Posted on October - 10 - 2010
Seattle foreclosure listings soon to include a local institution
Proving once again that bank forclosures are a national problem and not limited to Georgia foreclosures or the Seattle foreclosure listings that can be seen on the Internet, a local institution in the construction trade for Seattle has fallen prey to the Bank of America and foreclosure.
John F. Buchan Construction is one of the area’s most revered construction companies, but bank representatives said the firm has defaulted on money that was designated for development in Sammamish, Issaquah and Redmond. The documents also say that the company owes over $27 million in principal and that doesn’t even include interest and other charges.
Representatives for the company said they were disappointed with the Bank of America and the way they were handling a temporary cash shortfall that the company says it was more than willing to make good on in the spring with at least some of the money. According to the firm’s website, the Seattle area construction company that was founded by John F. Buchan back in the 1960s had built thousands of homes before running into the repercussions from the recession that has been called the worst in the last 60 years.
Even though the company has reported that it was willing to make good on some of the money by spring, company representatives fully admit that even the money from those sales would not have been enough to cover everything the firm owed.
However, published reports state that the Bank of America wanted the situation resolved by the end of the year, but then sent the company a default notice in July. A trustee for the Bank of America said that many of the foreclosed homes would be sold at an auction in January.
America’s housing market has never really fully recovered from the blow it was dealt through subprime mortgages that infested the world housing markets several years ago, causing the worst recession since the 1930s.
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