A Potential Foreclosure of Olympic Proportions
Whistler Blackcomb resort, host to alpine ski events at the 2010 Vancouver Winter Olympics, was scheduled for a foreclosure auction today as competitors of the men’s Super G were set to take the slopes. But the resort won an extension until Feb. 26, which is still two days before the Olympics’ closing ceremonies.
Apparently owner Fortress Investment Group and resort operator Intrawest ULC missed a final payment on a $1.4 billion loan in December, according to Bloomberg News. Fortress and Intrawest reached the one-week extension after last-minute negotiations with impatient creditors, which included the estate of bankrupty Lehman Bros. Holdings Inc. With Lehman in liquidation, there may not be time for another extension when next Friday rolls around. Fortress is still hopeful a negotiation can be reached by then to avoid foreclosure.
And while you might not be looking at a $1.4 billion mortgage on your property, this news serves as a good reminder that banks will negotiate the terms of a foreclosure with borrowers. If you have missed payments and might be facing foreclosure, remember that the bank does not want to foreclose as much as it would like to reach some kind of settlement that would result in getting some of its money back sooner rather than later.
Talk your lender and your attorney about whether a loan modification or short sale can help you escape the credit consequences of a foreclosure. Because once that foreclosure hits your credit report, you have embarked on a slippery slope indeed.
Questions or Comments?
2 Responses to “A Potential Foreclosure of Olympic Proportions”
Eric Hundin
February 20, 2010
I found your blog on MSN Search. Nice writing. I will check back to read more.
Eric Hundin
Tony Orlando
February 20, 2010
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