In Palm Beach Gardens, Florida, the South Florida Business Journal reports:
- Forget tying knots and building campfires. The Boy Scouts need to start working on their foreclosure defense. TD Bank wants to boot the Boy Scouts organization for the Palm Beaches and the Treasure Coast out of its headquarters. It filed a foreclosure lawsuit Feb. 25 against the Gulf Stream Council of Boy Scouts of America.
- According to its website, this nonprofit serves more than 31,000 scouts and 3,100 volunteers in seven counties, including Palm Beach, Martin, St. Lucie and Indian River. Unfortunately, those scouts could get a lesson in how the legal system treats debtors unless somebody comes to their aid.
- This could be another loss for the children of Palm Beach County. Big Brothers Big Sisters of Palm Beach County filed Chapter 7 bankruptcy last year after shuttering its operations.
- Gulf Stream Council CEO Jeff Isaac was not immediately available for comment. The lawsuit involves a $777,000 mortgage issued in 2007 by Riverside National Bank of Florida, which later failed and had its assets acquired by TD Bank
.(1)It targets the 10,368-square-foot office building at 8335 N. Military Trail, in Palm Beach Gardens.
For the story, see Bank aims to boot Boy Scouts.
(1) Another mortgage foreclosure where the loan was originated by a now-defunct bank. I wonder what the chances are that there is some paperwork screw-up that the now-foreclosing bank is going to have to address where the originating lender is no longer around.