraiser, Economy Hundreds, Irs, Legal Actions, Limited Liability Company, Merrill Lynch, Moens, Mortgage Ltd, Mortgage Payments, Office Buildings, Palm Beach, Palm Beach County, Palm Beach County Circuit Court, Palm House, Private Wealth, Robert Matthews, Royal Palm, Wells Fargo, Wells Fargo Bank
Soon enough, he would also file for bankruptcy!
not suprising for our economy has major decline within this year.
Thanks for cointrbuting. It’s helped me understand the issues.