• Report: #476771
Complaint Review:

Steven Sears Attorney

  • Submitted: Wed, August 05, 2009
  • Updated: Wed, August 05, 2009

  • Reported By:los angeles California
Steven Sears Attorney
18 Truman Irvine, California U.S.A.

Steven Sears Attorney Irvine steven sears attorney irvine trustees sale deficiency judgement recourse debt Irvine California

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steven sears attorney cpa irvine client has a recourse debt balance due after the trustees sale on a commercial land development project. the project was covered by a completion bond which has paid the subcontractors and now has the entire balance of over $10,000,000 owed to the second position financing. mr. sears' client has made no attempts at resolving the delinquency and our collection company intends to foreclose on the remaining partners interest.

We have been more than patient and have tried repeatedly to work out an interim payment arrangement but we have had no positive result. The land development company is now in receivership and the secured first position lender will now take over the project. this will require the expenditure of $5,200,000 of cost for demolition of the existing uncompleted structure and new permits from the state of nevada and the city of las vegas.

we will consider an entirely new project and a hotel study is underway. The uncooperation of mr sears client is now placing this deal in jeopardy. A work-out agreement would be the best way to resolve the dispute and not involve the court system. The trustees sale was at the cook county courthouse and mr. sears client did not appear or send a representative.

We still will offer to not involve a federal/state action including powers of sale and a lock box on any hotel receipts or collections. A keeper statute allows for a 24 hour marshall to be placed at the night audit accounting or front desk cashier. The audit wil be performed by our cpa or accountant.

A reply to our offer should be made to avoid any further legal action.

los angeles, California

This report was posted on Ripoff Report on 08/05/2009 03:17 PM and is a permanent record located here: http://www.ripoffreport.com/reports/steven-sears-attorney/irvine-california-92620/steven-sears-attorney-irvine-steven-sears-attorney-irvine-trustees-sale-deficiency-judgeme-476771. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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