Update: Kim Glatt in Foreclosure!

10/29/2009 Update:

Glatt responds, sort of

Before I ran the story of Kimberly Glatt’s million-dollar foreclosure, I sent her campaign a list of questions seeking an explanation of her default. Though I received receipt that my messages were delivered, there was no response, so I referred to the story told in official court papers and public documents and offered the usual Hoboken411 historical context.

We gave the former Judge an additional opportunity to respond, but instead she approved her own “Change of Venue” request in the form of a statement to the Hoboken Reporter. Glatt herself did not take direct questions on the default, and the answers her surrogates gave are refutable by looking at the public record.

Glatt’s campaign manager said Wednesday that the house is not Glatt’s, but her mother’s. Campaign Manager Kathy Stack said, “She was helping her parents. This is a remodification of a loan with the bank. What happened is what has happened to 900,000 families across the country. She was helping her mother with a remodification of the loan.” – Hoboken Reporter

Actually Kathy, that’s not quite true. Her mother Elizabeth may live there, but she does not own the house and has not legally owned it for many years, if at all. Elizabeth Glatt’s name is not on the deed nor is it on the $999,900.00 cash mortgage taken out on the house. Elizabeth is a tenant, not an owner. At the time of the loan origination and the missed mortgage payment that triggered the foreclosure, public records show the home was owned by Kimberly Glatt, her husband Jay B. Yacker and sister Stephanie Glatt.

kim glatt property detail hoboken nj - Update: Kim Glatt in Foreclosure!

Here’s the timeline:

  • 12/13/2005: Ownership of 910 CPT transfers from Stephanie Glatt alone to Stephanie and Kimberly Glatt, and Jay Yacker for $1
  • 6/1/2006: Kimberly and Stephanie Glatt executed a note securing the sum of $999,900.00. To secure the payment of the note, the Glatt sisters and Yacker executed a mortgage they all signed to secure.
  • 10/1/2008: HSBC says the Glatts and Yacker failed to make a payment due on this date and all payments due thereafter, making the loan in default since on or about 11/1/2008.
  • 2/04/2009: a deed change is recorded by Hudson County removing Kimberly Glatt and Jay Yacker from the deed, and restoring Stephanie Glatt as sole owner for the sum of $1. Oddly, the deed is dated 1/03/08 but isn’t recorded legally for over a year. Regardless, Kim Glatt and Jay Yacker continue to be responsible for the $999,900.00 mortgage, which doesn’t change despite the $1 deed transaction.

Glatt’s husband, Jay Yacker, further explained that the house was sold over a year ago by Glatt’s parents to her sister Stephanie. The parents and Stephanie continued to live in the house. But after Hoboken’s large tax increase, they were unable to make the payments for a few months, and the bank automatically began foreclosure proceedings because they were behind. — HR

The NJ real estate transaction database is easily accessible and shows the house was not sold by Glatt’s parents, but by Kim Glatt and Jay Yacker for the princely sum of one dollar to Stephanie. Where the million dollars was actually spent is not known.

Anyone familiar with the Glatt family’s Hoboken assets and wealth would also find it laughable to hear someone claim that they could not possibly muster the cash to pay the tax increase on the family homestead. This is a group that includes a dentist of long standing in town and a Judge who just bought a $3 million 3-bedroom condo on the 21st floor of the W Hotel. They may also have a bridge to sell you. Yacker continues:

Kim Glatt had co-signed for the loan, Yacker said. So she and Stephanie are in court trying to work out how to make the payments back to the bank. Yacker said that once the bank starts foreclosure proceedings, they won’t accept retroactive payments until the situation is worked out legally. Yacker said that they are “a month or two away” from working the situation out, and that the house will be saved. — HR

Banks are in the loan business, not the home ownership business. It is not common practice to foreclose simply because one month’s payment has been missed. The bank would rather you pay than they have to foreclose and sell your home. There is more to the story here that’s not being told. Glatt would not comment directly to The Reporter, but gave a brief written statement:

“Today’s posting on Hoboken411 is riddled with outright falsehoods and nuanced misrepresentations. It is an unfortunate example of how some individuals will misuse the virtue of ‘citizen journalism’ to post out-of-context information.”

Way to shoot the messenger Judge. Please elaborate on the alleged falsehoods. The 411 inbox is always open (and I pay $250 a year for a “free” Gmail account), and I have no problem with retractions when appropriate.

Next, Glatt reaches for the heartstrings:

“There are thousands of Hoboken residents who are working hard every day to make ends meet during these difficult times. They can know with absolute certainty that I can relate to their problems.”

So, now Ms. Glatt is saying her foreclosure is how she “relates” to Hoboken’s “hard working residents” during these “difficult times?” Things sure didn’t look difficult when the daily newspaper ran a picture of Glatt chillaxing on her huge couch as cascading sunshine came in through the 21st floor windows of her brand new tax-abated W Hotel apartment, but I digress…

“When voters go to the polls on Tuesday, November 3rd, they should ask themselves whether the current councilmember behind this smear can do the same.”

Judge Glatt should remember the old Law School lessons that an attorney should never ask a witness a question they don’t already know the answer to, and shouldn’t assume facts not in evidence. To assume a “current councilmember” was behind the release of this information would lead one to believe Glatt thinks either Dawn Zimmer or Beth Mason is behind this story. The irony is both Zimmer and Mason pay full city, school and county taxes on their non-tax abated homes while Ms. Glatt’s new home has a fixed PILOT protecting her from property tax increases.

Read the Original Complaint for Foreclosure…
And the Foreclosure Case Information Statement.

The original story is after the jump, and I’m still waiting for Kim Glatt to answer these questions.


411 Exclusive: HSBC sues Glatt for nearly a million dollars

Former Municipal Judge Kimberly Glatt is in a campaign to convince Hoboken she should be handed the reigns of the city’s $121 million budget. Hoboken411 has learned the same Kimberly Glatt is in foreclosure on a nearly $1 million mortgage.

kim glatt sued by hsbc bank foreclosure real estate hoboken nj politics - Update: Kim Glatt in Foreclosure!

According to legal documents obtained exclusively by Hoboken411, Glatt and her attorney husband Jay Yacker are named in a lawsuit filed against them by HSBC Bank. The suit charges Glatt has been in default on a $999,900.00 mortgage on their 910 Castle Point Terrace property since November 2008. HSBC is now seeking full payment of the loan from Glatt, her sister Stephanie Glatt, and Yacker in Hudson County Superior Court.

Glatt’s 910 Castle Point Terrace property at issue

According to public records, 910 Castle Point Terrace is a 3730 square foot mansion built on Hoboken’s “Yellow Brick Road” back in 1904.

It’s the residence of Kim Glatt’s mother Elizabeth, who was an active member of the “Hoboken First” political association led by former HPU Director John Corea, former 2nd Ward Councilman Michael Schaffer (since arrested and charged with corruption along with former Mayor Peter Cammarano), and former Tax Collector Louis Picardo, who lives a few doors down at 920 Castle Point Terrace. Elizabeth Glatt contributed to Corea’s “Hoboken First Observer” while her daughter was Municipal Judge.

the hoboken first observer masthead - Update: Kim Glatt in Foreclosure!

House changes hands for $1 within Glatt family

stephanie glatt liberty real estate agent hoboken nj - Update: Kim Glatt in Foreclosure!kim glatt lives at w hotel hoboken nj - Update: Kim Glatt in Foreclosure!2009 tax records indicate 910 CPT has been “sold” for one dollar within the Glatt family, with Kim Glatt and Jay Yacker listed as owners along with Stephanie, who is an agent at Liberty Realty. All three are listed in the foreclosure action from HSBC. Questions sent to Glatt’s campaign have not been answered, but the million-dollar mortgage was taken out ahead of Glatt and Yacker’s move from their Park Avenue home into one of the most expensive condos in Hoboken.

The former judge’s W Hotel residence #2102 is a 21st floor, 3-Bedroom apartment estimated to have cost more than $2.5 million. The W condo is also immune to Hoboken property tax hikes.

W residents pay a mere fraction of the taxes paid by most residents thanks to a PILOT agreement, which stands for Payment In Lieu Of Taxes.

Glatts miss payments, so HSBC demands full balance

According to the charges filed by HSBC, on June 1, 2006 Kimberly and Stephanie Glatt executed a note securing the sum of $999,900.00 payable 6/1/2036. To secure the payment of the note, the two Glatts and Yacker executed a mortgage. The note contained an agreement that if any installment payment should remain unpaid for 30 days after the due date the whole principal sum with all unpaid interest, fees, costs and advances should become immediately due and payable. HSBC says the Glatts and Yacker failed to make a payment due on October 1, 2008 and all payments due thereafter, making the loan in default since on or about November 1, 2008 – nearly a year.

910 castle point hoboken nj kim glatt foreclosure - Update: Kim Glatt in Foreclosure!

According to the documents received, the last scheduled Case Management Conference was scheduled for August 26th, 2009. There is no indication that the case has been resolved, and, again, efforts to contact Glatt’s campaign for comment ahead of this story have not been fruitful.

Question: Were the taxes paid on 910 CPT?

Many people choose to pay their municipal property tax bill through their mortgage company. If they don’t pay their mortgage, the mortgage company doesn’t pay the taxes. Have the taxes been paid on the Glatt’s property since the payments stopped (according to HSBC) in October 2008? Don’t know for sure, but it’s common knowledge the Glatts and the Picardos have a long-standing relationship as neighbors and political allies. Calls to send a forensic auditor into the Tax Collector’s office post-Picardo have so far been ignored by State Fiscal Monitor Judy Tripodi, whose quote when pressed is “I don’t do investigations.”

All the court documents obtained can be seen here.

Should Kim Glatt decide to respond to this story – will pass on what she has to say. In the meantime, feel free to comment below!

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Saturday, November 14, 2009 10:56 pm

So much has been going on behind the scenes with Mr. Picardo and his various under assessed properties in town that the whole Glatt/Picardo thing has sort of been on the back burner.

First, H411 is 100% right — and I’ve seen it first hand. Picardo was super hopeful that Glatt would win, but also knew she wouldn’t. It is also rumored that he has consulted with her on his current woes over the illegal addition.

Right now Picardo is about to face the music on Adams street as well as Hudson. There are some other possible issues with some tax checks that were never applied to senior citizens that Mr. Picardo did not post properly. It seems that Mr. Picardo and his band of “friends” are starting to distance themselves from each other. Things should turn VERY interesting. After Hudson, the next stop on the Picardo Train is going to be the misdeeds he was privy to as a CPA.

Fun Fun…

Oh! One more thing. If you REALLY think that Glatt resigned to run for mayor (as a serious thought) you’re 100% WRONG. She resigned for reasons that were more realistic.

Friday, October 30, 2009 7:37 am

I stand by my post from a long time ago that she is the BNR choice. This same group of people year after year manage to determine the most corrupt candidate and get people to support them. The easiest way to determine the most sleazy person in the election is to just look at who their supporters are. These people get out the vote year after year and their own status/income/position in this town is due to corruption/favors. Year after year the “people” are convinced by this same group of people using “fear” to vote in the most crooked person. I am sarting to believe that there is something in the water in this town that makes those who were raised here have a compulsion to vote for the person “most likely to end up in jail.” I mean how many times can you fall for the same old story. Clearly this harsh words are intended for a specific type of person, and I do not mean to imply that everyone born and raised here has the same outlook. I use the term as a stereotype of a specific outlook and mean no insult to anyone Born and raised here that can see through all the BS. I just lack a better term. Now we can add the hospital default to the mess. we paid 700k a year for a ceo to get us into this mess. I knew the hospital was going down from the moment they decided to… Read more »

Thursday, October 29, 2009 7:22 pm

I was out of work for several months after the company I worked for went from world leader to dust in a matter of days and I find Judge Glatt’s comments to be insulting. I didn’t lose my home, but I didn’t buy a three million dollar apartment in the W hotel either. Her attempts to deny the story don’t ring true. I hereby find the defendant Kimberly Glatt guilty of losing my vote!

Sidd Finch
Sidd Finch
Thursday, October 29, 2009 3:10 pm

I’m not sure who to vote for yet but I’m not voting for someone supported by former Mayor Quimby who created many of these problems in the first place. I rather know this info now than 23 days into the new term.

Thursday, October 29, 2009 3:03 pm

Stop the misdirection and get on with the issues of this mayoral campaign….stop the BS…..

Reply to  realstuff
Thursday, October 29, 2009 3:28 pm

Yes! Quite a vetting process we have here. Attack one’s weight, appearance, residence, viability of getting elected, etc, etc. If your a guy, you’re evil, if you’re a woman, you’re weak. Either your part of the crony network or too inexperienced. No middle ground. Either you’re a BnR or a newcomer. They must be mutually exclusive with completely opposite agendas the way people go on about it. Let’s try a real issue just for a change of pace.

In response to realstuff who said:

Stop the misdirection and get on with the issues of this mayoral campaign….stop the BS…..

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