Morgan Allows Foreclosure on 2 Maine Resorts

March 27, 2013 by · Comments Off on Morgan Allows Foreclosure on 2 Maine Resorts 

The owner of two recreational vehicle resorts in Maine failed to stop their foreclosure sales last week, according to a report by the Bangor Daily News.

An attorney for Megunticook RV Resort LLC and Camden Hills RV Resort LLC — both located in Rockport — filed a request March 20 in Knox County Superior Court for an emergency temporary restraining order to prevent the foreclosures on the campgrounds. After Justice Jeffrey Hjelm denied the request on March 21, the resort owner filed an appeal March 22 to the Maine Supreme Judicial Court.

The owner argued in the high court appeal that the denial of the restraining order was inconsistent with another judge’s ruling in York County Superior Court that granted a restraining order on the foreclosure of Flaggs RV Resort in York Beach.

The Megunticook, Camden Hills and Flaggs resorts all were owned by Morgan Recreation Vacations of Saratoga Springs, N.Y., which bills itself as the country’s largest privately owned RV park corporation.

Despite the Supreme Court appeal being filed Friday (March 22), Rockport Assessor Kerry Leichtman said that the public sales of the two Rockport resorts were held the same day. He added that the mortgage holder kept the properties when it did not receive what it considered to be a suitable price. He said the mortgage holder will now try to find someone to continue managing the two Rockport properties as resorts.

Morgan Recreation took out a $38 million loan from Countrywide Commercial Real Estate Finance Inc. in 2007. The three Maine properties were part of the collateral for that loan.

The resorts are well maintained and heavily promoted, and a number of reservations have been accepted for the upcoming season that begins May 15, according to court documents filed on behalf of Megunticook and Camden Hills RV LLC in efforts last week to block the sales.

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