Daily Legal News - Miscellaneous Legal Notices
NOTICE OF DEFAULT AND FORECLOSURE SALE -- LEGAL NOTICE
Notice is hereby given that a Notice of Default & Foreclosure Sale was recorded in the Cuyahoga County Recorder's office.
WHEREAS, on November 23, 1994, a certain Mortgage Deed was executed by Kenneth E. Phillips and Ruth J. Phillips, Husband and Wife, as mortgagor (grantor) in favor of Unity Mortgage Corp. dba The Reverse Mortgage Company, as mortgagee (grantee) and was recorded on November 29, 1994 in Volume 94-11183, Page 11, in the Office of the Recorder, Cuyahoga County, Ohio; and
WHEREAS, the Mortgage was insured by the United States Secretary of Housing and Urban Development (the Secretary) pursuant to the National Housing Act for the purpose of providing single family housing; and
WHEREAS, the Mortgage is now owned by the Secretary, pursuant to an assignment dated October 6, 2004, and recorded on December 20, 2004 in Instrument Number 200412200535, in the Office of the Recorder, Cuyahoga County, Ohio; and
WHEREAS, the entire amount delinquent as of July 22, 2020 is $268,000.41; and
WHEREAS, by virtue of this default, the Secretary has declared the entire amount of the indebtedness secured by the Mortgage to be immediately due and payable; and
NOW THEREFORE, pursuant to powers vested in me by the Single Family Foreclosure Act of 1994, 12 U.S.C. 3751 et seq., by 24 CFR Part 27 subpart B, and by the Secretary's designation of me as Foreclosure Commissioner, recorded on July 17, 2020, in Instrument Number 202007170229, notice is hereby given that, on October 13, 2020 at 10:00 am local time, all real and personal property at or used in connection with the following described premises ("Property"), will be sold at public auction to the highest bidder(s):
Situated in the City of Euclid, County of Cuyahoga and State of Ohio; and known as being Sublot No. 90 in Monterey Heights Subdivision of part of Original Euclid Township Lots Nos. 14 and 17, Tract No. 17, as shown by the recorded plat in Volume 62 of Maps, Page 20 of Cuyahoga County Records, and being 35 feet front on the Southerly side of Ormiston Road and extending back between parallel lines 115.91 feet, as appears by said plat, be the same more or less, but subject to all legal highways.
Commonly Known As: 19430 Ormiston Ave., Euclid, OH 44119
Permanent Parcel Number: 641-14-124
The Sale will be held in the Lobby of the Cuyahoga County Justice Center, 1200 Ontario Street, Cleveland, Ohio 44113 The Secretary of Housing and Urban Development will bid an amount to be determined.
There will be no proration of taxes, rents or other income or liabilities, except that the purchaser(s) will pay, at or before closing, his (their) pro-rata share of any real estate taxes that have been paid by the Secretary to the date of the foreclosure sale.
When making their bids, all bidders, except the Secretary, must submit a deposit totaling 10% of the purchase price in the form of a certified check or cashier's check made out to the United States Secretary of Housing and Urban Development. Each oral bid need not be accompanied by a deposit. If the successful bid is oral, a deposit of 10% of the purchase price must be presented before the bidding is closed. The deposit is nonrefundable. The remainder of the purchase price must be delivered within <U>30 daysU> of the sale or at such other time as the Secretary may determine for good cause shown, time being of the essence. This amount, like the bid deposits, must be delivered in the form of a certified or cashier's check. If the Secretary is the high bidder, he need not pay the bid amount in cash. The successful bidder(s) will pay all conveyancing fees, all real estate and other taxes that are due on or after the date of closing and all other costs associated with the transfer of title. At the conclusion of the sale, the deposits of the unsuccessful bidder(s) will be returned to them.
The Secretary may grant an extension of time within which to deliver the remainder of the payment. All extensions will be for 15-day increments for a fee paid in advance. The extension fee shall be paid in the form of a certified or cashier's check made payable to the United States Secretary of Housing and Urban Development. If the high bidder(s) close(s) the sale prior to the expiration of any extension period, the unused portion of the extension fee shall be applied toward the amount due at closing.
If the high bidder(s) is/are unable to close the sale within the required period, or within any extensions of time granted by the Secretary, the high bidders' deposit will be forfeited, and the Commissioner may, at the direction of the HUD Field Office Representative, offer the Property to the second highest bidder for an amount equal to the highest price offered by that bidder.
There is no right of redemption, or right of possession based upon a right of redemption, in the mortgagor or others subsequent to a foreclosure completed pursuant to the Act. Therefore, the Foreclosure Commissioner will issue a Deed to the purchaser(s) upon receipt of the entire purchase price in accordance with the terms of the sale as provided herein. HUD does not guarantee that the property will be vacant.
The scheduled foreclosure sale shall be cancelled or adjourned if it is established, by documented written application of the mortgagor to the Foreclosure Commissioner not less than 3 days before the date of sale, or otherwise, that the default or defaults upon which the foreclosure is based did not exist at the time of service of this notice of default and foreclosure sale, or all amounts due under the mortgage agreement are tendered to the Foreclosure Commissioner, in the form of a certified or cashier's check payable to the United States Secretary of Housing and Urban Development, before public auction of the property is completed.
In the case of a foreclosure involving a monetary default, the amount that must be paid if the mortgage is to be reinstated prior to the scheduled sale is the entire amount of principal and interest which would be due if payments under the mortgage had not been accelerated. In the case of a foreclosure involving a non-monetary default, the amount that must be paid if the mortgage is to be reinstated prior to the scheduled sale is (i) all amounts due under the mortgage agreement (excluding additional amounts which would have been due if mortgage payments had been accelerated); (ii) all amounts of expenditures secured by the mortgage; and (iii) all costs of foreclosure incurred for which payment from the proceeds of foreclosure is provided in 12 U.S.C. 3751, including advertising costs and postage expenses incurred in giving notice, mileage by the most reasonable road distance for posting notices and for the Foreclosure Commissioner's attendance at the sale, reasonable and customary costs incurred for title and lien record searches, the necessary out of pocket costs incurred by the Foreclosure Commissioner for recording documents, a commission for the Foreclosure Commissioner, and all other costs incurred in connection with the foreclosure prior to reinstatement.
Tender of payment by certified or cashier's check or application for cancellation of the foreclosure sale shall be submitted to the address of the Foreclosure Commissioner provided below.
Mark R. Lembright, HUD Foreclosure Commissioner, P.O. Box 31909, Independence, OH 44131, (216) 588-1500.