I said toxic. Foreclosed, or soon to be foreclosed real estate is considered a toxic bank asset.
They initiated foreclosure, I believe in 2010; then the property owners attempted to avoid the bullet by going to bankruptcy; and that got shot down as we have previously reported.
If this sale does not go through, watch for foreclosure.
And perhaps Terry is a former banker who would like to return to banking.
I've raised that issue previously.
As to taxes being paid, I am not so sure about that. The bankruptcy proceeding called for 5 years worth of payments to New Hanover County. If that's not for past due property taxes, I'm not certain what it would be for.
And, at this late date, either New Hanover County or the lender should be getting the paperwork ready for filing.
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