It looks like no one is free from the fear of foreclosures. The richest people in Hollywood have been touched by it and so have many of the middle class. The Hollywood based Holocaust Documentation Center will soon be facing foreclosure proceedings if they don’t find a way to pay off the massive loans they owe on the property.
No More Breaks
The mayor of Hollywood states that they have cut every possible break they could for the Holocaust Center and it is now time to pay up or enter foreclosure. Foreclosure attorneys might be called upon to come up with an effective remedy for the problems faced by the center but with a looming $1.7 million that needs to be paid to Hollywood, the situation is looking bleak for the center. The city can only offer so many breaks and favors; if the business model is not working and the customer interest is that far vacant, then perhaps it is time for that space to be given up to another establishment.
More than Repair Work Need to Incite Interest
The building on Harrison Street might need to come up with a debt repayment plan with the help of foreclosure attorneys well versed with cases of this nature. The money loaned to the center was for the creation of a museum that would house the videos, DVDs, and 2,400 eyewitness manuscripts and testimonies of Holocaust survivors. While this was never accomplished, the management of the Center says that they have spent a whopping $3.5 million on repair work that was needed.
Time is Running Out
If their foreclosure attorneys cannot find a feasible way out and if the Center cannot come up with the money to stall the city, chances are high that foreclosure proceedings will be initiated against them.
