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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Fla. Firm Bankrupt

Beacon Financial files for bankruptcy protection

April 15, 2008


Millions of dollars in litigation have apparently driven a Florida-based lender into bankruptcy liquidation.

Beacon Financial Mortgage Bankers Corp. made a voluntary filing in the U.S. Bankruptcy Court, Southern District of Florida, on April 11, according to a copy of the petition.

The company, headquartered in Doral, noted $10.1 million in assets and $12.0 million in liabilities.

Less than 50 unsecured creditors are involved, according to the filing. Among them are Lydian Data Services, for which $5 million is owed in a lawsuit for Unlimited Title Services of South Florida. First National Bank of Arizona also is listed as holding a judgment for $3.7 million, and Gateway Bank is listed for a $5.5 million judgment. Ocean Bank has a claim for a $1.7 million loan.

Among other legal actions reported in the filing against the company are those initiated by Citadel Security LLC, Impac Funding Corp. and Flagstar.

Beacon said it made $166,639 during 2005, during when AllMortgageDetail said the company originated $28.8 million, and lost $338,836 in 2006.

In 2003, the company was terminated by the U.S. Department of Housing and Urban Development as a Title 2 Mortgagee and Loan Correspondent, according to a Federal Register.

The owner of Beacon is Juan Carlos Blanco.

A 2002 Lexus SC430 owned by the company was reportedly repossessed by Genisis Financial.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of

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