Flood of Foreclosures: Hundreds to Lose Colony Ridge Homes Tomorrow
Wayne Dolcefino, investigative reporter extraordinaire, posted a followup story today to his Thanksgiving expose of Colony Ridge, the world’s largest trailer park in Liberty County. It’s about a flood of foreclosures.
More than 200 Foreclosures Before Christmas
“More than 200 families will lose their land and homes Tuesday as the controversial developer in Liberty County continues mass foreclosures,” says Dolcefino. “Nearly 97 percent of foreclosures in the county are now linked to a neighborhood housing a growing number of illegal immigrants.”
One in Eight Colony Ridge Lots Foreclosed on This Year
The developer foreclosed on more than 2,700 properties before Thanksgiving this year, according to Dolcefino. With another 200 on the auction block tomorrow, that will make 2,900 – out of a total of 22,356 properties (according to the developer’s website). That’s about 13% of all the lots in Colony Ridge, foreclosed on in ONE year. More than one in eight!
According to Dolcefino, the foreclosure auction should take place on the steps of the Liberty County Courthouse from 10 to 1 tomorrow. Dolcefino caught the developer’s employees faking an auction last time.
Colony Ridge So Far Has Managed to Repurchase Every Foreclosure
Dolcefino also says that Colony Ridge has repurchased 100% of the lots it has foreclosed on. Thus, the developer sells and resells the properties many times over in a revolving door arrangement.
Colony Ridge boasts that they finances land transactions themselves. The developer makes it exceedingly easy to purchase the property with down payments as low as a few hundred dollars. But then he charges up to 13% interest rates on the balance. And the fees for water and sewage hookups can be astronomical.
No wonder the developer and his team (a bunch of ex-boxers) have an undefeated record. It’s the perfect combination punch for unsophisticated buyers, many of whom barely speak English: a down-payment jab followed by uppercut interest rates, roundhouse fees, and the knockout at the County Courthouse.
Posted by Bob Rehak on 12/1/2020
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