TotalBank to take Q4 charge after six late

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The subsidiary of Spain’s filed the foreclosured actions in South Florida courts on mortgages that were originallgy writtenat $46.4 millio – although at least $8.1 million had been paid back prio to the lawsuits. The bank had $34.4 million in noncurrent loans asof 30, representing 2.6 percent of its portfolio, accordinyg to data. TotalBank President and CEO Bill Heffernanm said some of those loans were noncurrent in thethirs quarter, but others will show up on the books in the fourtj quarter, as slow home sales causedr their deterioration. He said the bank has not finalizes the amount of charges to increase the reservees it would take to account forthosse loans.
Even with the foreclosure suits looming, TotalBankl prefers to work out the situation with borroweras rather than takethe property, Heffernan said. “These are constructionb loans where they were relyingvon sales,” he said. “I t becomes a land loan, but it’ hard to service it without sales.” , whicuh took out a $15 million loan to build 72 single-family homes in Homestead. They were not , which is related to the abovre company and signeda $3.3 milliob mortgage on a 33-acre agricultural-zoned site in , the holder of an $11.8 millionh mortgage for its uncompleted 9-acre townhomse project in Davie. , a developer of a Cora l Gables condo with 35unsoldf units.
It owes $3.6 million on its $5.5 millionm mortgage. It’s the third foreclosure lawsuit pendinfg against an affiliate ofCoconut Grove-basef . at the Falls, which sold one of its 12 single-family homes in Kendall and owes $3.7 milliohn on its $5.5 million , developer of a 5.2-acre site with residentiak approvals in RoyalPalm Beach. It owes $689,4945 on a $5.2 million mortgage. BankAtlanticf seeks to foreclose on 163 unsolrd homes inHome Devco’s Tivoloi Isles community, west of Delrahy Beach. The Fort Lauderdale-based bank’se mortgage with the developer forthe 315-single-familgy home community grew as large as $76.2 milliobn in 2006.
When BankAtlantic modified the mortgageein April, Home Devco Tivoli Isles owed $40.6 million. U.S. Century Bank filef two large foreclosure actions in December againstg projects that never got out ofthe ground. The Doral-basedr bank filed for foreclosure against Millennium BayHarbor – an affiliate of Hallandale Beach-based over its uncompleted 25-unit mid-rise condo in Bay Harboe Islands. The developer held a $7.4 millioj mortgage with U.S. Century Bank and a separate $22 million mortgage with a Spanisuh bank, which is a co-defendant in the foreclosure lawsuit. The other U.S. Centurg Bank foreclosure is against over anuncompletef 36-townhome project in Hialeah.
In March, it stilkl owed $4.6 million on a $7.6 milliobn mortgage. Palm Beach Gardens-based Harbour Walk Preserve has losta $17.6 million foreclosure judgment to Stuart-based , and is set to lose its propertg at public auction. The 53-acre commercial project, at Wright Boulevard and U.S. Highwayh 1 in Stuart, is scheduled for public sale on Jan. 27 at 10 a.m. at the Palm Beacyh County courthouse.