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07-12-2010, 08:27 AM #1
Renter
- Join Date
- Jul 2010
- Posts
- 1
Virginia Eastern Shore- HOA situation in a Deed in-lieu of foreclosure Transfer??
At the end of 2009/start of 2010, MLG Communities of Wisconsin quietly transferred $75+MM in properties to the M&I Bank of Wisconsin. Included were 3 developments in Accomack County on Virginia's Eastern Shore. Home and lot owners in the developments have not been notified of the transfer to date, having discovered the information via research on the internet which surfaced the transaction in a short report in the Milwaukee Business Journal in April 2010. MLG, for whatever reason, continues to allow their logo/name to be used on various websites associated with Corbin Hall Plantation, Olde Mill Pointe and Port Scarburgh, located near Chincoteague Island and the NASA facility on Wallops Island. M&I Bank formed a real estate group to handle these deeds in-lieu of foreclosure transactions, the Water Street Land LLC and WSL may have formed a new real estate agency, Grand Bay Properties LLC, based in Accomack County to sell the remaining lots. As lot owners, we have to accept what the economy does to values, but the lack of information from MLG and the current business group is troubling and a business decision has been made to market the remaining lots in the developments at astoundingly low prices. Great bargains for shore properties, but it will destroy any economic feasibility for the original lot owners regarding ownership, sale or the decision to build a home. Accomack County, generally, gets hurt because it may be a long time and a hard decision to build in that area of Virginia ever again. Does anyone know what happened here regarding the Accomack County, VA developments previously owned by MLG Communities and now owned by the Marshall & Ilsley Bank of Wisconsin. No one in any of the business entities has provided any official or unofficial information to the lot owners in any of their communities and the county seems to not know anything, as well. Is there a legal requirement to notify what has transpired and to provide long or short-term plans to a homeowners association now managed by some affiliate of M&I Bank or is it just an ethical issue? To date, the association members, in the majority, probably believe MLG Communities is still the owner of the remaining lots and common land and the manager of the HOA. Last visit by my wife and I showed many areas were not receiving general property maintenance any longer. HOA members are required to pay a substantial annual association fee. Thanks for any advice.



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