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Lakewood, NJ - Senior Citizens Sue Lakewood Developer Involved In Foreclosure Action

Published on: June 3, 2015 01:36 PM
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Lakewood, NJ - New Jersey developer Glen A. Fishman, 57, has found himself at the center of a lawsuit after failing to pay a $275,000 tax debt on Horizons at Woodlake Greens, a 209-home community for people aged 55 and over based in Lakewood, New Jersey.

Residents of that community are now facing the possibility of losing their heated outdoor swimming pool and 5,500 square foot clubhouse unless they agree to pay Fishman’s outstanding tax lien, according to a report by Asbury Park Press (http://on.app.com/1FtwXpU  ).

Horizons trustees first learned about the lien when they received an email from tax lien investor Pro Capital Fund LLC, stating, “It is Pro Capital’s position that a foreclosure judgment will extinguish the Woodlake Greens’ residents’ right to use the Clubhouse facilities.” Pro Capital has given Horizons residents the option of preventing the foreclosure provided each household pays approximately $1,400 to cover the outstanding debt. The news outraged many in the Horizons community.

“Glen Fishman didn’t pay his taxes. He knew about this. He received those tax bills. He was served with the foreclosure notice,” said Horizons’ Board President Lynn Foxen.

“So here we are, retired people, many living on a fixed income, looking for that peace and quiet. We’re the only ones who did nothing wrong, and we’re the ones who have to pay the freight.”

Usually, the value of these amenities is factored into each homeowner’s assessment. However, former Lakewood Township assessor Linda Solakian determined the clubhouse property was worth over one million dollars back in 2007 when Horizons was still under construction. By 2014, the foreclosure action had commenced.

Solakian defended her actions saying it was standard procedure to assess clubhouses in Lakewood’s adult communities as commercial properties so long as the developer held the title to the land.

Once the homeowners association took title from the developer, the assessments were supposed to be cut back to zero. “I didn’t make a mistake. If anybody made a mistake, it was the developer,” Solakian said.

Initially, Fishman’s taxes on the clubhouse were about $29,000 a year, which went unpaid. This resulted in a tax lien of $91,874.36 which was later bought at a public tax lien sale by Pro Capital in 2011.

As part of the sale, Pro Capital was permitted to foreclose on the property within two years if Fishman didn’t repay his debt, plus four percent interest. The debt now stands at more than $275,000.

Adding insult to injury, Fishman’s mother lives in the Horizons community. “He came to visit her last week in a black stretch limousine,” said trustee and resident, Ginny DeMeo, 65. “It’s so galling. Not only is he doing this to us, he’s doing it to his own mother,” she said. Fishman could not be reached for comment.


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Read Comments (6)  —  Post Yours »

1

 Jun 03, 2015 at 02:37 PM lavrenty Says:

big deal theyll lose their pool, frum people in Lakewood are losing their homes.

2

 Jun 03, 2015 at 03:58 PM No, lavrenty Says:

The story is very unclear but there were many mistakes here pertaining to accesing and who was responsible. The people you refer to in your post losing homes in Lakewood have to look in the mirror to see who is responsible. These people have to look at another party named Fishman.

3

 Jun 03, 2015 at 04:16 PM a Says:

Reply to #1  
lavrenty Says:

big deal theyll lose their pool, frum people in Lakewood are losing their homes.

i did not think they still made them so dum i guss i was wrong

4

 Jun 03, 2015 at 08:42 PM AuthenticSatmar Says:

If Mr Fishman owns the clubhouse, then what's the problem. He let it go to foreclosure because it made more sense for him financially to do so. I don't understand why the homeowners think they're entitled to it.

5

 Jun 03, 2015 at 10:15 PM Aryeh Says:

What a joke. Everyone in Lakewood knew Solakian. She was the worst tax accessor ever. She was an angry, unbalanced personality. She was forced out, and don't let the door hit you. . . Investigate this well, you'll see, she didn't do her job.

6

 Jun 05, 2015 at 12:09 PM Anonymous Says:

Reply to #4  
AuthenticSatmar Says:

If Mr Fishman owns the clubhouse, then what's the problem. He let it go to foreclosure because it made more sense for him financially to do so. I don't understand why the homeowners think they're entitled to it.

Mr. Authentic Satmar, it wasn't his to let foreclose alone without notifying those who had an interest in the property. You obviously do not know anything about real estate development.

7

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