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Resource ID: #24021
Subject: Housing
Source: Arkansas Democrat-Gazette (Little Rock, Ark.)
Affiliation: 
Date: 06/18/2008; 06/19/2008; 06/20/2008; 07/18/2008; 11/19/2008

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Description

People who bought retirement or hunting property in north Arkansas learned too late that developer Wayne Watkins didn't record their sales at the county courthouse and that he used land he sold to them as collateral for $2.6 million in loans. When he defaulted, banks foreclosed. Because no legal record existed of the buyers' ownership interest, banks often sold the land again.

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