Upstate NY Foreclosure Rescue Operator Files For Ch. 11 Bankruptcy Protection; Over 40 Current Sale Leaseback Deals Listed On Petition
In Albany, New York, the Daily Gazette reports:
- Geoffrey Goldman over the past two years portrayed himself as a savior in the foreclosure crisis. He made a living by buying homes from cash-strapped owners who wouldn’t be kicked out after sales closed and could even buy the properties back under leaseback agreements. “We’re helping more people than ever,” Goldman said in an April 2007 press release.(1)
- Now Goldman is in need of help. Two of his real estate leaseback businesses filed Tuesday for Chapter 11 reorganization in U.S. Bankruptcy Court. His Rivertown Investments and its real estate holding company, Momentum Properties, recently closed after falling victim to downturns in the housing and credit markets, according to documents filed with the Albany court.
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- The liquidation of those assets could cast into limbo the former homeowners who entered leaseback agreements with Rivertown. Rivertown lists in its Chapter 11 petition more than 40 leaseback agreements in New York, New Jersey and Pennsylvania.
For more, see Real estate leaseback company files for bankruptcy.
See also, Albany Times Union: Lease-back plan for homes fails (Owner of dozens of properties files for bankruptcy protection).
(1) The article reports that under Rivertown’s leaseback program, according to the 2007 press release, homeowners sold their homes because they were on the verge of foreclosure or too far behind on payments to reinstate their mortgages. Sellers used proceeds from the sale to pay off their mortgages, then made rental payments to Rivertown so they could continue living in their homes, which they ultimately hoped to buy back.
10 comments:
interesting use of public relations, however, it will eventually be proven that the rivertown transactions were all based on mortgage fraud and home equity theft. a review of the bankruptcy filing shows their "sister" company momentum properties did indeed go into "title" thru fraudulent deeds filed so it is questionable whether it can be said that the company has "no assets". the sales proceeds from the original transfer to straw buyers netted hundreds of thousands of dollars purportedly "held in escrow" for the homeowners' anticipated repurchases. WHERE ARE THOSE ASSETS?? WHY AREN'T THE NEWSPAPERS LOOKING INTO THE WHOLE STORY and not just the bankruptcy filing story obviously planted by the company's legal counsel to create false public sympathy. it will all come out in the end but of course the homeowners will remain ripped off.
When one is tossed aside due to ineptness, one tends to seek revenge. That is dangerous and unscrupulous.
I was a client of Rivertown for over a year and half and I can say they helped me keep my home and avoid foreclosure. I would like to say thank you and wish them the best of luck.
Does anyone know if Goldman was ever charged with mortgage fraud or any other kind of fraud? Does anyone know if the NY Attorney General is still investigating Goldman?
http://www.timesunion.com/default/article/Loan-fraud-probe-nets-5-695076.php
Loan Fraud Probe Nets 5
READ This article, He plead guilty to grand larceny:
http://www.timesunion.com/?controllerName=search&action=search&channel=local&search=1&inlineLink=1&query=%22Geoffrey+Goldman%22
He is now the proud owner of Ecomaids, while 40 x-home owner are suffering:
Founded in 2008 by Geoffrey Goldman, Albany New York based EcoMaids is a cleaning service committed to using only methods and products that are safe for people, pets and the planet, in conjunction with sustainable equipment and supplies to reduce impact on the environment.
he is a crook...the whole team at ecomaids.. they screw people over and take there money with no regards to other people.. they need to be put in jail all 3 of them..
Geoffrey Goldman deserves to go to prison. Big time crook and one ugly bastard.
Geoffrey Goldman sold ecomaids to someone he knows. Something smells and it ain't the cleaning products.
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