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105-668: Mountain Creek is a ski resort in Vernon Township , Sussex County , New Jersey , United States. It is located on New Jersey Route 94 in the New York Metropolitan Area , 47 miles (76 km) from the George Washington Bridge . Mountain Creek contains 167 acres (68 ha) of land for skiing area, night skiing , snowboarding , and snowmaking activities. The resort also includes

210-606: A snow tubing park, zip-lines , an alpine coaster , a bike park, and a seasonal water park that operates from May to September. Mountain Creek has a total of 7 lifts and 2 magic carpets. Mountain Creek was owned and operated by Intrawest Resorts Holdings, Inc. until May 2010 when it was sold to neighboring Crystal Springs Resort. Crystal Springs then sold the property to a New Jersey family. On May 5, 2017, Mountain Creek filed for Chapter 11 bankruptcy protection . The resort emerged from bankruptcy in August 2019. Great Gorge Resort

315-657: A "loan modification process". California has enacted legislation to eliminate this type of "dual-tracking" – The Homeowner Bill of Rights – AB 278, SB 900, That went into effect on January 1, 2013. A 2011 research paper by the Federal Reserve Board , “The Post-Foreclosure Experience of U.S. Households,” used credit reports from more than 37 million individuals between 1999 and 2010 to measure post-foreclosure behavior, especially in regard to future borrowing and housing consumption. The study found that: 1) On average 23% of people experiencing foreclosure had moved within

420-463: A (usually short) hearing in a state or local court in the US. In some rather rare instances, foreclosures are filed in US federal courts. A judicial officer supervises the sale and executes the legal papers and deed if any. This may be done by a superior court judge or a referee specially appointed by a court of judicial privacy. Foreclosure by power of sale, also called nonjudicial foreclosure , and

525-607: A 26% increase in 2010, 23% in Seattle, Washington and 21% in Atlanta, Georgia . These cities had the lowest rates of unemployment. On the opposite end of the spectrum, the cities with the lowest rates of foreclosure were Rome, NY; South Burlington, VT; Charleston, WV; Bryan, TX; and Tuscaloosa, AL. Not surprisingly, these areas had some of the highest nationwide rates of unemployment , helping to further demonstrate this correlation. A quote from RealtyTrac CEO James Saccacio summarizes

630-524: A basic first aid facility, and some kind of ski patrol service to ensure that injured skiers are rescued. The ski patrol is usually responsible for rule enforcement, marking hazards , closing individual runs or areas as conditions require, and removing (dismissing) dangerous participants from the area. The typical ski area base includes a ticket office, ski lodge , ski school , equipment rental/repair shop, restaurant/bar, shopping, shuttle bus stop and parking. Some ski resorts offer lodging options on

735-646: A derivation of the Old Norse skíð via Norwegian , the choice of French is likely attributed to the early popularity of such activities in the French Alps , with which it was then linked. As rising temperatures, receding glaciers and declining snowfall affect the environment, resort development and operations also have an environmental impact on land, lakes, streams, and wildlife. Amenities and infrastructure such as concrete buildings, ski lifts, access roads, parking lots, and railways have contributed to

840-530: A frivolous defense. The entire point of nonjudicial foreclosure is that there is no state actor (i.e., a court) involved. The constitutional right of due process protects people only from violations of their civil rights by state actors, not private actors. (The involvement of the county clerk or recorder in recording the necessary documents has been held to be insufficient to invoke due process, since they are required by statute to record all documents presented that meet minimum formatting requirements and are denied

945-525: A large number of claimants with security interest in the mortgage. There is some support behind this theory, but an analysis of the data found that renegotiation rates were similar among unsecuritized and securitized mortgages. The authors of the analysis argue that banks don't typically renegotiate because they expect to make more money with a foreclosure, as renegotiation imposes "self-cure" and "redefault" risks. Government supported programs such as Home Affordable Refinance Program (HARP) may provide homeowners

1050-740: A large slope. They also need to receive sufficient snow (at least in combination with artificial snowmaking , unless the resort uses dry ski slopes ). High concentrations of ski resorts are located in the Alps , Scandinavia , western and eastern North America , and Japan . There are also ski resorts in the Andes , scattered across central Asia , and in Australia and New Zealand . Extreme locations of non-indoor (at least one ski lift outside) ski resorts include: The ski industry has identified advancing generations of ski resorts: The term ski station

1155-423: A lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess

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1260-421: A lender proof of compliance with the 90-day pre-foreclosure notice requirement in order to delay and prolong forecosure proceedings giving the borrower an extra 3 months to clean their record and pay off debt. When the entity (in the US, typically a county sheriff or designee) auctions a foreclosed property the noteholder may set the starting price as the remaining balance on the mortgage loan. However, there are

1365-415: A loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee) , or other lienholder , obtains a termination of a mortgage borrower (mortgagor) 's equitable right of redemption , either by court order or by operation of law (after following a specific statutory procedure). Usually,

1470-571: A long intermediate trail off the Granite Peak, called Granite View, was closed. Minor changes were also made in the dining structure, including replacement of the one-time-use rental lockers with a more compact bag-check station. In addition, a helipad was located in the rear of the Mountain Creek South parking lot (from the inception of the resort when it was Great Gorge) where people with life-threatening injuries are airlifted to

1575-424: A luxury condominium and hotel built on the former parking lot of Vernon base. Parking was moved to the other side of Rt. 94 to the former location of Action Park's amusement ride and bumper boat area. The Appalachian condo/hotel opened for the 2006–07 season. The Chevy U.S. Snowboarding Grand Prix was held at Mountain Creek in both 2004 and 2005. The centerpiece of this event was Mountain Creek's Superpipe , one of

1680-463: A mile away from Great Gorge. Plans for the Playboy Club included a casino and gondola from the hotel to the base at Great Gorge North, neither of which were ever built. Gambling casinos were never approved outside of Atlantic City . The hotel hosted many celebrity shows and boxing events. The Playboy Club hotel closed in the 1980s. In late 1971, Great Gorge was foreclosed by their lender after

1785-840: A mortgage. Overall, the authors conclude that it is “difficult to say whether this small effect is because the shock that leads to foreclosure is not long-lasting, because the credit constraints imposed by having a foreclosure on one’s credit report are not large, or because housing services are more inelastic than other forms of consumption." Recent housing studies indicate that minority households disproportionately experience foreclosures. Other overly represented groups include African Americans, renter households, households with children, and foreign-born homeowners. For example, statistics show that African American buyers are 3.3 times more likely than white buyers to be in foreclosure, while Latino and Asian buyers are 2.5 and 1.6 times more likely, respectively. As another statistical example, over 60 per cent of

1890-622: A new zip line course at the mountaintop lake above Vernon Peak and an Alpine coaster on the lower mountainside near the waterpark. For that winter the resort expanded and relocated its tubing park across the street, renaming it the Dropzone. The Diablo Mountain Bike Park was also transferred to company control and renamed Mountain Creek Bike Park. In 2010 Sojourn Double, the chairlift that transported people from South to Granite Peak,

1995-444: A number of issues that affect how pricing for properties is considered, including bankruptcy rulings. In a weak market, the foreclosing party may set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the remaining principal of the loan. Time from notice of foreclosures to actual property sales depends on many factors, such as the method of foreclosure (judicial or non-judicial). When

2100-519: A number of seasons brought little snow to the resort. In 1968, Vernon Valley Ski Resort opened to the north of Great Gorge. After the foreclosure of Great Gorge South and Great Gorge North, they were sold to Vernon Valley, which merged the three ski areas to form the Vernon Valley/Great Gorge Resort (VVGG). In 1974, VVGG was purchased by Great American Recreation (GAR), which invested in snowmaking equipment that allowed

2205-419: A year of the foreclosure process starting. In the same time, a control group (not facing foreclosure) had only a 12% migration rate; 2) Only 30% of post-foreclosure borrowers moved to neighborhoods with median income at least 25% lower than their previous neighborhood; 3) The majority of post-foreclosure migrants do not end up in substantially less-desirable neighborhoods or more crowded living conditions; 4) There

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2310-521: Is 70 – 135 points, and a finalized foreclosure, short sale or deed-in-lieu is 85 – 160 points. In 2009, the United States Congress tried to rescue the economy with a $ 700 billion bailout for the financial industry; however, there was a growing consensus that the deepening collapse of the housing market was at the heart of the country's acute economic downturn. After spending billions of dollars rescuing financial institutions only to see

2415-419: Is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a " mortgage " or " deed of trust ". Commonly, the violation of the mortgage is a default in payment of a promissory note , secured by a lien on the property. When the process is complete, the lender can sell the property and keep

2520-450: Is a term for entertainment, nightlife or social events that occur specifically at ski resorts. These add to the enjoyment of resort-goers and provide something to do besides skiing and snowboarding . The culture originated in the Alps, where it is most popular and where skiers often stop at bars on their last run of the day while still wearing all their ski gear. Though the word "ski" is

2625-455: Is also used, particularly in Europe, for a skiing facility which is not located in or near a town or village. A ski resort which is also open for summer activities is often referred to as a mountain resort . Ski areas have marked paths for skiing known as runs, trails or pistes . Ski areas typically have one or more chairlifts for moving skiers rapidly to the top of hills, and to interconnect

2730-406: Is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt. This protects the creditor if the attempt to stop foreclosure is simply an attempt to escape the debt. A debtor may also challenge

2835-415: Is authorized by many states if a power of sale clause is included in the mortgage or if a deed of trust with such a clause was used, instead of an actual mortgage. In some US states, like California and Texas , nearly all so-called mortgages are actually deeds of trust. This process involves the sale of the property by the mortgage holder without court supervision (as elaborated upon below). This process

2940-408: Is available in every US state and required in many (Florida requires judicial foreclosure). The lender initiates judicial foreclosure by filing a lawsuit against the borrower. As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary significantly from state to state in the US. A judicial decision is announced after the exchange of pleadings at

3045-479: Is called a Demand and/or Breach Letter. In the letter it informs the Borrower(s) that they have 10 or 30 days from the date on the letter to reinstate their loan. Demand/Breach letters are sent out by Certified and Regular mail to all notable addresses of the Borrower(s). Also in the acceleration of the mortgage the lender must provide a payoff quote that is estimated 30 days from the date of the letter. This letter

3150-463: Is called an FDCPA (Fair Debt Collections Practices Acts) letter and/or Initial Communication Letter. Once the Borrower(s) receives the two letters providing a time period to reinstate or pay off their loan the lender must wait until that time expires in to take further action. When the 10 or 30 days have passed that means that the acceleration has expired and the Lender can move forward with foreclosing on

3255-533: Is cleared. This effect is the same as the strict foreclosure that occurred in English common law of equity as a response to the development of the equity of redemption . In most jurisdictions, it is customary for the foreclosing lender to obtain a title search of the real property and to notify all other persons who may have liens on the property, whether by judgment , by contract , or by statute or other law, so that they may appear and assert their interest in

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3360-415: Is generally much faster and cheaper than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale. Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure , which is available in a few states including Connecticut, New Hampshire and Vermont, if

3465-399: The trustee's deed upon sale . In this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy to temporarily stay the foreclosure) to stop the sale, the mortgagee or its representative conduct a public auction in a manner similar to the sheriff's auction. Notably, the lender itself can bid for the property at

3570-411: The urbanization of mountainous zones. In recent years, the use of snow cannons by many ski resorts has increased to compensate for reduced levels of snowfall. In order to sustain good quality snow coverage, snowmaking requires large amounts of water and sometimes the creation of artificial lakes . Snow cannons also introduce a noise element. The required infrastructure can affect erosion through

3675-506: The "ruling" (widely referred to as the "Credit River Decision") was ruled a nullity by the courts. In a recent New York case, the Court rejected a lender's attempt to foreclose on summary judgment because the lender failed to submit proper affidavits and papers in support of its foreclosure action and also, the papers and affidavits that were submitted were not prepared in the ordinary course of business. Many borrowers' attorneys will establish

3780-436: The 2009 "Making Home Affordable" plan have offered incentives to renegotiate mortgages. Renegotiations can include lowering the principal due or temporarily reducing the interest rate. A 2009 study by Federal Reserve economists found that even using a broad definition of renegotiation, only 3% of "seriously delinquent borrowers" received a modification. The leading theory attributes the lack of renegotiation to securitization and

3885-707: The Base Lodge. The original lodge was designed by Alexander McIlvaine, who also designed the lodges at Stratton Mountain in Vermont and Squaw Valley in Olympic Valley, California . The World's Fair was held in Flushing, NY in 1964-1965. When the fair closed, the entire contents of the Swiss Pavilion were purchased and were transported to be incorporated into the new lodge at Great Gorge. Great Gorge

3990-558: The Spa, at Great Gorge, a four-star luxury resort and spa complete with an 18-hole golf course and a number of indoor and outdoor swimming pools. VVGG continued to upgrade its skiing operations, installing several new lifts, including a triple chairlift in 1981. In 1989, GAR negotiated a deal with International Broadcasting Corporation (IBC) to sell the Vernon Valley/Great Gorge ski resort for $ 50 million. IBC backed out of

4095-580: The US federal district court for the Northern District of Ohio has dismissed numerous foreclosure actions by lenders because of the inability of the alleged lender to prove that they are the real party in interest. The same happened in a Colorado district court case in June 2008. In contrast, in six federal judicial circuits and the majority of nonjudicial foreclosure states (like California), due process has already been judicially determined to be

4200-459: The US for example, two of them—namely, by judicial sale and by power of sale —are widely used, but other modes are possible in a few other U.S. states. Foreclosure by judicial sale, commonly called judicial foreclosure , involves the sale of the mortgaged property under the supervision of a court. The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left. Judicial foreclosure

4305-551: The ability to refinance their mortgages if they are unable to obtain a traditional refinance due to their declined home value. A dual-tracking process appeared to be in use by many lenders, however, where the lender would simultaneously talk to the borrower about a "loan modification", but also move ahead with a foreclosure sale of the borrower's property. Borrowers were heard to complain that they were misled by these practices and would often be "surprised" that their home had been sold at foreclosure auction, as they believed they were in

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4410-478: The amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale. The mortgage holder can usually initiate foreclosure at a time specified in the mortgage documents, typically some period of time after a default condition occurs. In the United States, Canada and many other countries, several types of foreclosure exist. In

4515-415: The argument that the mere legislative act of authorizing or regulating the nonjudicial foreclosure process thereby transforms the process itself into state action. In turn, since there is no right to due process in nonjudicial foreclosure, it has been held that it is irrelevant whether the borrower had actual notice (i.e., subjective awareness) of the foreclosure, as long as the foreclosure trustee performed

4620-452: The auction, and is the only bidder that can make a "credit bid" (a bid based on the outstanding debt itself) while all other bidders must be able to immediately (or within a very short period of time) present the auctioneer with cash or a cash equivalent like a cashier's check . The highest bidder at the auction becomes the owner of the real property, free and clear of interest of the former owner, but possibly encumbered by liens superior to

4725-406: The common law rule that the party seeking rescission of a contract must first return all benefits received under the contract. In other words, to challenge an allegedly wrongful foreclosure, the borrower must make legal tender of the entire remaining balance of the debt prior to the foreclosure sale. California has one of the strictest forms of this rule, in that the funds must be received by

4830-526: The complex after one year, plans for a new base lodge were put on hold for an unspecified reason. The decaying tent complex remained operational for approximately 13 years through the 2010–11 ski season before being replaced by a permanent lodge named the Red Tail Lodge. In 2002, Mountain Creek opened the first phase of its master-planned resort village, Black Creek Sanctuary, a luxury condo community. In winter 2003 construction began on The Appalachian,

4935-418: The cost of credit (because it must always have the cost of recovering collateral built-in). Lenders have also argued that taking foreclosures out of the courts is actually kinder and less traumatic to defaulting borrowers, as it avoids the in terrorem effects of being sued. In response, a slight majority of U.S. states have adopted nonjudicial foreclosure procedures in which the mortgagee (or more commonly

5040-476: The deal after inspecting the property. In 1995, GAR filed for bankruptcy. In 1996, only Vernon Valley opened, with Great Gorge North and South closed due to bankruptcy. Before the 1997 season, GAR shut down Vernon Valley/Great Gorge and Action Park. In 1998, the remaining assets of Great American Recreation were divided and sold. Eugene Mulvihill Sr. retained control of the Great Gorge golf and hotel area of

5145-410: The debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the real property; this also discourages a strategic foreclosure by a lender who wants to obtain the property. In this foreclosure, the sheriff then issues a deed to the winning bidder at auction. Banks and other institutional lenders may bid in the amount of the owed debt at

5250-442: The discretion to decide whether a particular foreclosure should proceed.) A further rationale is that under the principle of freedom of contract , if debtors wish to enjoy the additional protection of the formalities of judicial foreclosure, it is their burden to find a lender willing to provide a loan secured by a traditional conventional mortgage instead of a deed of trust with a power of sale. Courts have also rejected as frivolous

5355-479: The economy spiral even deeper into crisis, both liberal and conservative economists and lawmakers pushed to redirect an economic stimulus bill to what they saw as the core problem: the housing market. But beneath the consensus over helping the housing market, there were huge differences over who should benefit under the competing plans. Democrats wanted to aim money directly at people in the greatest distress; and Republicans wanted to aim money at almost all homebuyers, on

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5460-469: The first place —but it continues to be the law in the aforementioned states. Occasionally, borrowers have raised enough cash at the last minute (usually through desperate fire sales of other unencumbered assets) to offer good tender and have thereby preserved their rights to challenge the foreclosure process. Courts have been unsympathetic to attempts by such borrowers to recover fire sale losses from foreclosing lenders. One noteworthy court case questions

5565-439: The foreclosed mortgage (e.g., a senior mortgage, unpaid property taxes, weed/demolition liens). Further legal action, such as an eviction , may be necessary to obtain possession of the premises if the former occupant fails to voluntarily vacate. In some US states, particularly those where only judicial foreclosure is available, the constitutional issue of due process has affected the ability of some lenders to foreclose. In Ohio,

5670-505: The foreclosure litigation. This is accomplished through the filing of a lis pendens as part of the lawsuit and recordation of it in order to provide public notice of the pendency of the foreclosure action. In all U.S. jurisdictions, a lender who conducts a foreclosure sale of real property that has a federal tax lien must give 25 days notice of the sale to the Internal Revenue Service . Failure to give notice results in

5775-508: The foreclosure process sooner than ever. In 2011, banks were on track to repossess over 800,000 homes. In 2010, the highest rates of foreclosure filings were in Las Vegas, Nevada ; Fort Myers, Florida ; Modesto, California ; Scottsdale, Arizona ; Miami, Florida ; and Ontario, California . The geographic diversity of these cities is made up for by the fact they these are all relatively metropolitan areas. Big cities like Houston, Texas saw

5880-436: The foreclosure. A few states impose additional procedural requirements such as having documents stamped by a court clerk; Colorado requires the use of a county "public trustee," a government official, rather than a private trustee specializing in carrying out foreclosures. However, in most states, the only government official involved in a nonjudicial foreclosure is the county recorder, who merely records any pre-sale notices and

5985-560: The foreclosures that occurred in New York City in 2007 involved rental properties. Twenty percent of the foreclosures nationwide were from rental properties. One reason for this is that the majority of these people have borrowed with risky subprime loans. There is a major lack of research done in this area posing problems for three reasons. One, not being able to describe who experiences foreclosure makes it challenging to develop policies and programs that can prevent/reduce this trend for

6090-407: The future. Second, researchers cannot tell the extent to which recent foreclosures have reversed the advances in homeownership that some groups, historically lacking equal access, have made. Third, research is focused too much on community-level effects even though it is the individual households that are most strongly affected. Many people cite their own or their family members medical conditions as

6195-400: The increased area of impervious surfaces , redirecting the flow of water runoff . Many resorts are taking steps to reduce their energy and water consumption and waste production, increase recycling, and restore habitats. Initiatives aimed at addressing environmental concerns include: Foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of

6300-461: The late 1960s and early 1970s, the Great Gorge ski area hosted a summer zoo at the base of the mountain. The ski area also had a ski jump that was used all year long. In the off seasons, Sno-Mats were used on the trails as well as on the jump and landing area. Grass skiing demonstrations were also held in the off-season on the slopes and ski races were held on the Sno-Mats. In the winter, the ski jump

6405-450: The legality of the foreclosure practice is sometimes cited as proof of various claims regarding lending. In the case First National Bank of Montgomery v. Jerome Daly , Jerome Daly claimed that the bank did not offer a legal form of consideration because the money loaned to him was created upon signing of the loan contract. The myth reports that Daly won, did not have to repay the loan, and the bank could not repossess his property. In fact,

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6510-444: The lender before the sale. One tender attempt was held inadequate when the check arrived via FedEx on a Monday, three days after the foreclosure sale had already occurred on Friday. At least one textbook has attacked the paradox inherent in the tender rule—namely, if the borrower actually had enough cash to promptly pay the entire balance, they would have already paid it off and the lender would not be trying to foreclose upon them in

6615-457: The lender chooses not to pursue deficiency judgment—or cannot because the mortgage is non-recourse—and accepts the loss, the borrower may have to pay income taxes on the unrepaid amount if it can be considered "forgiven debt". However, recent changes in tax laws may change the way these amounts are reported. Any liens resulting from other loans against the property being foreclosed ( second mortgages , HELOCs ) are "wiped out" by foreclosure. In

6720-492: The lender if the borrower(s) were to transfer the title at a future date to a purchaser. The clause in the mortgage also instructs that a notice of acceleration must be served to the obligated mortgagor(s) who signed the Note. Each mortgage gives a time period for the debtor(s) to cure their loan. The most common time periods allot to debtor(s) is usually 30 days, but for commercial property it can be 10 days. The notice of acceleration

6825-456: The lien remaining attached to the real property after the sale. Therefore, it is imperative the lender search local federal tax liens, so that if parties to the foreclosure have a federal tax lien filed against them, the proper notice to the IRS is given. A detailed explanation by the IRS of the federal tax lien process can be found. Because the right of redemption is an equitable right, foreclosure

6930-472: The mortgage is a non-recourse debt (which is often the case with owner-occupied residential mortgages in the U.S.), lender may not go after borrower's assets to recoup his losses. Lender's ability to pursue deficiency judgment may be restricted by state laws. In California and some other US states, original mortgages (the ones taken out at the time of purchase) are typically non-recourse loans; however, refinanced loans and home equity lines of credit are not. If

7035-407: The mortgagee wins the court case, the court orders the defaulted mortgagor to pay the mortgage within a specified period of time. Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it. This type of foreclosure is generally available only when the value of the property is less than the debt (" under water "). Historically, strict foreclosure

7140-505: The mortgagee's servicer's attorney, designated agent, or trustee) gives the debtor a notice of default (NOD) and the mortgagee's intent to sell the real property in a form prescribed by state statute ; the NOD in some states must also be recorded against the property. This type of foreclosure is commonly called "statutory" or "nonjudicial" foreclosure, as opposed to "judicial", because the mortgagee does not need to file an actual lawsuit to initiate

7245-460: The new resort to survive seasons with little snow. In 1978, VVGG opened Action Park , a seasonal amusement park with over 75 rides and attractions including 40 water slides, bungee jumping , go-karts, bumper boats and mini golf. During the 1980s Cobblestone Village, a small shopping and dining village was built. The decade also saw the development of Great Gorge Village, a 1300-unit condo development of what were originally luxury housing units, and

7350-575: The only superpipes in the east. The Superpipe went quiet after this and has not been used since. For summer 2006 Intrawest opened the Diablo Mountain Bike Park on Vernon Peak, which featured numerous downhill trails serviced by the Cabriolet gondola. Mountain Creek opened its 2007–08 winter sports season with a few notable changes to the trail map. The eastern side of Vernon Peak, which used to be home to its freestyle terrain park,

7455-412: The primary reason for undergoing a foreclosure. Many do not have health insurance and are unable to adequately provide for their medical needs. This again points to the fact that foreclosures affects already vulnerable populations. Credit scores are greatly impacted after a foreclosure. The average number of points reduced when you are 30 days late on your mortgage payment is 40 – 110 points, 90 days late

7560-439: The principal of his or her primary mortgage is above 80% of the value of his or her property. In most situations, insurance requirements guarantee that the lender gets back some pre-defined proportion of the loan value, either from foreclosure auction proceeds or from PMI or a combination of those. Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than

7665-413: The proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien ". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees, then the mortgagee can file a claim for a deficiency judgment . In many states in the United States, items included to calculate

7770-506: The property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the lender must sue the defaulting borrower in state court. Upon final judgment (usually summary judgment ) in the lender's favor, the property is subject to auction by the county sheriff or some other officer of the court. Many states require this sort of proceeding in some or all cases of foreclosure to protect any equity

7875-479: The property. The lender will also include any unpaid property taxes and delinquent payments in this amount, so if the borrower does not have significant equity they will owe more than the original amount of the mortgage. Lenders may also accelerate a loan if there is a transfer clause, obligating the mortgagor to notify the lender of any transfer, whether; a lease-option, lease-hold of 3 years or more, land contracts, agreement for deed, transfer of title or interest in

7980-412: The property. The vast majority (but not all) of mortgages today have acceleration clauses. The holder of a mortgage without this clause has only two options: either to wait until all of the payments come due or convince a court to compel a sale of some parts of the property in lieu of the past due payments. Alternatively, the court may order the property sold subject to the mortgage, with the proceeds from

8085-523: The property. Therefore, through the process of foreclosure, the lender seeks to immediately terminate (that is, literally foreclose any future use of) the equitable right of redemption and take both legal and equitable title to the property in fee simple . Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowner association dues or assessments. The foreclosure process as applied to residential mortgage loans

8190-467: The recent trends: “Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets. Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep fault-lines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond.” As per the foreclosure data report of RealtyTrac for January 2014, 1 in every 1,058 homes in U.S. received

8295-410: The regional emergency medical centers. In 2008, Intrawest representatives stated that during the previous two years, Intrawest and the resort industry in general experienced a significant softening of the real estate market, which included Mountain Creek, and Intrawest could not commit to completing the village. The Intrawest / Fortress Investments Co. filed for bankruptcy protection and sold off many of

8400-497: The remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor. Deficiency judgments can be used to place a lien on the borrower's other property that obligates the mortgagor to repay the difference. It gives lender a legal right to collect the remainder of debt out of mortgagor's other assets (if any). There are exceptions to this rule. If

8505-539: The remaining mortgage balance is higher than the actual home value, the foreclosing party is unlikely to attract auction bids at this price level. A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. That inventory is called REO (real estate owned). In these situations, the owner/servicer tries to sell it through standard real estate channels. The mortgagor may be required to pay for Private Mortgage Insurance , or PMI, for as long as

8610-479: The resort, which was renamed Crystal Springs Resort. The three ski areas and Action Park were sold to Intrawest , a Canadian-based owner and operator of ski resorts. Intrawest renamed its holdings Mountain Creek and began to refurbish the resort. Intrawest removed 11 of the 13 lifts, replacing them with a gondola, known as the Cabriolet , along with two chairlifts and multiple-fix grip chairs. The Great Gorge Lodge

8715-814: The resorts that it owned. The Mountain Creek Resort was sold and became part of the Crystal Springs Resort. Intrawest sold Mountain Creek to the adjacent Crystal Springs Resort in May 2010, returning the entire resort to its previous ownership. The new owners immediately went to work on improving the mountain, replacing the tent complex at Vernon with a new lodge that opened in time for the 2011-12 ski season. A three-story building, it contains new offices, bars, fine dining restaurant, food court, rental and locker facilities and an outdoor patio. In summer 2012, Mountain Creek continued improvement plans, opening

8820-653: The rights, which made it the sole owner of the Mountain Creek properties. Since the Koffman family (which controls HSK-MC) already was a partial owner of the property, it is said that normal operations will continue. However, the fate of the indoor water park is now in question, since that was planned under Mulvihill's control of the property. Ski resort Ski resorts are located on both Northern and Southern Hemispheres on all continents except Antarctica . They typically are located on mountains , as they require

8925-510: The sale but there are a number of other factors that may influence the bid, and if no other buyers step forward the lender receives title to the real property in return. Historically, the vast majority of judicial foreclosures have been unopposed, since most defaulting borrowers have no money to hire counsel. Therefore, the U.S. financial services industry has lobbied since the mid-19th century for faster foreclosure procedures that would not clog up state courts with uncontested cases, and would lower

9030-576: The sale going to the payments owed the mortgage holder. The process of foreclosure can be rapid or lengthy and varies from state to state. Other options such as refinancing , a short sale, alternate financing, temporary arrangements with the lender, or even bankruptcy may present homeowners with ways to avoid foreclosure. Websites which can connect individual borrowers and homeowners to lenders are increasingly offered as mechanisms to bypass traditional lenders while meeting payment obligations for mortgage providers. Although there are slight differences between

9135-413: The slopes themselves, with ski-in and ski-out access allowing guests to ski right up to the door. Ski resorts often have other activities, such as snowmobiling , sledding , horse-drawn sleds , dog-sledding , ice skating , indoor or outdoor swimming and hot tubbing , game rooms, and local forms of entertainment, such as clubs, cinema, theaters and cabarets . Après-ski (French for after skiing )

9240-471: The states, the foreclosure process generally follows a timeline beginning with initial missed payments, moving to a sale being scheduled and finally a redemption period (if available). In the United States , there are two types of foreclosure in most states described by common law . Using a " deed in lieu of foreclosure ," or " strict foreclosure ", the noteholder claims the title and possession of

9345-408: The summer of 1998. Intrawest drafted a master plan for the resort, whose centerpiece was an expansive residential and shopping village, a staple of Intrawest resorts, but which never happened. Included in the village plans were a conference center, hotels, condos, townhouses, shops and restaurants. On the mountaintop was to be a golf course surrounded by a hotel and condos. This mountaintop development

9450-416: The tasks prescribed by statute in an attempt to give notice. "Strict foreclosure" available in some states is an equitable right of the foreclosure sale purchaser. The purchaser must petition a court for a decree that cancels any junior lien holder's rights to the senior debt. If the junior lien holder fails to object within the judicially established time frame, his lien is canceled and the purchaser's title

9555-505: The theory that a rising tide would eventually lift all boats. In 2010, there was a 14% increase in the number of homes receiving a default notice between July and September. In that year one in every 45 homes received a foreclosure filing and the problem has become more widespread with the increasing rates of unemployment across the nation. Banks have become extremely aggressive without much patience for those who have fallen behind on their mortgage payments, and there are more families entering

9660-480: The validity of the debt in a claim against the bank to stop the foreclosure and sue for damages. In a foreclosure proceeding, the lender also bears the burden of proving they have standing to foreclose. Several U.S. states, including California, Georgia, and Texas impose a "tender" condition precedent upon borrowers seeking to challenge a wrongful foreclosure, which is rooted in the maxim of equity principle that "he who seeks equity must first do equity", as well as

9765-499: The various trails. Rope tows can also be used on short slopes (usually beginner hills or bunny slopes). Larger ski areas may use gondola lifts or aerial tramways for transportation across longer distances within the ski area. Resorts post their trail map illustrating the location of lifts, trails, services and the ski area boundary, and during the ski season issue a daily snow conditions report listing open trails, operating lifts and weather status. Ski areas usually have at least

9870-417: The wake of the United States housing bubble and the subsequent subprime mortgage crisis there has been increased interest in renegotiation or modification of the mortgage loans rather than foreclosure, and some commentators have speculated that the crisis was exacerbated by the "unwillingness of lenders to renegotiate mortgages". Several policies, including the U.S. Treasury sponsored Hope Now initiative and

9975-516: Was converted into intermediate slopes. The entire Mountain Creek South area (South Peak and Bear Peak) was converted to freestyle terrain park. This angered many long-time season pass holders and many did not renew their passes. A special terrain park pass was now needed to use this area of the mountain. All slopes off those peaks are intermediate trails with additional ratings for the kind of freestyle terrain from small to extra large. Additionally,

10080-470: Was covered with snow. The New York, Susquehanna and Western Railway operates tracks that abut the back of the Great Gorge South parking lot. For a time in the 1970s, there was a seasonal train operated by the railroad which offered skiers a way to the slopes and then returned them home. In 1971, Great Gorge North was built on what is now Mountain Creek's Granite Peak, and a connecting trail

10185-455: Was cut to connect Great Gorge North and the original resort, which was renamed Great Gorge South. A connecting chair lift was also installed - the Sojourn double. Great Gorge North was part of a master plan that included a never-built Olympic ski-jump and training facility. Also in 1971, Playboy opened their $ 20 million, 650-room Great Gorge Playboy Club on 1,000 acres (400 ha) of land

10290-565: Was founded in McAfee , an unincorporated area of Vernon Township , in 1965 by three families (the Kurlanders, Fitzgeralds, and Bakers) who worked at the now-closed Snow Bowl Ski Resort in Milton, New Jersey . Great Gorge was built on the former Fredericks farm. Mountain Creek's Bear and South Peaks were the original Great Gorge Resort, with the current South Base Ski Patrol building serving as

10395-442: Was no significant difference in household size between the post-foreclosure and control groups. However, only 17% of the post-foreclosure individuals had the same number and composition of household members after a foreclosure than before. By comparison, the control group maintained the same household companions in 46% of cases; and, 5) Only about 20% of post-foreclosure individuals chose to live in households where one person maintained

10500-419: Was previously prohibited. On October 10, 1999, the 31-year-old Vernon base lodge was destroyed in a fire just weeks before the 1999-2000 ski season. A temporary complex of prefabricated tents was quickly constructed in order to continue operations for the upcoming season. The tent complex included a food court, restaurant and bar, and numerous rental and retail shops. While Intrawest originally planned to replace

10605-491: Was retired after 40 years of service. A new fixed-grip double chairlift was installed and opened in time for the 2012–13 season. The new lift has replaced plans for a new trail that would have connected the South peak to Granite Peak, since they realized when working to build the new trail that the topography of the mountain does not go in that direction. HSK-MC, a partner in a group that purchased Mountain Creek in 2010, bought out

10710-466: Was scrapped, however, as the land that it was located on was sold by the State of New Jersey to Mountain Creek's previous owners, Great American Recreation, with a deed restriction that stated the land was to be used only for passive recreation, such as fishing, hiking and camping. Intrawest then sold the land back to the state for $ 7 million and permission to expand skiing on portions of the mountain where it

10815-660: Was the first ski area in the United States to use a jet engine to power their snow-making operations' air compressors. The jet engine was purchased from the Curtiss-Wright Company in Fairfield, New Jersey. The jet engine was located in a building in the parking lot across the street from the new lodge. Skiers Donna Weinbrecht and Jamie Kurlander, who have been inducted into the Sussex County Sports Hall of Fame, skied at Great Gorge. During

10920-473: Was the original method of foreclosure. Acceleration is a clause that is usually found in Sections 16, 17, or 18 of a typical mortgage in the US. Not all accelerations are the same for each mortgage, as it depends on the terms and conditions between lender and obligated mortgagor(s). When a term in the mortgage has been broken, the acceleration clause goes into effect. It can declare the entire payable debt to

11025-826: Was updated and renamed Mountain Creek South Lodge. Intrawest also installed more than 1,600 new snow guns throughout the mountain. The new resort opened in December 1998. Intrawest also began construction on Action Park, removing all the amusement rides except for the Alpine Slide and Bungee Tower, as well as the Motorworld section of the park, and began work on the Waterworld section of the park. The water park reopened as Mountain Creek Waterpark in

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