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The name of Damon Dash will sound familiar for many, they know him as the mogul of the hip-hop music. However, New York lenders are also familiar with Damon Dash’s name, who defaulted few years back on his mortgage payment. The $78,504.20 per month mortgage was too high for him to afford, so he reportedly stopped paying it. His $7.3 million loan was for a pair of Tribeca lofts, one at 72 Laight Street and the other one is a 5,200 square foot duplex in The Atalanta at 25 N. Moore Street. This is one of the neighborhood’s power buildings. Damon Dash tried to sell the duplex for $7.9 million – he bought it for $3.875 million back in 2004, but he couldn’t get a deal, so the money problem remained and the condo is a good part of the debt. After Dash’s default, the bank secured a judgement March 1, this year for $8,960,752.

The condo will have a new owner on July 28th, after the auction scheduled  at the New York County Courthouse. According to the listing on the duplex has 20 foot ceilings in the living room, four bedrooms and a large kitchen. The 17-story building was designed in 1924 and converted into condos in 2001.

Category : Distressed Luxury Real Estate News &Manhattan

The grieving LaToya Jackson has not only had to endure the loss of her dear brother Michael but was put to the indignity of embarrassment as she had to vacate her Las Vegas Condominium late in 2009.

While Ms Jackson purchased the property some years ago for a mere $250 000, over 15 years the property has made some capital gain and allowed mortgages to be taken upon it to the tune of some $750 000.

Celebrities are ordinary people when all is said and done, and more often than not they come under the most impossible pressure to perform their lives as if they were excerpts from a stage play. This is simply unrealistic and as any celebrity will tell you, it is as hurtful and repressive to be hounded by the media and paparazzi over their financial woes, as it is over their personal relationships.

Eureka allows individuals such as LaToya Jackson to remain inconspicuous to the media and public a large while she conducts her affairs in privacy. Eureka engages with the lender in whose favor the mortgage lies, an make an offer to satisfy the debt in total. The lender will not only benefit from having a ready buyer willing to take the risk of the mortgage, but if hardship is made out and a short sale is agreed to, will be able to free up capital to invest elsewhere.

Once Eureka has reached agreement with the mortgagee, we will market the property in order to attempt a re-conveyance to another party. This process not only requires substantial capital to convey the property from the original lender, but also to finance a marketing campaign that will attract a suitable buyer in a property market that is less than inviting.  In any event, the conveyances do not indicate that Ms Jackson is party to the transaction and so will avoid publicity. Celebrities of all types experience similar forms of rejection and vulnerability. In many ways they are subject to inequitable standards that are impossible for any individual to meet. Particularly in times of financial concern a celebrity needs to be able to keep their career intact in order to further and preserve their income, and foreclosure of distressed property is the last thing they need.

If Ms Jackson had contacted Eureka we would have been able to provide her with peace of mind and security; security in the knowledge that she retains control over her decisions. With Eureka on their side celebrities is able to carry on their lives.

Category : Avoiding Luxury Foreclosures &Celebrities &Las Vegas

Everyone it seems is familiar with Las Vegas’ famous son Wayne Newton. Mr. Las Vegas as he is known to all near and far will go down in history for his 1970’s No4 success ‘Daddy Don’t You Walk So Fast’.

Wayne and his wife have acquired considerable wealth over Wayne’s long and illustrious career, and have much of it invested in assets which included a 38 acre ranch ‘Casa de Shenandoah’, on Pecos Road, Las Vegas, Nevada. In order to leverage other investments, the Newton’s obtained a guarantee from a friend in an application to borrow $3.75m from the Bank of America. The loan has subsequently been defaulted on to the tune of $3.35m, and the guarantor was called upon to honor the security. As the guarantee was secured by the Newton’s 38 acre ranch and a $2m private jet, the guarantor is now seeking to foreclose on the property in lieu of the $3.35m outlaid in satisfaction to the Bank of America.

Certainly it appears odd that the Bank of America was unable to secure the loan against the Newton’s property, but it may well have been a matter of cash flow and ability to meet monthly installments that was the issue at hand. In any event, it appears that foreclosure is a matter of course in light of the fact that the bank loan was left in default.

The Newton’s at this point need time to arrest the process of foreclosure and regain the financial control of their assets. Wayne still has a healthy income from performing regularly at the Tropicana Hotel in Las Vegas, and it may merely be a matter of time before the Newton’s are once again on track.

Of course, if indeed they wish to free themselves of the financial commitments they face and be done with them, they would certainly benefit from avoiding the foreclosure process due to the simple fact that the creditor will be intent on recovering their debt, rather than achieving the best possible price in the market.

If the Newton’s were to approach Eureka Luxury Short Sales for instance, Eureka would make a competitive offer to the creditor in full satisfaction of the outstanding amount. Once a short sale agreement is reached, Eureka will invest resources to market the property in a professional and forthright manner in order to attract the best possible sale price. With Eureka’s involvement, their privacy is respected and in addition, the Newton’s relationships are preserved.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines &Las Vegas

The Baldwin brothers – Alec, Daniel, William and Stephen, of 30Rock, Mulholland Falls, Flatliners and The Usual Suspects fame respectively, have thrilled audiences with their theatrical talent on screen for almost two decades.

Stephen Baldwin however, having been raised with his brothers on Long Island, was experiencing what millions of Americans are going through, the threat of foreclosure.

So gamely is the devastation of the US property market however, the incidence of distressed property is not a monopoly of the working classes; it is shared in abundance with stars and celebrities from all areas of human endeavor.

Stephen aged 46, is still working in the movie business and no doubt has the opportunity to call this his vocation. However, he and his family have also hard difficulty in meeting the financial obligations pertaining to an $825 000 mortgage in favor of Bankers Trust.

The property in Old Mountain Road, Nyack, New York State, is a beautiful multi-storey circa 1850 home purchased by the Baldwin’s in 1997 for around $500 000. Certainly the property experienced some capital gain in subsequent years as financiers were willing to take legal mortgages on its value. Indeed in a bid to relocate to acreage, the Baldwin’s attempted to market the property immediately prior to the collapse of the property market in 2006. At that time it failed to sell at $3.6m and now the position is history.

All celebrities enjoy the fruits of their success, but rarely do they enjoy the public humiliation and personal intrusion into their family’s circumstances when scandal strikes close by. In the aftermath of the Global Financial Crisis, the media have been careful to report the demise of as many celebrities as possible, in order to secure a following by Americans who gain some comfort from knowing that they are not alone in their troubles. To many this seems a crass manner in which to conduct the press however, it is by now part and parcel of the risk of doing business in Hollywood.

It remains open however, for celebrities who find themselves in compromising positions such as imminent foreclosure or distressed property of some sort, to have their predicament managed effectively by a discrete 3rd party such as Eureka Luxury Short Sales.

Eureka specialize in assisting people avoid the consequences of foreclosure, and to consolidate their life choices before they spiral out of control, when matters are attributed to the responsibility of a mortgagee. When Eureka is engaged by a celebrity homeowner, discrete negotiations are undertaken with the mortgagee with a view to settling the outstanding debt in total. Not only will this short sale conveyance alleviate the need for foreclosure proceedings and preserve the celebrity’s financial reputation, but it will give the celebrity time to either regain their financial composure. Eureka will be conveying the property to their name, and will cover the extensive marketing expenses they outlay in order to obtain a healthy price for the property. Either way, the celebrity homeowner avoids the ungainly publicity that often visits them in such circumstances, and enjoys the freedom to negotiate a favorable agreement with Eureka. From here they can regain their financial control.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines &New York

One of the foreclosures that did not really surprise people is that of Victoria Gotti. Daughter of John Gotti, mobster that was part of a popular reality show in 2004, seems like she will be losing the mansion to the foreclosure soon. She has been trying to put up her home for sale in the Old Westbury, New York from a long time and all of us have witnessed the price tumbling down from $4.4 million to around $3.2 million. New York post revealed that after first putting her home on sale in the year 2005, used for filming of the TV show- Growing Up Gotti, is getting foreclosed by the JP Morgan Chase. This star owes $650,000 for the credit payments. According to ban, the star owed around $25,000 on house every month but never cleared all payments.

Victoria Gotti has been running around for the foreclosure for quite some time now. In the year 2007, Supreme Court Nassau County’s justice decided that the foreclosure preceding were untimely but now decision of Brooklyn Appellate has approved lender’s motion for foreclosure summary judgment. Even after running around for so many years, the problems have not ended for this 46-year-old star. She declared outside the Federal court, Brooklyn that she would by no means lose her long island mansion. She further state that the only way she would leave the place, would by selling it. The house is at present on market for around $3.2 million.

On all this Victoria’s mother statement appeared as an attempt to make her daughter come clean of the case. She stated that Victoria’ s Ex husband named Carmine Agnello, took the mortgage on her name without telling her, which is not able to afford. The Mafia princess also commented on the same saying that the mansion and marital assets are part of divorce package from her ex husband, that she was not aware of. She is also insisting that there is light at the end of this tunnel. She also plans to clear all her debts after seizing control of the commercial properties that belong to ex husband, who has served nine-year prison sentence.

Victoria Gotti could have avoided this lengthy, exhaustive process by getting in touch with us. The transaction handled by our company is professional and discreet.  One of the most attractive benefit to our clients that we do all this without any public exposure.

Category : Avoiding Luxury Foreclosures &Celebrities &Long Island

Jaena Keough is not the only star from television show named The Real Housewives of Orange County to dodge one of the potential foreclosure actions. From same show, Tamra Barney’s house was on sale from a long time too. After the short sale was announced, the price of house had to go down by $25,000.

Member of famous reality show, Barney has made a name for herself due to her outspoken ways. Early on, she also accepted that she invites trouble due to her outspoken behavior. Throughout the show, she proclaimed to be, hottest star and one can see amount of money she pours onto her looks. Therefore, the foreclosure came as shock for many.

The question that was raised after this declaration was why her house was on auction then. Her real estate agent while throwing some light on the issue stated that banks are usually pokey about getting the postponed foreclosures auction off schedule. Tamra told OC Register she along with her husband had lost around $600,000 by then and did not wanted to lose more. The interesting part was while Tamra Barney was listing agent, Barrington Properties was handling sale.

Tamra Barney’s house, which was on sale for ages has finally sold for $1.12 in Short sale. This self-proclaimed hot housewife in a TV show was lately able to unload her 5 bedroom home located at Posh area of California – Ladera Ranch. This house was initially listed for around $1.6 million, but the lender accepted lower offer from some other buyer to avoid it fall in foreclosure. Barney lost approximately $600,000 of money while transaction was closed.

Even though the foreclosure case has ended, it is remembered by all her fans and others.  Her reputation of a lavish star has been shattered by this foreclosure. She could have avoided all this with our helps. Rather than making it public, our team would have settled this transaction with discretion.

Our staff handles the negotiation with the banks, making the process hassle free for the clients. We have been handling short sales  of high value homes with keeping the confidentiality of the short sale status of the sellers. With our assistance, the whole scene would have been kept from the public with privacy for Tamra Barney pre-foreclosure case.

Category : Celebrities &Luxury Short Sales &Orange County

Academy Award winner actor Nicolas cage has been the talk of the town lately, not because of his any forthcoming movie but his property’s foreclosures in the recent past. Nicolas cage has acted in several popular movies like ‘Adaptation’, ‘The Rock’, ‘National Treasure’ and ‘Leaving Las Vegas’. The actor had built several properties of worth over millions scattered all over the world. But the huge number of properties owned by the actor is now reducing gradually.

Nicolas Cage purchased a home in Las Vegas in 2006 for a huge sum of $8.5 million. It was a palatial structure built across fourteen thousand square foot having 16 car garages, seven bedrooms, a home theatre, an elevator and each window gives a beautiful view of the city of Las Vegas. This home also has a spa in addition to a big private pool and at the same time ensures privacy as it is situated in a gated community. This home that once belonged to Nicolas Cage is now owned by bank due to foreclosure. In the month of July of year 2008, Cage listed this home for $9.95 million but later discounted it at $9.49 million. When the property was foreclosed, the price was discounted even more to the then prevailing Las Vegas property prices and was finally sold for $4,950,000.

After that, Nicolas’ various homes in New Orleans were also foreclosed and were sold to the bank for about $4.5 million. His property in Rhode Island is soon to be sold with an asking price of $12 million quoted by him.

Recently, Cage also lost his property in California to the lender because it failed at a public foreclosure. This property was spread across 11,817 square feet having six bedrooms and nine bathrooms. The public foreclosure auction for this property was apparently lacked enthusiasts to purchase the property. Cage had initially asked a price of $35 million but no one in the auction attendance was ready to pay even $10.4 million for the property. Though it was a beautiful and superb home at a preferable location, zero takers for it came as a shock to everybody.

Nicolas Cage’s financial woes are many. He has been through property foreclosures for his homes in Las Vegas, Los Angeles, California, Nevada and New Orleans. Cage clarifies that his financial troubles are shooting up due to ‘n incompetent business manager’.

Nicholas could have been out of all this mess and chaos by hiring our services for short sales of luxury homes, avoiding foreclosures and losing his properties to the lenders. We believe in making our customers well informed about the various issues related to foreclosures of luxury homes and help them in taking informed decisions after weighing all the pros and cons.

We offer expert advice and help for your properties sale and avoiding foreclosures that originates from our real estate knowledge. We also offer privacy for all the deals without any public exposure. This way your information is confidentially kept safe with us. Professional and confidential proceedings are what we guarantee to our customers.

Category : Avoiding Luxury Foreclosures &Bell Air &Celebrities &Headlines

Late Ed McMahon, who died at the age of 86 last year, was a renowned Television actor who featured in ‘The tonight Show’ as Johnny Carson’s sidekick. He also hosted ‘Star search’. The famous actor was entangled in property and finance woes. Ed McMahon started facing foreclosure problems for his home within a short time of its purchase. In the year 1990, he purchased a home in Beverly Hills for $2.6 million and had it in the market for some years. In 2006, he saw the latest listing price for his home at $7.699 million. At that time he decided to sell it off but he was falling short of payment by $644,000 on a $4.8 million mortgage loan. Moreover, there were few takers for his home because Britney Spears’ home was in the neighborhood and attracted many media persons; this was a turn-off for most of the buyers.

His property was facing a risk of getting foreclosed. In the month of August, year 2008, a real estate tycoon Donald Trump declared that he will purchase Ed McMahon’s home from the financial company and lease it back to the actor to avoid foreclosure. To avoid a foreclosure on his home, McMahon instead entered into a deal with a private dealer whose offer fell through in early September. Then Donald Trump renewed his offer again to Ed McMahon to purchase the Beverly Hills home.

Ed McMahon was among the initial celebrities to in recent past to go through the public foreclosure. Hi financial defaults amounted to almost five million dollars as outstanding loans. Donald trump finally purchased his home and leased it back to him as a gesture of courtesy. All this time, his home was in the market for about two years. The case of Ed McMahon is considered as a classic example for celebrity home foreclosures. Many critics to this case believe that McMahon had spent a lot more than he could have afforded and that is why he was indebted to such an extent.

The long time that is involved in this case not only posed a threat to his brand name but also caused a great amount of mental tensions and worries to him. A professional was all he could have gone for. Hiring our services for short term sales to avoid foreclosures will solve your financial indebtedness problems quickly and with a great degree of secrecy about the whole transaction. Not every one is lucky to get help from sudden and unexpected sources like McMahon. Hiring our professional services to avoid foreclosures of your homes sounds a smart option.

Losing your home to a lender due to shortage of credit for the loan repayment can cause humiliation to person specially if he is a renowned person in his own field. Our short sale services not only saves your home from going back in the hands of the lender or the bank but also offers you confidentiality and no public exposure of the transaction. Save your name and your home by hiring our expert services.

Category : Beverly Hills &Celebrities &Luxury Short Sales