Monday, January 18, 2010

Whose getting foreclosed now

Glatt’s campaign manager said Wednesday that the house is not Glatt’s, but her mother’s. Campaign Manager Kathy Stack said, “She was helping her parents. This is a remodification of a loan with the bank. What happened is what has happened to 900,000 families across the country. She was helping her mother with a remodification of the loan.” – Hoboken Reporter

Actually Kathy, that’s not quite true. Her mother Elizabeth may live there, but she does not own the house and has not legally owned it for many years, if at all. Elizabeth Glatt’s name is not on the deed nor is it on the $999,900.00 cash mortgage taken out on the house. Elizabeth is a tenant, not an owner. At the time of the loan origination and the missed mortgage payment that triggered the foreclosure, public records show the home was owned by Kimberly Glatt, her husband Jay B. Yacker and sister Stephanie Glatt.

12/13/2005: Ownership of 910 CPT transfers from Stephanie Glatt alone to Stephanie and Kimberly Glatt, and Jay Yacker for $1

6/1/2006: Kimberly and Stephanie Glatt executed a note securing the sum of $999,900.00. To secure the payment of the note, the Glatt sisters and Yacker executed a mortgage they all signed to secure.

10/1/2008: HSBC says the Glatts and Yacker failed to make a payment due on this date and all payments due thereafter, making the loan in default since on or about 11/1/2008.

2/04/2009: a deed change is recorded by Hudson County removing Kimberly Glatt and Jay Yacker from the deed, and restoring Stephanie Glatt as sole owner for the sum of $1. Oddly, the deed is dated 1/03/08 but isn’t recorded legally for over a year. Regardless, Kim Glatt and Jay Yacker continue to be responsible for the $999,900.00 mortgage, which doesn’t change despite the $1 deed transaction.

Glatt’s husband, Jay Yacker, further explained that the house was sold over a year ago by Glatt’s parents to her sister Stephanie. The parents and Stephanie continued to live in the house. But after Hoboken’s large tax increase, they were unable to make the payments for a few months, and the bank automatically began foreclosure proceedings because they were behind. — HR

Anyone familiar with the Glatt family’s Hoboken assets and wealth would also find it laughable to hear someone claim that they could not possibly muster the cash to pay the tax increase on the family homestead. This is a group that includes a dentist of long standing in town and a Judge who just bought a $3 million 3-bedroom condo on the 21st floor of the W Hotel. They may also have a bridge to sell you. Yacker continues:

Kim Glatt had co-signed for the loan, Yacker said. So she and Stephanie are in court trying to work out how to make the payments back to the bank. Yacker said that once the bank starts foreclosure proceedings, they won’t accept retroactive payments until the situation is worked out legally. Yacker said that they are “a month or two away” from working the situation out, and that the house will be saved. — HR

“There are thousands of Hoboken residents who are working hard every day to make ends meet during these difficult times. They can know with absolute certainty that I can relate to their problems.”


Ms Glatt please let me remind you that in order to sell such a BS story you need to be in congress. Running for mayor of Hoboken does not excuse such behavior. My two favorite parts of the fable are:

*The multiple non arm length sales, clearly there was no goal of avoiding taxes or trying an end run around the bank.

*That the typical resident will understand the difficulties of owning multiple million dollar homes. I know it is tough for me. LOL

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