[sudo-discuss] Foreclosure

Hello SUDO, I'm sorry to announce that the Foreclosure is moving forward and will have ~ 90 days to come up with around 1 million dollars or the building can be sold. - We will keep the ball rolling with our conversations with CAST to potentially come up with the needed funds - We will of course be looking into any other funding options, ideas are always welcome Best William *Below is correspondence and some notes from our Lawyer: * *Just wanted to let you know that the Mulberry Trust will be proceeding with foreclosing on the property. A new trustee will be taking over the work and proceed with the foreclosure. Mulberry Trust also wanted to let you know that they'll be adding a late fee of $283.90 to the principal since Omni didn't make a payment for April. Once the foreclosure is filed, they won't be able to accept any further payments. It's truly unfortunate that this happened but the MT did not have any other choice given the circumstances, and it does not look like there will be an assignment of the note to another individual or entity. * *Below is an email I sent you previously regarding the timeline and Omni's right to pay the debt even after foreclosure begins. Note that the longer you wait, the more legal incurred by lender Omni will have to pay. Let me know if there's any way I can help.* *----* *If they proceed as quickly as possible, they can schedule a* *foreclosure sale no sooner than 90 days after the date on which theyrecord a notice of default. Because the loan is a commercial loan, itis on a fast timeline.1. They have to give you notice of recording the notice of default.After the notice of default is recorded, the lender has to mail, post,record and publish a notice of sale.Omni has a right to pay the debt up to 5 business days before theforeclosure sale date. (See Civil Code Section 2924c(e). The dateis extended in various ways if the foreclosure sale doesn't happen.*