Jun 13, 2013
Tamarack Legal Update 6-13-13
In a letter to homeowners, the TMA attorney outlines recent developments in the foreclosure process.
On Monday, Banner Sabey filed papers to start the process of a sheriff's sale of the Village Plaza, and the court clerk issued a Writ of Execution to the Sheriff. On Tuesday, the Sheriff provided a notice of sale, stating that the sale would occur on July 16, 2013, at 10:00 AM at the Valley County Courthouse in Cascade Idaho.
It is possible that other creditors with judgments will also ask the Sheriff to conduct sheriff's sales on this date. An appeal is also possible, which may impact the scheduled date. TMA does not know if Credit Suisse has been in contact with the other 4 judgment creditors to discuss a consolidated sale.
Another important date is June 26, 2013, when Credit Suisse will conduct a hearing on its claim against Stewart Title. In that case, Credit Suisse is asking Stewart Title to pay the Banner Sabey claim and others under the title insurance policy that Credit Suisse obtained when it loaned $250,000,000.00 to Tamarack Resort LLC in 2006.
The next 35 days may be very dynamic.
We will keep you updated
It is possible that other creditors with judgments will also ask the Sheriff to conduct sheriff's sales on this date. An appeal is also possible, which may impact the scheduled date. TMA does not know if Credit Suisse has been in contact with the other 4 judgment creditors to discuss a consolidated sale.
Another important date is June 26, 2013, when Credit Suisse will conduct a hearing on its claim against Stewart Title. In that case, Credit Suisse is asking Stewart Title to pay the Banner Sabey claim and others under the title insurance policy that Credit Suisse obtained when it loaned $250,000,000.00 to Tamarack Resort LLC in 2006.
The next 35 days may be very dynamic.
We will keep you updated