Developer Averts Foreclosure With Mortgage Payment More Than $1 Million In Property At Stake

October 14, 1990|By Alan J. Craver | Alan J. Craver,Staff writer

Harford developer Steven R. Hankins said he averted a foreclosure auction on three of his holdings, including his 283-acre farm estate east of Bel Air, by paying the balance on the mortgage on the properties.

The estate, the Singer Square Shopping Center and a vacant house in Bel Air were to go on the auction block Thursday. The auction was canceled on Oct. 5 after Hankins made the mortgage payment, said Paul Cooper of Alex Cooper Auctioneers Inc. in Towson, the auctioneer hired for the sale.

Hankins and his wife, Susan, owed Penn Mortgage Co. Inc. of Baltimore $205,000 on the properties, according to documents in county Circuit Court.

The mortgage payment had been due in February 1989, but when the loan went unpaid the mortgage company filed papers on Aug. 28 in Circuit Court to foreclose on the properties.

After the auction on the properties was ordered, the state Deposit Insurance Fund and Household Bank filed motions to intervene in the case.

Household Bank wanted proceeds from the foreclosure sale to go toward an $8 million loan Hankins owes the bank.

The state wanted auction proceeds to go toward a $421,684 loan given to Hankins by the now defunct Old Court Savings and Loan.

Hankins' farm estate, known as Christopher's Camp, is located in the 1200 block Fountain Green Road.

The farm is valued at $484,160, according to records in the county tax assessment office.

A second property to be sold at the auction was the Singer Square Shopping Center, at the intersection of Emmorton and Singer roads.

The shopping center sits on 3.2 acres. Hankins bought the property in October 1985 for $400,000, county land records say.

The third property scheduled for auction, a vacant house in the 1400 block MacPhail Road, is valued at $367,160, state tax assessment records say.

The two-story house has four bedrooms, four bathrooms and a three-car garage, the auction advertisement said.

This was not the first time Hankins has faced foreclosure on properties he or his companies holds.

In August, the Courtland Square office building on South Main Street in Bel Air was sold for $1.4 million at a foreclosure auction after Hankins defaulted on a $2 million loan.

Courtland Square Inc., a corporation controlled by Hankins that owned the building, renovated the 26,000-square-foot building in early 1989.

Courtland Square Inc. had averted two previously scheduled foreclosures sales.

A partnership controlled by Hankins avoided a foreclosure auction of a 162-room Ocean City hotel in March by filing for Chapter 11 bankruptcy protection in February. The partnership faced about $8 million in debts, bankruptcy records show.

Over the last 10 years, Hankins has developed a number of commercial and office projects, starting with a 4,000-square-foot shopping center on Route 40 in Perryville, Cecil County. He also developed Bond Street Centre, on office building at 212 S. Bond St., Bel Air.

Projects in the works include Aberdeen Marketplace, a shopping center at Interstate 95 and Route 22.

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