Author Topic: Inside The Dr. Horace Drew Residence  (Read 58616 times)

movedsouth

  • Full Member
  • ***
  • Posts: 170
    • Preservation SOS
Re: Inside The Dr. Horace Drew Residence
« Reply #30 on: August 04, 2011, 08:50:59 AM »
I spent a bit of time going over various court records for the building. Here is what I pieced together as a non expert. Things appear to be quite messy.

The house was built in 1909 according to city records. Edgar and Margaret Massey did purchase the house in October of 1976. I couldn't find the respective court document, but this appears to be after the Pearl Street modification. There are some rumors that the city actually paid some compensation to the owner at the time, but I didn't find any court documents to that fact (which could be because I couldn't find the pre-1976 owner's name).

The Massey's are taking out a couple of mortgages, some are paid off over time. One in particular they take out in July of 2003 with Key Bank over what I think is $154k (30 year adjustable).

Some time after that, Edgar Massey passes away. This appears when financial problems start. Also, in 2007, Key Bank assigns the mortgage to Deutsche Bank, who makes it part of a mortgage backed security.

Pretty much the moment the mortgage is assigned to Deutsche Bank, Ms Massey if falling behind on payments. Deutsche Bank files a lis pendens in May of 2007 (2 weeks after they take it over. This is were things start looking odd). The mortgage backed security that owns the mortgage was actually assembled in 2005 if I read things right, so the assignment they filed in 2007 may have been made because it was missed when the actual transfer of the mortgage happened? Really not sure.

In 2008, things go to court. This is were it becomes weird again, and some of the discrepancies come forward. Deutsche Bank claims that the original Mortgage was for $220,500, but Mrs Massey denies that and asks for proof. As I mentioned earlier, court records I found show a $154k mortgage. I haven't seen anything beyond that. So it appears that Deutsche Bank somewhere along the way mixed up its paper work, and is now scrambling to figure out what to do.

In the meantime, the house suffers. It appears that Mrs. Massey is now living in an elder care facility. She is represented by a lawyer (April Carrie Charney) who works for Legal Aid.

The house went to special masters in March and now has a $250/day fine assigned. The city did some abatement in April and put a $3,000 lien against the house for the work done.









Miss Fixit

  • Hero Member
  • *****
  • Posts: 519
Inside The Dr. Horace Drew Residence
« Reply #31 on: August 04, 2011, 09:36:50 AM »
The Drew mansion has been refinanced since it was bought last by Mr. and Mrs. Massey.  He died several years ago and at some point in recent years foreclosure proceedings were begun.  But the owner got legal help and fought the lender to a standstill because the lender lost some of the critical paperwork.  So title is still in the owner's name but they still have a mortgage and fees and fines that would have to be satisfied before they could sell.  And the lender can't do anything either.  So the house is stuck in limbo.

BUT a buyer could work through the owner's legal aid attorney to submit a short sale offer to the lender and the legal proceedings could easily be resolved if owner and lender would cooperate.

movedsouth

  • Full Member
  • ***
  • Posts: 170
    • Preservation SOS
Re: Inside The Dr. Horace Drew Residence
« Reply #32 on: August 04, 2011, 09:45:54 AM »
if they can figure out who the lender is. If I go out and get a loan to buy that property. Wouldn't the bank I get that loan from make sure they pay off the correct lender? Right now, it is disputed who the lender is. I could pay off "GSAMP Trust 2005-SEA1, Mortgage Passthrough Certificates, Series 2005-SEA1" (this is the actual name of entity filing the foreclosure, Deutsche Bank is just a trustee for them) just to find out later, that due to the mixed up paperwork, someone else actually owns the loan.

Mrs Massey has a decent chance to walk away from this without paying the bank a penny. Not sure why the bank hasn't rolled over yet and forgiven the loan as they have in similar cases.


here is a link to some of the documents btw: http://www.msfraud.org/law/lounge/DeutschevMassey/DeutschevMassey.html
« Last Edit: August 04, 2011, 09:50:34 AM by movedsouth »


downtownjag

  • Hero Member
  • *****
  • Posts: 510
Re: Inside The Dr. Horace Drew Residence
« Reply #33 on: August 04, 2011, 11:15:32 AM »
I spent a bit of time going over various court records for the building. Here is what I pieced together as a non expert. Things appear to be quite messy.

The house was built in 1909 according to city records. Edgar and Margaret Massey did purchase the house in October of 1976. I couldn't find the respective court document, but this appears to be after the Pearl Street modification. There are some rumors that the city actually paid some compensation to the owner at the time, but I didn't find any court documents to that fact (which could be because I couldn't find the pre-1976 owner's name).

The Massey's are taking out a couple of mortgages, some are paid off over time. One in particular they take out in July of 2003 with Key Bank over what I think is $154k (30 year adjustable).

Some time after that, Edgar Massey passes away. This appears when financial problems start. Also, in 2007, Key Bank assigns the mortgage to Deutsche Bank, who makes it part of a mortgage backed security.

Pretty much the moment the mortgage is assigned to Deutsche Bank, Ms Massey if falling behind on payments. Deutsche Bank files a lis pendens in May of 2007 (2 weeks after they take it over. This is were things start looking odd). The mortgage backed security that owns the mortgage was actually assembled in 2005 if I read things right, so the assignment they filed in 2007 may have been made because it was missed when the actual transfer of the mortgage happened? Really not sure.

In 2008, things go to court. This is were it becomes weird again, and some of the discrepancies come forward. Deutsche Bank claims that the original Mortgage was for $220,500, but Mrs Massey denies that and asks for proof. As I mentioned earlier, court records I found show a $154k mortgage. I haven't seen anything beyond that. So it appears that Deutsche Bank somewhere along the way mixed up its paper work, and is now scrambling to figure out what to do.

In the meantime, the house suffers. It appears that Mrs. Massey is now living in an elder care facility. She is represented by a lawyer (April Carrie Charney) who works for Legal Aid.

The house went to special masters in March and now has a $250/day fine assigned. The city did some abatement in April and put a $3,000 lien against the house for the work done.









Impressive work! If the city is putting liens on this property they could soon foreclose on it.  I wonder if in foreclosure proceedings the owner of the loan will come forward.  It is beautiful, it would be a wonderful site for a Springfield Museum.

Debbie Thompson

  • Hero Member
  • *****
  • Posts: 1019
Re: Inside The Dr. Horace Drew Residence
« Reply #34 on: August 05, 2011, 05:01:17 PM »
I don't think anyone, well meaning or otherwise, was talking about "salvaging" anything from the house, Stephen.  Unless I missed something on the thread.

We are all bemoaning the fact that it sits there begging MCCD to start a "formal track" action against it.  Wish Mrs. Massey would agree to sell it.  Springfield Chicken has a buyer who wants to buy it and fix it up.

nomeus

  • Full Member
  • ***
  • Posts: 121
  • www.FLURBEX.com
    • FLURBEX - The Home Of Florida's Urban Explorers
Re: Inside The Dr. Horace Drew Residence
« Reply #35 on: August 05, 2011, 06:22:03 PM »
I took these recent photos and I assure you, photographers and most urban explorers in general not only are not "salvagers" but are against such a thing. Ive never heard of a "well meaning salvager" in the first place. No such thing as far as im concerned.

Take nothing but photos, leave nothing but footprings, break nothing but silence.

One of the reasons I do what I do is to bring light to these amazing locations before they are gone forever.

My name is Nomeus and I approve this message! ;)

nomeus

  • Full Member
  • ***
  • Posts: 121
  • www.FLURBEX.com
    • FLURBEX - The Home Of Florida's Urban Explorers
Re: Inside The Dr. Horace Drew Residence
« Reply #36 on: August 06, 2011, 01:36:25 AM »
I took these recent photos and I assure you, photographers and most urban explorers in general not only are not "salvagers" but are against such a thing. Ive never heard of a "well meaning salvager" in the first place. No such thing as far as im concerned.

Take nothing but photos, leave nothing but footprings, break nothing but silence.

One of the reasons I do what I do is to bring light to these amazing locations before they are gone forever.

My name is Nomeus and I approve this message! ;)

Thanks Nomeus, thanks for the photos especially.  I wasnt referring to your photos, but instead to people who might mistakenly believe the property to be abandoned.

I know a whole hell of a lot of well meaning salvagers that Ive met through the years.  Without them, the few artifacts that we have of our history would have been long gone.

Thanks, and I understand. Sadly I have only come across scumbag vandals and scrappers during my 5 years as an explorer/photographer.

Springfield Chicken

  • Full Member
  • ***
  • Posts: 174
Re: Inside The Dr. Horace Drew Residence
« Reply #37 on: August 08, 2011, 09:21:59 AM »
My last information was that Deutsche Bank believes they did, in fact, foreclose and they have turned the account over to a servicer.  The servicer has no record of the property.  The tax records still show it in the hands of Mrs. Massey, which I believe, is correct because Deutsche Bank lost a key part of the paperwork they needed to make the foreclosure stick.  That is what the legal aid attorney fought and won.  But she is no longer in touch with Mrs. Massey.  I know that we could make a short sale happen but it would take the cooperation of both the lender and the owner and neither seems inclined to cooperate with each other.  My hope is that the city will use its power to take over the property and thus force all parties to get off their respective butts and do something.  That home needs to be preserved as one of the icons of Springfield and the last remaining home in that whole block.

tayana42

  • Full Member
  • ***
  • Posts: 131
Re: Inside The Dr. Horace Drew Residence
« Reply #38 on: August 11, 2011, 04:25:05 PM »
Any news on this property?  The new "mothball legislation" might help.

John P

  • Hero Member
  • *****
  • Posts: 517
Re: Inside The Dr. Horace Drew Residence
« Reply #39 on: August 11, 2011, 06:00:12 PM »
I read it has been boarded up again and heard that the owner is being pressured to sell

Pottsburg

  • Full Member
  • ***
  • Posts: 167
  • Always Carry Always Conceal
Re: Inside The Dr. Horace Drew Residence
« Reply #40 on: August 11, 2011, 10:33:28 PM »
I heard that the floor is falling in because of the flooding situation.  Who ever buys it may have to lift the house which would be very expensive.  $1 million cash after you purchased the house and you could afford fixing up this gem of a house.  Play the lottery.
Forza Napoli!  EPL has nothing on the Serie A

strider

  • Hero Member
  • *****
  • Posts: 1933
Re: Inside The Dr. Horace Drew Residence
« Reply #41 on: August 12, 2011, 07:11:37 AM »
Most of the "rumors" about the condition of these old houses often make the house out to be much worse than they really are.  However, even lifting this house up and renewing the foundation would not be as expensive today as one might think.  It will still take a owner willing to take a chance that values will recover somewhat over the next 5 years or so, but for that right person, what a house they will have!
"My father says that almost the whole world is asleep. Everybody you know. Everybody you see. Everybody you talk to. He says that only a few people are awake and they live in a state of constant total amazement." Patrica, Joe VS the Volcano.

Springfield Chicken

  • Full Member
  • ***
  • Posts: 174
Re: Inside The Dr. Horace Drew Residence
« Reply #42 on: August 12, 2011, 08:56:26 AM »
From what I've been told the most expensive issues to repair would be the foundation/flooding problem and the roof.  Most of the original clay tiles are still there but because of the roof issues underneath it would probably have to be reroofed and brought up to code with tie downs and such.  Flood issues would include some type of French drain before the damage could be repaired.  Beyond that most of the work is normal restoration work and cosmetics.  The big issue is still to resolve the status between the owner and the bank and find some way to move forward.

ChriswUfGator

  • Hero Member
  • *****
  • Posts: 4824
Re: Inside The Dr. Horace Drew Residence
« Reply #43 on: August 12, 2011, 10:19:12 AM »
Most of the "rumors" about the condition of these old houses often make the house out to be much worse than they really are.  However, even lifting this house up and renewing the foundation would not be as expensive today as one might think.  It will still take a owner willing to take a chance that values will recover somewhat over the next 5 years or so, but for that right person, what a house they will have!

I think everybody knows that anything can be fixed. If you're willing to spend the money, you can keep anything around forever. The problem is nobody wants to dump $700k on buying and renovating a $300k house, and that's kind of what you'd be looking at with this one, at least until the market turns around. Best solution for it is to just let it sit. Bad markets don't last forever, as long as COJ doesn't knock it down in the meantime.


strider

  • Hero Member
  • *****
  • Posts: 1933
Re: Inside The Dr. Horace Drew Residence
« Reply #44 on: August 12, 2011, 11:43:31 AM »
Most of the "rumors" about the condition of these old houses often make the house out to be much worse than they really are.  However, even lifting this house up and renewing the foundation would not be as expensive today as one might think.  It will still take a owner willing to take a chance that values will recover somewhat over the next 5 years or so, but for that right person, what a house they will have!

I think everybody knows that anything can be fixed. If you're willing to spend the money, you can keep anything around forever. The problem is nobody wants to dump $700k on buying and renovating a $300k house, and that's kind of what you'd be looking at with this one, at least until the market turns around. Best solution for it is to just let it sit. Bad markets don't last forever, as long as COJ doesn't knock it down in the meantime.

Most, including most contractors, look at these old houses and think they must be brought up to every building code.  That is not true and this erroneous belief pushes up most cost estimates. While I have not looked at this house with an eye towards bidding repairs, I can tell you that the structural component of the repairs will be the least of it.  If you have a experienced historical house contractor look at it, it will not take 700K to make it livable. You could certainly spend that much and more if you wished to, but the house can be made nice for much, much less.

I do not mean to be argumentative but the posting of outrageously high bids and the lack of experience of many contractors bidding on these houses is part of the reason we lose houses like this one.  Case in point, the house on Laura street that has been talked about on a couple of threads.  The current contractor looked at what is actually minor termite damage and says the house is beyond saving, mostly because he mistakenly believes the entire structure of the house must be brought up to current code.  In addition, owners buy them cheap and then find out they can build new for the same cost as fixing the old one and so they think it is a better value to tear it down.  besides, it is always a bit more expensive to restore than build new.

While values are way down, so is the cost of construction and renovations.  While some materials have gone up. many items have dropped to very low levels compared to the boom years.  These houses may not be worth what you put into them the minute they are done, but they are way more affordable to redo than what most think.  Add in the fact that we are seeing that new in-fill houses have lost vale at a higher percentage than the restored houses and it makes even more sense to buy now and restore or at least stabilize and mothball.
"My father says that almost the whole world is asleep. Everybody you know. Everybody you see. Everybody you talk to. He says that only a few people are awake and they live in a state of constant total amazement." Patrica, Joe VS the Volcano.