Idaho Resort Realty
Apr 17, 2012

Foreclosure Draws Near

In an Email to homeowners, the TMA discusses the push by the Bank for foreclosure. Also discussed are efforts to reduce the land lease cost.
 

Foreclosure Update

 

Recent communications have confirmed that Credit Suisse is, indeed, pursuing foreclosure vigorously. Credit Suisse filed a revised set of papers to bring the matter to a final judgment and decree of foreclosure on May 9, 2012. Assuming that Credit Suisse proceeds as quickly as is prudently possible, the matter could be in the hands of the sheriff for a sheriff's sale by early July 2012.

Although CS will be pursuing the Order allowing a sheriff's sale, there is no present schedule for a sheriff's sale. That is, it would be completely up to Credit Suisse, in its reasonable discretion, as to when and whether it wishes the sheriff to conduct a sale of the properties on which Credit Suisse holds the first, senior most, mortgage position.

  

A common misconception is that the judge's foreclosure order goes directly to the Sheriff. In fact, the papers that require the Sheriff to sell the property come from the successful creditor, and nothing requires any creditor to move immediately.

  

State Land Lease

 

Representative Ken Roberts of Donnelly, Idaho House of Representatives Majority Caucus Leader, who represents the legislative district that encompasses Tamarack Resort, asked TMA President, Michael Carey and senior management, Tim Flaherty, Mike Drury and Legal Counsel, Steve Lord to engage in a process with elected State Land Board officials to reduce the annual lease rate.

  

 

Credit Suisse is aware and does not object to this process. A lower lease is helpful to TMA in the near term for so long as TMA continues to operate any activities related to the state land, which includes 2100 acres of ski terrain on the mountain and 20 acres on the golf course as well.

 

A lower annual lease payment helps Credit Suisse move along to a new owner who may have the capital to continue development, which is also in TMA's long-term interest.

Senior staff continues to work with Idaho's elected officials including Governor, Butch Otter, Secretary of State, Ben Ysursa, State Controller, Donna Jones, IDL Director, Tom Shultz, Attorney General, Lawrence Wadson and Superintendent of Public Instruction, Tom Luna.

 

TMA staff will address market conditions that would justify a substantial reduction in the lease amount at least on a near-term basis. Outside interests - Credit Suisse and buyers - may be of help, but the discussions are only in the preliminary stages at present.