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Historic Theater Faces Bankruptcy

Posted By admin || 27-Jul-2009

According to an article in the Star-Telegram, Fort Worth's R.K. Maulsby Trust could lose ownership of the historic Ridglea Theater on Camp Bowie Boulevard due to foreclosure.

The article said:

"It's the fourth time in two years the Maulsby Trust has faced foreclosure on the west-side landmark. The filing also includes the adjoining office and retail spaces at 3309 Winthrop Ave.

FixFunding loaned $1.1 million to the Maulsby Trust in July 2008 to pay a note to Wilshire State Bank in Los Angeles."

One of the unintended fallouts of foreclosure is the loss of historic buildings and landmarks. This is the second article I've seen this week about the foreclosure of historic buildings (the first was Langston Hughes home) and it's a troubling sign of just how bad the residential foreclosure crisis has become. Many properties that once belonged to or were lived in by historically significant figures in our society are silently falling victim to foreclosure, while our legislators peddle ineffective foreclosure prevention programs.

But it's important that the average American understand that you don't need to be a "historically significant" figure for your home to have value and for its foreclosure to be a loss to us all. American homes stand as the foundation for the family and wider community in this country. Homeowners carry a large burden for paying taxes (property taxes) that help fund our schools, police and other public services we all enjoy. But because of the massive amounts of foreclosures ripping through American neighborhoods, we are facing the destabilization of communities and that is a great loss to us all.

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