06-238 Escalade Development (FORECLOSURE)
06/20/2008 - THIS PROPERTY IS IN FORECLOSURE - SOME OF THE INVESTORS HAVE FORMED AN LLC TO MANAGE THIS PROPERTY POST FORECLOSURE. THEY ARE ATTEMPTING TO RENEW THE RECORDED MAP AND WE WILL BE ADDING THAT COST INTO OUR NEXT BILLING WHICH WILL INCLUDE: FORECLOSURE FEES, SERVICE FEES, LEGAL FEES, UNPAID PROPERTY TAXES (WHICH WILL INCUR AN INTEREST PENALTY OF 18% ON THE DEFAULTED AMOUNT) AND FOR THE MAP RENEWAL.
3/21/08 3/21/2008 THERE IS AN INVESTOR MEETING SCHEDULED FOR MONDAY, MARCH 31, 2008 AT 1.30 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).
FORECLOSURE PUT ON HOLD PENDING EXTENSION AGREEMENT SENT TO BWR ON 1/18/08
INITIATED FORECLOSURE ON ACCOUNT TODAY 12/28/07
SENT NOTIFICATION TO BORROWER GIVING HIM UNTIL 12/13/07 OTHERWISE WE WILL INITIATE FORECLOSURE.
11/21/07, DID BILL OUT TO INVESTORS TO INITITATE FORECLOSURE HAVE APPROXIMATELY 22% OF PAYMENTS TO INITITATE FORECLOSURE FROM INVESTORS.
11/9/07 BORROWER DID NOT SEND US FUNDS ON THE EXTENSION AGREEMENT IN PLACE THEREFORE, LETTERS WENT OUT TO ALL INVESTORS TODAY REGARDING INITIATING FORECLOSURE PROCEEDINGS.
10/18/07 I will provide you our written investment agreement which will allow me to pay your land loan current by Friday Oct. 26, 2007, PER EMAIL FROM MR. HOBBS TO MR. GROSS RECEIVED TODAY.
10/3/07 BORROWER DID NOT MAKE PAYMENT AS AGREED PER THE EXTENSION AGREEMENT AND DOES NOT KNOW WHEN HE IS GOING TO MAKE THE PAYMENT. THEREFORE, A FORECLOSURE NOTICE IS BEING SENT TODAY GIVING HIM 15 DAYS OR WE WILL FORECLOSE ON THE PROPERTY.
9/14/07 PAID AS AGREED ON THE EXTENSION FOR AUGUST, SEPTEMBER PAYMENT DUE ON THE 23RD.
8/16/07 - Bwr made one payment, will be released to investors upon receipt of their extension agreements which went out today. Foreclosure cancelled.
8/13/07 Bwr stated that he was making payment today by wire and would like to work out an arrangement for an extension and modification agreement. Holding foreclosure process until we receive a payment.
8-8-07 brwer could not wire again indicated needed to break CD.
8-7-07 borrower indicated they were going to wire in funds, could not wire.
8/2/07 - File referred to foreclosure due to lack of cooperation by borrower.
Received a request from the borrower to extend this loan for six months. The borrower has to July 30, 2007 to comply with this extension request, if we do not receive the payment then we will send the file to legal.
Loan Matures on 7/24/07