ESL Federal Credit Union is foreclosing on a property owned by Bob Morgan, the local developer accused of defrauding lenders out of millions of The site is property on Fairwood Drive south of Rochester Institute of Technology off East River Road. It currently houses Rivers Run Senior Living.

Interested in a bank-owned home, but don’t know where to start? Follow PennyMac’s step-by-step guide to learn all about REO homes (and get ready to However, some REO properties come at a significant discount and, if you’re willing to work through some of the nuances of the post-foreclosure.

However, Morgan companies, including pittsford-based morgan communities, have properties across New The Democrat and Chronicle examined publicly available records for eight Morgan-owned More: Who is Bob Morgan and why is the FBI investigating financing of his Buffalo properties?

Morgan Management is now the third-largest property-tax payer in Monroe County, but has been as high as second. He currently trails only Rochester Gas and The Democrat and Chronicle reported in September that the FBI was scrutinizing bank loans that financed some of Morgan’s Buffalo-area.

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Foreclosures happen when a lender takes a property from an owner who has defaulted on their mortgage and has fallen behind on payments. Lenders, in turn, will try to recoup as much of their investment as possible by selling a foreclosed home for slightly less than it might be worth.

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Robert Morgan, one of the most prominent property owners in the Rochester region, was charged Wednesday in a multicount criminal indictment alleging a mortgage fraud scheme stretching across western New York and multiple states. Meanwhile, the U.S. Securities and Exchange Commission.

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