224 foreclosures for July highest of year
By SARAH FAY CAMPBELLsarah@newnan.com
The majority of the 224 Coweta County foreclosure notices published in July are single-family, residential properties, though there are three commercial properties in the listing.
Two of the commercial properties are re-runs — Fischer Crossings and the Summit Healthplex. One is a new listing — Southern Meat Supplies, a Halal meat processing facility located on Quarry Road between Arnco and Sargent.
The Summit Healthplex property is currently owned by Ziegler-Georgia 21 LLC, a part of Ziegler Healthcare Real Estate Funds.
Ziegler bought the Summit property from Coweta Summit Associates in July 2008. OUT-MED LLC transferred the property to Coweta Summit Associates in 2003. According to the foreclosure listing, the foreclosure is to secure a debt of OUT-MED from 2000. The debt was with Newnan-Coweta Bank, which was taken over by Charter Bank.
The amount of the debt was not listed in the advertisement.
In May, when the foreclosure advertisement was first printed, John Sweet of Ziegler said that “in the four years we’ve owned it, the taxes, fees, mortgages, etc. have all been paid in a timely manner. If the issue precedes our acquisition, we have title insurance to protect us from prior liens and encumbrances.”
The Fischer Crossings listing, which includes the majority of the property at the northeastern corner of Fischer Road and Ga. Hwy. 34, is almost exactly the same as last month’s listing, with one small change. In the June advertisement, the mortgage holder was listed as Bank of Coweta. In the July advertisement, it is listed as Synovus. Bank of Coweta is a subsidiary of Synovus and, in the July listing, it states: “Synovus Bankâ ¦ as successor by merger to Bank of Coweta.”
When it comes to a foreclosure listing, everything must be exactly in order for a property to be sold at the foreclosure sale, which is held the first Tuesday of every month on the steps of the Coweta County Justice Center. Even the smallest inaccuracy can delay the sale.
The Fischer Crossing property is being foreclosed on to secure a debt of $11 million.
Southern Meat Supplies is located at 68 Quarry Road. According to the foreclosure listing, the 3.9-acre tract is owned by Shadi Y. Amira. The original deed was executed Aug. 4, 2006, in the amount of $238,000.
According to Realtytrac, one in every 267 housing units in Coweta County received a foreclosure filing in June.
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Coweta foreclosures since August 2011:
• July 2011 - 153 (down from 178 in 2010, or -14 percent).
• Aug. 2011 - 211 (down from 253 in 2010, or -16.6 percent).
• Sept. 2011 - 120 (down from 199 in 2010, or -39 percent).
• Oct. 2011 - 154 (down from 237 in 2010, or -35 percent).
• Nov. 2011 - 242 (down from 307 in 2010, or -21 percent).
• Dec. 2011 - 155 (down from 199 in 2010, or -22 percent).
• Jan. 2012 - 199 (down from 217 in 2011, or -8.3 percent).
• Feb. 2012 - 165 (down from 227 in 2011, or -27 percent).
• March 2012 - 164 (down from 235 in 2011, or -30 percent).
• April 2012 - 162 (up from 159 in 2011, or 1.8 percent).
• May 2012 - 214 (up from 183 in 2011, or 16.9 percent).
• June 2012 - 185 (up from 166 in 2011, or 10 percent).
• July 2012 - 224 (up from 153 in 2011, or 46 percent).
– Source: The Newnan Times-Herald legal advertising department.
