Bankruptcy Second Mortgage
Auditor seeks details on Oakhill purchase
YOUNGSTOWN Mahoning County Auditor Michael V. Sciortino has told the county commissioners he needs more information before he can verify that money is available to pay for Oakhill Renaissance Place.
"I need to obtain information regarding all financial obligations the county will incur in connection with the building," and not just the $75,000 purchase price, Sciortino wrote Thursday in response to the commissioners' request that he certify that amount for purchase of the building.
Last week, U.S. Bankruptcy Judge Kay Woods approved the sale of the Oakhill building to the county for $75,000, with the county agreeing to assume all liens and mortgages on the building.
The liens listed in bankruptcy court documents are a $400,000 real estate tax bill, a $100,000 loan from Chase Bank, a $430,000 second mortgage to the Ohio Department of Development and an $8,000 mechanic's lien from Innerscope Technical Services.
Related Bankruptcy Second Mortgage links
Problem of personal debt spiralling out of control, say insolvency experts
Insolvency experts warned last night that the problem of personal indebtedness was "spiralling out of control" after official figures showed record numbers of borrowers are losing the battle to keep up their payments on loans, overdrafts and credit cards.
Amid concern that Thursday's increase in interest rates from the Bank of England will be the final straw for many struggling to keep up their payments, the government said a record 26,021 people gave up the fight and became insolvent in the second quarter of this year.
The 66% rise over the past year left insolvencies on course to break through the 100,000 barrier for the first time this year. But there are concerns that the official data only scratches the surface of a nation with debts in excess of £1 trillion.
James Falla, managing director of the consultancy firm Thomas Charles, said: "Official figures for individual insolvencies are just the tip of the iceberg.