After weeks of repair and renovation following a huge teenage party, a Stephentown home no longer belongs to former NFL player Brian Holloway. It is now owned by a bank, but Holloway says he's not giving up on owning the home again and fulfilling the dreams he has for the property. Innae Park explains.
RENSSELAER COUNTY, N.Y. –- Former NFL player Brian Holloway is no longer the owner of his second home. The Stephentown house was auctioned off and sold to Berkshire Bank Tuesday for $400,000 after being foreclosed on.
Holloway said, “After what happened, you need to give the property time to heal and breathe."
Holloway is referring to the massive party that occurred Labor Day weekend at his house without his knowledge, as hundreds of teens trespassed and damaged the property. With the help of others, he spent the last few weeks repairing some of the damage. However, he may not be able to reap the benefits.
“I've got a group of investors who are very excited about this project. The bank was not willing to put off the auction to have further conversations with them,” said Holloway.
However, he remains hopeful. Holloway says he wants to buy the property back so that it can serve a community based purpose.
That plan may be easier said than done, according to realtor Kevin Clancy.
“It's fairly rare in my experience,” said Clancy. “Because if the owner can't afford the house; they're not going to have the means to buy it back, generally. And if they haven't been paying the mortgage, which is the reason they're getting foreclosed on, their credit is getting damaged. So they're not going to be able to get a mortgage.”
While the odds are stacked against Holloway, Clancy says the buy back is possible.
He said, “It does happen, as long as the bank gets the number they want.”
Holloway's determined to make that happen.
“It's a property I want to continue to share with the community,” he said.