Dec. 16, 2016
Ocean City Today
Business
Page 38 REAL ESTATE REPORT
Foreclosure tips for owners, seek consultant help
KARA HALLISSEY/OCEAN CITY TODAY
Mike “Shotti” Shott opened his Ocean City “dream” bar and restaurant on Dec. 3, next to K-Coast on 35th Street. Shotti’s Point is named after the jetty outside his house on 12th Street in Ocean City, which was dubbed by his friend, Chip Ayres, and stuck with Shott.
Shotti’s Point next to K-Coast opens up on 35th Street
By Kara Hallissey Staff Writer (Dec. 16, 2016) Mike “Shotti” Shott opened his Ocean City “dream” bar and restaurant on Dec. 3, next to K-Coast on 35th Street, bringing fresh food and an intimate surf atmosphere to patrons. Owning a bar in Ocean City had been a dream of Shott’s since he was a kid, but he could never afford one. Three years ago, ironically also on Dec. 3, an opportunity presented itself and the first Shotti’s Point was born. “I wanted to open a bar on my own and bought a house in Ocean City,” Shott said. “I started dating my wife and she is from Baltimore. I decided to work up there for a winter and there was an opportunity to own a bar.” Shotti’s Point is named after the jetty outside his house on 12th Street in Ocean City, which was dubbed by his friend, Chip Ayres, and stuck with Shott. His first location in Locus Point, which is a block from the Inner Harbor, is doing well and has the same surf and skateboard-theme as the Ocean City location. “Here we are full circle,” Shott said. “I have been waiting for this place since I was a little kid and it’s crazy. This is my dream.”
KARA HALLISSEY/OCEAN CITY TODAY
The 35th Street restaurant menu has a number of signature dishes from Shotti’s Point in Baltimore, including the tsunami tacos, Edgar Allen Poe burger and rhino chaser fries.
Shotti’s Point in Ocean City has 19 bar seats with at least 25 craft beer selections, along with wine and specialty cocktails including champagne, bellini’s and crushes. “Every true surf town has that one place where locals and visitors always go to eat,” Shott said. “It is well thought out and an original place. There is local artwork on the walls that I took from my house.”
There are also seven tables with four seats and outside dining, which Shott plans on turning into an Italian courtyard with a bistro-feel, cultured plants and a water view by April. The menu has a number of signature dishes from Shotti’s Point in Baltimore, including the tsunami tacos, which are sesame-seed-encrusted tuna topped See SHOTT Page 39
By Lauren Bunting Contributing Writer (Dec. 16, 2016) For homeowners who are having problems making their mortgage payments, there is a defined position called a “foreclosure consultant.” A foreclosure consultant is a person who contacts a homeowner to offer to perform services such as the following: 1. Stop, delay, or set aside a foreclosure sale 2. Obtain forbearance from foreclosure from a loan servicer, a beneficiary or a mortgagee 3. Save a homeowner’s residence from foreclosure. The Protection of Homeowners in Foreclosure (PHIFA) was put into place in 2008 and prohibits foreclosure consultants from engaging in a number of different activities. Among other things, foreclosure consultants are prohibited from the following: • Demanding or receiving compensation until after the foreclosure consultant has fully performed each and every service they promised or contracted to perform. • Demanding or receiving interest or any other compensation for a loan that the foreclosure consultant makes to the homeowner that exceeds 8 percent per year. • Receiving compensation from any third party in connection with foreclosure consulting services provided to a homeowner unless the consideration is first fully disclosed in writing to the homeowner, is clearly listed on any settlement documents, and is not in violation of any provision of PHIFA. • Receiving a commission, regardless of how described, for the sale of a residence in default that exceeds 8 percent of the sales price. • Receiving any money to be held in escrow or on a contingent basis on behalf of the homeowner. A person who violates PHIFA is guilty of a misdemeanor and, on conviction, faces a prison sentence of up to three years or a fine of up to $10,000, or both. PHIFA also allows for a private right of action, where a homeowner is permitted to bring an action for damages incurred because See GUIDELINES Page 39