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Baltimore Realtor Vito Simone board head files Ch 7 |
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Written by Baltimore HUD Homes
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Wednesday, 11 March 2009 |
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Well known Baltimore Realtor and president of the Greater Baltimore Board of Realtors, has filed for Chapter 7 bankruptcy.
The report states that Simone and his wife, Gail, who is scheduled as a joint debtor, have $487,074.77 in belongings; however owe more than $3.9 million to 66 separate creditors, counting $62,325.01 in back state and federal taxes on assorted real estate ventures he was caught up in.
Particulars of Simone’s bankruptcy were initially reported on the online Web site of Baltimore City Paper.
Along with Simone’s creditors are his own employer, the real estate brokerage Yerman Witman Gaines & Conklin, a credit union sponsored by the GBBR and a quantity of what appear to be private citizens in the Baltimore area.
The main of these debts comprise a $179,061.37 first mortgage and a $245,904 home equity line from Bank of America on the Simones’ 2,408-square-foot home on Old Pimlico Road in Baltimore County, $446,495.69 in liens on the house filed by Carrollton Bank, a $583,752.44 debt to Bradford Bank arising from the function of one of Simone’s real estate companies, VGS Properties LLC, and $414,177.68 due to 1st Mariner Bank.
The final is associated to Druid Lake Partners LLC, a business set up by Simone and Pikesville businessman David Zichos to rehab four row homes opposite Druid Hill Park reservoir, at 817, 819, 821 and 823 Druid Park Lake Drive. Those homes are vacant and unfinished.
“My wife and I made every attempt to keep away from filing for bankruptcy, but as our pecuniary situation persisted to worsen and the real estate market continued to drop, it turn out to be our only option,” Simone said in a statement.”
In the statement, Simone went on to outline his commitment to community service and give emphasis to his professional experience.
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Last Updated ( Wednesday, 11 March 2009 )
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