208,078 New Listings - November 2009 - Last update November 20, 2009 12:30 PM EST 
Foreclosure Hits Greenwich, Connecticut
The ultra exclusive back country of Greenwich, Connecticut is know for its mansions and super rich owners, but that image has been tainted in the minds of some residents as an extremely rare foreclosure hits the neighborhood.
Back in February, the owner Michael Lauer was indicted in Miami along with four other people. Lauer is the head of Lancer Management Group and Lancer Management Group II; obviously not your typical family facing foreclosure. The charges brought against him are that he manipulated market prices and overvalued securities to defraud investors. His alleged frauds are said to have cost the investors involved around $500 million. As a result of a civil lawsuit filed against Lauer in 2003 by the United States Securities and Exchange Commission, his assets were frozen and he stated he was unable to pay his taxes.
No foreclosure deeds popped up on Michael Lauer’s home until last year, and there have been four so far in 2008. The federal government began the foreclosure process on the home in 2006.
This foreclosure has brought a lot of attention to one of America’s wealthiest housing communities, especially since Lauer was a hedge fund manager. This is a field that brought the newly rich into a community known for its old money, and these new members of the community sparked a flurry of tearing down and rebuilding of even larger mansions than ever before. Hedge fund managers are not your typical foreclosure victims and it has brought attention from many in the rich community. It has even been said that the house may now be seen as having a “stain” on it because of this rare transgression.
The foreclosed home is considered average for the area, nothing extraordinary in comparison to newer houses being build around it. It is a 7,300 square foot house sitting on five acres. Some of its features are a marble master bedroom with a steam shower, pool house, wine cellar, and a four car garage. For outside enjoyment, it comes with tennis courts, and a heated in ground pool with a waterfall.
The Internal Revenue Service has it listed for a minimum bid of $2.5 million. The median price for homes in Greenwich is roughly $2 million. In comparison to other homes around it, there is a new house being built close by that will be 30,000 square feet as the trend in Greenwich is bigger and bigger homes. It is likely that the house will be bought for property and the house bulldozed for a better home.
Some have called the Lauer home a “starter castle” but to most of everyday America it is simply a dream. Homes like this do not often get foreclosed and there usually are not many bids on such houses since few can afford to live in this exclusive society. In the current turmoil of American economies this shows anything can happen to anyone, no matter where they live.
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Unfortunately, during this economic downturn, many scam artists try to take advantage of homeowners and their difficulties. You must be cautious of any advice you find on the Internet. Carefully research any company that you use. To help you with your investigations, here are some reputable organizations to visit: http://foreclosure-activity.blogspot.com/
For Senior Homewoners (62+) the Reverse Mortgage (RM) is available to almost all who are senior homeowners regardless of income potential or credit history. For those who have equity in their home, but stand to lose it because of past due mortgage (or property tax) payments, the RM is a resource that should be seriously considered. Especially with the new lending limits and the very real potential of Jumbo Reverse Mortgage products returning to the marketplace over the next couple of months. Seniors or children of seniors there may be absolutely no reason for a senior home owner to go through the stress of a foreclosure. (John of jkaravas.com)