06-231 Victorville Real Estate Finan. (REO)
12/3/2008 - We have successfully reduced the tax liability for the 2008 tax year - we are still pursuing a reduction of the defaulted taxes from 2006 and 2007. We will keep you updated.
6/20/2008 - AN LLC HAS BEEN CREATED TO MANAGE THE ASSET POST FORECLOSURE. THE FORECLOSURE SALE TOOK PLACE ON TUESDAY 6/17/08 - AND THE PROPERTY REVERTED TO THE INVESTORS. WE ARE IN THE PROCESS OF SCHEDULINING A MEETING FOR ALL THE INVESTORS TO ATTEND TO DISCUSS THE DIRECTION OF THIS PROPERTY.
3-21-2008 - 3/21/2008 THERE IS AN INVESTOR MEETING SCHEDULED FOR MONDAY, MARCH 31, 2008 AT 3.00 PM. This meeting will be held to discuss the following:
1. The formation of an LLC with the intent of managing the asset in a manner that
will create the most favorable outcome to the investors.
2. Any and all legal issues that may affect the value of your asset and investment.
3. The different possibilities for the future of this asset.
This meeting will be held at 9680 W. Tropicana Ave., Suite 110; Las Vegas, NV 89147. If you are unable to attend, you may call 951-1600 ext .141 to attend by teleconference. If you are located in Las Vegas we recommend that you come in as we have a limited # of lines available for the investors who are out of state. If you call in for the meeting, please observe the following guidelines:
1. You will need to listen most of the time as too much speaking makes the line
confusing (we will give time for all investors to voice their opinion on the matters
2. Once you are on the line you need to stay on until the end of the conversation (if
you hang up during the meeting, it will give a dial tone to the rest of the group
making it difficult to hear).
3-19-2008 - FORECLOSURE SALE WAS POSTPONED DUE TO UNPAID FORECLOSURE FEES. THE NEW SALE DATE IS APRIL 18, 2008. A NEW BILLING IS BEING SENT OUT TODAY - IT INCLUDES FORECLOSURE, LOAN SERVICING, LEGAL, AND PROCESSING FEES. THIS BILLING IS SEPERATE FROM THE ONE PRIOR. SINCE WE HAVE HAD ISSUES COLLECTING THE FORECLOSURE FEES, WE ARE NOW BILLING FOR ALL FEES OWED. THE TOTAL AMOUNT DUE IS $11,015.38 (OLD BALANCE OF $2925.80 PLUS ACCRUED FEES OF $8,089.58).
2-19-2008 - FORECLOSURE SALE WAS POSTPONED DUE TO UNPAID FORECLOSURE FEES. THE NEW SALE DATE IS MARCH 18, 2008. THERE IS A REMAINING BALANCE OF $2925.80 NEEDED FOR THE FORECLOSURE FEES.
WE NOW HAVE RECEIVED OVER 76.7% COSTS FROM THE INVESTORS AND WE CANNOT GO TO A FORECLOSURE SALE WITHOUT 100% OF THE FEES THEREFORE, WE POSTPONED THE FORECLOSURE SALE ON THIS PROPERTY AGAIN.
WE NOW HAVE RECEIVED OVER 65% COSTS FROM THE INVESTORS AND WE CANNOT GO TO A FORECLOSURE SALE WITHOUT 100% OF THE FEES THEREFORE, WE POSTPONED THE FORECLOSURE SALE ON THIS PROPERTY AGAIN.
WE HAVE RECEIVED OVER 50% OF COSTS FROM INVESTORS AND WE ARE WORKING ON SEEING WHAT WE CAN DO AT THE FORECLOSURE COMPANY IN ORDER TO GET AN ACTUAL SALE DATE.
FORECLOSURE SALE DATE POST-PONED UNTIL FUNDS RECEIVED FROM INVESTORS TO PAY THE FORECLOSURE COSTS.
Estimated Sale date 10/16/07
NOTICE OF DEFAULT RECORDED ON 6/26/07, ESTIMATED SALE DATE 10/16/07
LOAN MATURED NO RESPONSE FROM MATURITY DUE LETTER SENT 4/11/07 THEREFORE, SENT TO FORECLOSURE TODAY 6/11/07
Loan matures on 6/9/07.