06-203 Bakersfied Taft (FORECLOSURE)
3/3/09 - Investor Meeting will be held on Thursday, March 12, 2009 from 12 PM to 1 PM to discuss the present state and future of this investment. Meeting will be held at the Red Rock Country Club in Las Vegas, NV. Invitations have been mailed / e-mailed along with supporting documents. Please bring any questions to the meeting.
12/12/08 LLC has been created to take title of the deed in lieu of foreclosure. Proccess will be completed in January.
6/20/2008 - We are still collectiong the release / authorizations to negotiate / accept Deed in Lieu from Borrower.
5/19/2008 - We are still collectiong the release / authorizations to negotiate / accept Deed in Lieu from Borrower, the LLC is still in process, and there is a remaining balance on fees owed is $8,266.38.
4/25/2008 - We are still collectiong the release / authorizations to negotiate / accept Deed in Lieu from Borrower. An LLC is still in process. To date, the remaining balance on fees owed is $8,778.54.
3-12-08 A synopsis of the meeting held for the lenders on 3-11-08:
With a diverse ownership group on this loan there were 5 or more attorneys present at this meeting, some of which had development experience. There were 3 California attorneys that gave their thoughts as well. All of the attorneys that spoke said to take the Deed in Lieu proposal, as any other direction may have additional exposure. After much discussion a vote was held with the 15 or so phone participants and 17 or more room participants and it was unanimous to go forward with the proposed Deed in Lieu. Please fill out the paperwork sent to you and return as soon as possible.
3/05/08 - There will be a meeting hosted by the Mortgage Lending Division on March 11, 2008 in Room 4412 at the Grant Sawyer building, located at 555 East Washington Street, Las Vegas, NV at 1 p.m. The meeting will last no longer than 2 hours. It is not open to the public, and non-investors will be turned away.
2/08/08 - SENT PROPOSAL TO ALL INVESTORS VIA CERTIFIED MAIL. IF YOU DO NOT RECEIVE THE PROPOSAL PLEASE CONTACT US.
1/11/08 - BORROWER SENT US A PROPOSAL WHICH IS BEING REVIEWED BY LEGAL COUNSEL AND THEN WE WILL BE SENDING OUT TO ALL OF THE INVESTORS THE INFORMATION. THE BORROWER'S PROPOSAL OFFERS A DEED IN LIEU OF FORECLOSURE WHEREIN THE INVESTORS WOULD BECOME THE LEGAL OWNERS OF THE PROPERTY.
FORECLOSURE PUT ON HOLD TO EXPLORE THE OPTION OUTLINED IN THE LETTER. WE WILL SEND A LETTER OUT TO ALL OF THE INVESTORS ONCE THE PROPSAL HAS PASSES OUR LEGAL REVIEW.
12/11/07 - GAVE BORROWER AMPLE TIME TO RENEGOTIATE TERMS OF THEIR LOAN, SENDING TO FORECLOSURE TODAY SENT TO DUE TO LACK OF RESPONSE FROM BORROWER.
11/27/07 Borrowers attorney indicated that they are aware that they are entering into the foreclosure process and are still working on finding a solution USLS has no other choice but to foreclose due to non payment.
11/21/07 SENT DELINQUENCY/FORECLOSURE NOTICE TO BORROWER DUE TO NON-COMPLIANCE WITH MATURITY DUE DATE.
11/9/07 STILL WAITING FOR TERMS OF EXTENSION FROM BORROWERS.
10/11/07 SENT MATURITY DUE LETTER TO INVESTOR LOAN MATURES 10/25/07
10/3/07 PAYING AS AGREED ON EXTENSION.
9/14/07 PAYMENT AS AGREED ON EXTENSION.
8/24/07 BORROWER AGREED TO ANOTHER EXTENSION FOR THREE MONTHS WITHOUT AN INTEREST RATE DECREASE. WE ARE IN THE PROCESS OF SENDIND OUT THIS LATEST EXTENSION TO ALL OF THE INVESTORS.
8-8-07 borrower attny indicated that they are still working on a bank loan but are ready to move forward on the extension just in case the bank loan does not come through.
7-24-07 Borrowers attny indicated they would like to try a workout plan of adjusting the interest rate to prime plus 1 point, ( approx what a bank would charge) they need approx 14 more months to complete and sell property. Email proposal is coming in the next 48 hrs to all investors. all investors must approve plan for int. rate change to go forward or loan will go into foreclosure.
7-19-07 Borrower's attorney indicated they do not have any cash and are very short on funds, we are trying to come up with a work out plan as they are mid process of a new loan and need aprox 30 to 45 days to complete. We will post more as information comes in.
5-25-07 Extension period ends on 7/25/07.
2-12-07 Loan has been extended for 6 months and payments are in reserve to arrive every month on time.
1-3-07 Spoke with Managing Member they will pursue an extension asked for a lower interest rate , explained that their rate was at or below market. They will cb within 48hrs to ask for terms formally