Pre-PreForeclosure Properties in Maryland
The court has just lifted the automatic stay in bankruptcy proceedings for Maryland Development Company to permit Suburban Federal Savings Bank to foreclose on 14111 and 14119 Turkey Foot Road, Darnestown, Maryland 20878.
The bank’s claim on the property consisted of a principal balance of $1,205,995.70, and accrued interest and late charges make it up to a total of $1,273,418.21. In the bank’s court filings, it claimed that the developer had no equity in the real estate, so presumably the value of the properties is capped at the level of the bank’s claim. Note also that in Feb’08, the developer declared the value of these properties to be $1,214,342.00.
