A developer responsible for subdivisions in Forsyth and Hall counties is facing foreclosure on some properties.
This month, Compass Bank filed foreclosure notices against John Wieland Homes and Neighborhoods on one parcel in Forsyth County and three parcels in Hall County, according to legal advertisements.
The bank is seeking repayment on a $23 million loan it gave Wieland to build subdivisions.
Unless Wieland settles with Compass, the bank plans to sell his property on the courthouse steps March 2.
Compass filed a foreclosure notice in the Forsyth County News for Lot 260 in Phase II of the Weston subdivision, which is off McGinnis Ferry Road on the Fulton County line.
Foreclosure notices in The Times of Gainesville are for three parcels in Reunion subdivision, near Braselton.
In spring 2009, Wieland took to the road in hopes of selling 101 homes in 60 neighborhoods in the Southeast.
He planned to sleep in a model home in a different neighborhood every night until he reached his sales goal.
His first stop was at Reunion, where he said he remained convinced that, despite the recession, the time was right to buy a house.
“This is our fourth big recession, and in the three previous it has always been housing that led the economy out,” Wieland said at the time.
This month, Compass Bank filed foreclosure notices against John Wieland Homes and Neighborhoods on one parcel in Forsyth County and three parcels in Hall County, according to legal advertisements.
The bank is seeking repayment on a $23 million loan it gave Wieland to build subdivisions.
Unless Wieland settles with Compass, the bank plans to sell his property on the courthouse steps March 2.
Compass filed a foreclosure notice in the Forsyth County News for Lot 260 in Phase II of the Weston subdivision, which is off McGinnis Ferry Road on the Fulton County line.
Foreclosure notices in The Times of Gainesville are for three parcels in Reunion subdivision, near Braselton.
In spring 2009, Wieland took to the road in hopes of selling 101 homes in 60 neighborhoods in the Southeast.
He planned to sleep in a model home in a different neighborhood every night until he reached his sales goal.
His first stop was at Reunion, where he said he remained convinced that, despite the recession, the time was right to buy a house.
“This is our fourth big recession, and in the three previous it has always been housing that led the economy out,” Wieland said at the time.