Provided By The Rockwall News
The Blue Canyon Kitchen, Wine Bar and Sports Bar unexpectedly closed down for business at The Harbor in Rockwall Feb. 11 after operating at the lakeside dining and entertainment district for the past three years.
According to the management firm which now manages The Harbor, since the property was foreclosed upon last October, Blue Canyon was locked out for non-payment of rent.
Employees were notified Friday about the closing by Area Manager Paul Baerenstecher, but neither he nor other spokespeople for Blue Canyon were available today for comment.
The restaurant’s other three locations near Cleveland OH and in Missoula and Kalispell Montana remain open.
Baerenstecher had told TheRockwallNews.com last December that business was not what Blue Canyon was hoping it would be. To attract more customers, Blue Canyon opened a sports bar last Summer which he said was very busy until the weather turned cold in December. They also made numerous menu changes and lowered prices on most meals.
Employee Kristen Harte, a 2010 Rockwall High graduate who’s worked there for nearly three years, said she is extremely disappointed about the closing.
“It’s really upsetting. I’m extremely disappointed.”
“It was the best place I’ve ever worked and it’s like losing a family to me. Blue Canyon will be very missed and I’m sad it had to end this way.”
Former executive manager Aimee Thibodeaux agrees that Blue Canyon was like a big family and she will really miss the quality of food.
“I opened the restaurant in January, 2008, and went from server, to lead trainer to assistant and then executive manager,” she said.
“I was with Blue Canyon for about 19 months. I resigned in July, 2009, to focus on my family. “BC” was like a big family; I met and worked with some of the greatest people.”
The thing I will miss the most is that there is nowhere else in Rockwall that serves the quality of food that Chef Scott created in such a relaxed, casual, family-friendly atmosphere.”
“I am saddened that it is closed, but not surprised. This economy hit everyone, but restaurants were hit harder than most businesses. Couple that with the rents at The Harbor and it was a recipe for disaster.”
Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
Sunday, February 13, 2011
Monday, July 19, 2010
Underwater? Alternatives to Walking Away
Written By Broderick Perkins
Published By Realty Times
Source Rockwall KW Blog
Home owners who are "underwater" with their home loan and seek to come up for air by walking away from the debt, could still be gasping for relief years down the road.
There are occasions when walking away from your home -- and down the road to foreclosure -- is your only option, but seldom is it the best alternative.
Mortgages are "underwater" or "upside down" when the property experiences negative equity -- the mortgage is larger than the current value of the property. Negative equity is caused by a decline property value, an increase in mortgage debt or, most likely, both.
The consensus among experts is to consider the alternatives before abandoning your home, talk with your lender and seek counseling from a U.S. Department of Housing and Urban Affairs (HUD) certified counselor.
Don Bisenius, the head of Freddie Mac's home-loan guarantee business, recently asked borrowers to stick it out through the crisis.
Bisenius said foreclosures lead to degraded neighborhoods, more expensive mortgages and reduced home values.
"In the end, borrowers considering a strategic default should recognize the damaging impact their actions can have on others," he wrote.
The Obama Administration's frequently updated and strengthened multi-tiered MakingHomeAffordable.com program and other government efforts offer a good start with a host of options.
• Refinancing, turning in your existing mortgage for a new one, is perhaps the toughest option to accomplish. A refinance requires meeting stiff underwriting requirements -- an excellent credit report, a high credit score of 720 or more, documented career level income and little debt, for starters.
Federal programs, including the Federal Housing Administration's refinance effort, can be a good bet for those who haven't yet faced hardship and can qualify for a new loan.
• A mortgage modification reworks the terms of existing loans to get the payment down to a more affordable level. To add greater affordability, lenders lower the interest rate, lengthen the term of the loan or reduce the principal -- or do some combination of all three. Modifications can be used by qualified home owners who aren't yet struggling as well as those who are in a pinch.
• Short sales
Modifications and short sales can impact your credit, but not necessarily with the force of a foreclosure.
Bottom line, exploring all the options is a better first step than walking away. I understand feeling financial pressure is difficult and embarrassing, but there is a point at which everyone has time to explore the options. In just about every case, that's much better than doing nothing at all. I strongly feel there is no reason for anyone to get a foreclosure" said Zdenka Mahan, a real estate agent with Intero Real Estate in Los Gatos.
Do you have questions about short sales, refinancing and loan modifications? Give Debbie Brown & Associates a call at 972-772-7029 or email us at debbie@debbie-brown.com.
Published By Realty Times
Source Rockwall KW Blog
Home owners who are "underwater" with their home loan and seek to come up for air by walking away from the debt, could still be gasping for relief years down the road.
There are occasions when walking away from your home -- and down the road to foreclosure -- is your only option, but seldom is it the best alternative.
Mortgages are "underwater" or "upside down" when the property experiences negative equity -- the mortgage is larger than the current value of the property. Negative equity is caused by a decline property value, an increase in mortgage debt or, most likely, both.
The consensus among experts is to consider the alternatives before abandoning your home, talk with your lender and seek counseling from a U.S. Department of Housing and Urban Affairs (HUD) certified counselor.
Don Bisenius, the head of Freddie Mac's home-loan guarantee business, recently asked borrowers to stick it out through the crisis.
Bisenius said foreclosures lead to degraded neighborhoods, more expensive mortgages and reduced home values.
"In the end, borrowers considering a strategic default should recognize the damaging impact their actions can have on others," he wrote.
The Obama Administration's frequently updated and strengthened multi-tiered MakingHomeAffordable.com program and other government efforts offer a good start with a host of options.
• Refinancing, turning in your existing mortgage for a new one, is perhaps the toughest option to accomplish. A refinance requires meeting stiff underwriting requirements -- an excellent credit report, a high credit score of 720 or more, documented career level income and little debt, for starters.
Federal programs, including the Federal Housing Administration's refinance effort, can be a good bet for those who haven't yet faced hardship and can qualify for a new loan.
• A mortgage modification reworks the terms of existing loans to get the payment down to a more affordable level. To add greater affordability, lenders lower the interest rate, lengthen the term of the loan or reduce the principal -- or do some combination of all three. Modifications can be used by qualified home owners who aren't yet struggling as well as those who are in a pinch.
• Short sales
Modifications and short sales can impact your credit, but not necessarily with the force of a foreclosure.
Bottom line, exploring all the options is a better first step than walking away. I understand feeling financial pressure is difficult and embarrassing, but there is a point at which everyone has time to explore the options. In just about every case, that's much better than doing nothing at all. I strongly feel there is no reason for anyone to get a foreclosure" said Zdenka Mahan, a real estate agent with Intero Real Estate in Los Gatos.
Do you have questions about short sales, refinancing and loan modifications? Give Debbie Brown & Associates a call at 972-772-7029 or email us at debbie@debbie-brown.com.
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