1/18/2008

05-109 Omni Properties (FORECLOSURE)

12/3/2008 - ACCOUNT IS IN FORECLOSURE - WE ARE COLLECTING IN ADVANCE FOR THE FORECLOSURE FEES. WE WILL UPDATE YOU AS WE GET CLOSER TO THE SALE DATE

6/20/2008 - FORECLOSURE IS BEING INITIATED; THE BORROWER HAS NOT MADE HIS PAYMENTS AND HAS NOT BEEN ABLE TO REFINANCE THE PROPERTY. OUR OFFICE WILL BE SENDING OUT A BILL FOR ESTIMATED COSTS FOR THE FORECLOSURE, SERVICE FEES, AND UNPAID PROPERTY TAXES.

2/20/2008 - SPOKE WITH BORROWER, THEY ARE STILL IN THE PROCESS OF PAYING OFF THIS LOAN. THEY WILL BE FORWARDING A LETTER TO US TO UPDATE US ON THEIR PROCESS.

BORROWER HAS COMPLIED WITH TWO OF THE THREE PAYMENTS ON EXTENSION AND IS DUE FOR THE DECEMBER 28, 2007 PAYMENT.

BORROWER CONTACTED OUR OFFICE STATING THAT THEY ARE IN THE PROCESS OF REFINANCING THIS LOAN AND IT IS TO BE PAID OFF IN FULL. TO DATE, WE HAVE NOT RECEIVED A REQUEST FOR A PAYOFF FROM A TITLE COMPANY. THEREFORE, THE LOAN HAS MATURED AND WE WILL WORK ON OBTAINING AN EXTENSION FROM THE BORROWER.


BORROWER SENT SOME MONEY TO DO A NEW EXTENSION AGREEMENT, IN THE PROCESS OF DRAFTING THIS AGREEMENT. WE CANNOT COMPLETE THIS AGREEMENT WITHOUT TERMS BEING FINALIZED.

AS OF 10/18/07, BORROWER HAS REQUESTED THEIR INTEREST IN AN ADDITIONAL EXTENSION OF THE LOAN. WE ARE IN THE PROCESS OF NEGOTIATING TERMS ON THIS EXTENSION.


BORROWER PAID THE PAYMENT THAT WAS DUE ON 9/28/07, SO PAYING AS AGREED ON EXTENSION THAT MATURES ON 10/28/07 AND BORROWER MUST CONTACT US TO EXTEND PRIOR TO 10/28/07.

Paying as agreed on extension, September payment is due on 9/28/07

Paying as agreed on extension.

Borrower sent in their signed letter of extension with payment for three months. Extension agreements to go out this week of 7/24/07

BORROWER SENT MAY PAYMENT IN JUNE, JUNE'S PAYMENT IS DUE ON 6/28/07 AS PER THEIR EXTENSION AGREEMENT.

Have not received payments as per extention agreement, notified borrower and waiting for their response, if we do not here from them, we will submit file to foreclosure.

Borrower signed a second extension for 3 additional months, first payment will be May 28, 2007, sent modifications to all investors today 5/9/07.

Extension matured on 4/28/07, we sent a maturity due letter to borrower on 4/2/07. We phoned the borrower to see what their intentions are regarding this maturity date. If we do not receive notification from them, we will pursue legal actions necessary to recapture debt.

11-15-06 Extension funds received payments will be mailed out within 48 hrs.
11-13-06 Wiring extension funds by 2pm today or going into foreclosure.
As of 11-8-06 Omni has not wired in the funds for their extension and USLS will pursue foreclosure action as soon as the default period is up. We have been in contact with the borrower and they are raising funds to send in for the extension.

They will have a 6 month extension with payments sitting in escrow and being paid as they are due. The Financial Institution Division has asked us not to disburse interest payments in advance.