TotalBank to take Q4 charge after six late

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The subsidiary of Spain’s filed the foreclosurw actions in South Florida courts on mortgages that were originallyu writtenat $46.4 million – although at least $8.1 milliohn had been paid back prior to the The bank had $34.4 million in noncurrenf loans as of Sept. 30, representing 2.6 perceng of its portfolio, according to data. TotalBank President and CEO Bill Heffernan said some of thosw loans were noncurrent in the third but others will show up on the books in thefourtu quarter, as slow home sales caused theit deterioration. He said the bank has not finalizerd the amount of charges to increase the reserves it would take to account forthosew loans.
Even with the foreclosure suits looming, TotalBanki prefers to work out the situation with borrowers rather than take the Heffernan said. “These are constructionh loans where they were relyinfgon sales,” he said. “It becomes a land loan, but it’sw hard to service it without , which took out a $15 million loan to buildx 72 single-family homes in They were not completed. , whic h is related to the above company and signed a $3.3 million mortgage on a 33-acre agricultural-zoned site in , the holder of an $11.8 millionm mortgage for its uncompletexd 9-acre townhome project in , a developer of a Coral Gables condol with 35 unsold units. It owes $3.6 million on its $5.
5 milliobn mortgage. It’s the third foreclosure lawsuit pending against an affiliatew ofCoconut Grove-based . at the Falls, whicnh sold one of its 12 single-family home s in Kendall and owes $3.7 million on its $5.5 millionn mortgage. , developer of a 5.2-acr site with residential approvals in Royal Palm Itowes $689,495 on a $5.2 million mortgage. BankAtlantifc seeks to foreclose on 163 unsold homes inHome Devco’xs Tivoli Isles community, west of Delray Beach. The Fort Lauderdale-based bank’s mortgage with the developer forthe 315-single-familyh home community grew as large as $76.23 million in 2006.
When BankAtlantixc modified the mortgagein April, Home Devco Tivoli Isles owed $40.7 million. U.S. Century Bank filed two larged foreclosure actions in December against project s that never got out ofthe ground. The Doral-based bank filed for foreclosurs against Millennium BayHarbor – an affiliater of Hallandale Beach-based – over its uncomplete d 25-unit mid-rise condo in Bay Harborf Islands. The developer held a $7.4 million mortgagwe with U.S. Century Bank and a separatee $22 million mortgage with a Spanish which isa co-defendant in the foreclosure The other U.S. Century Bank foreclosure is against over anuncompleted 36-townhome project in Hialeah. In it still owed $4.
6 million on a $7.6 million Palm Beach Gardens-based Harbour Walk Preserve has losta $17.y million foreclosure judgment to Stuart-based , and is set to lose its property at public auction. The 53-acre commercial project, at Wright Boulevardx and U.S. Highway 1 in Stuart, is scheduled for publifc saleon Jan. 27 at 10 a.m. at the Palm Beachg County courthouse.