Bankruptcy Judge Allows Mortgage Holder to Foreclose 43 Condos of Ponce Trust

by San Antonio Attorney

Some of the condominiums in the 1300 Ponce building in Coral Gables that were included in a Chapter 11 bankruptcy filing were sent to foreclosure by a bankruptcy judge.  In 2010, more than 85 condos in the structure were affected with a foreclosure against Franco D’Agostino, Dayco Properties and Ponce Trust LLC.

Ponce Trust filed for bankruptcy to stop the foreclosure case.  But U.S. Bankruptcy Judge Robert A. Mark ordered to send back 43 condominium units into foreclosure.

The company continued selling the condos and only 43 units are left.  But to date, it has sold only a couple of condos this year.  Last year, 13 condos were sold.

Later on, CCP Ponce LLC bought the mortgage.

In September, CCP Ponce asked the court to remove the stay on moving forward with the foreclosure case because Ponce Trust failed to keep up with the loan payments.  The creditor’s motion showed that Ponce Trust only paid $2.18 million from the $3.83 million it was required to pay last Jan. 1, 2016.

The motion was granted by the bankruptcy judge on Oct. 26.  Ponce Trust does not intend to appeal the decision.

CCP Ponce can now conduct a foreclosure sale.

The 1300 Ponce condominium was constructed about seven years ago.  Considering that Ponce Trust has a hard time selling its condos is not a good sign as the market slows down in Miami-Dade.

 

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