Foreclosure auction July 10 at Marina Club

Twenty-six properties for sale, although some might drop off list before they’re sold

By TOM STAUSS Publisher

Pender and Coward, the Captain’s Cove Golf and Yacht Club’s Virginia Beach attorneys, will conduct a foreclosure sale of Captain’s Cove properties on Monday, July 10, beginning at 10 a.m. in the Marina Club banquet room.

It’s the 15th foreclosure sale hosted by Pender and Coward since the association began using this approach.

The initial published list includes 26 properties for sale, but some might drop off if their owners pay off delinquent dues before the sched- uled auction.

The Board of Directors at its June 19 meeting voted unanimously to participate in the auction to protect CCGYC interests as the foreclosure process proceeds. The outcome of such participation is that the Cove association frequently acquires title to the property.

Properties to be auctioned off include Section 4, Lot 2310, with an estimated value of $187,500 and three lots in Section 3. Lot 1422 on Harpoon Court has an estimated value of $72,800; 1436 on High Sea Drive an estimated value of $67,500; and 1442 also on High Seas has an estimated value of $71,500.

There are two lots in the scheduled appraised at $5,000.

All the rest are basic unimproved lots with appraised values of $4,000.

During discussion after voting to participate in the auction, Director Tim Hearn suggested the creation of a work group to devise a new policy to pursue collection of “personal debt” associated with lots that are sold at foreclosure.

Hearn said that the debt, money owed the Cove Association often for years of delinquency, “does not go away” when the property is sold to a new owner at auction, unless the total amount of the approved bid exceeds the amounts owed to the association.

He acknowledged that this becomes a matter of debt collection, which Pender and Coward and other law firms don’t generally handle.

“It’s hard core collection,” Hearn said, suggesting that a work group could hire a collections firm whose job would be to collect past dues on about 450 Cove lots with liens attached for failure to pay. He said that these lots represent a significant portion of the more than $6 million in aged accounts receivables carried on the CCGYC balance sheet.