Essay about Case Study : O Another Asset Is Not Moving Forward

1570 Words Sep 14th, 2016 7 Pages
o Another asset is in Wisconsin (MABS) and has an active bankruptcy. RMS has repeatedly noted the asset is not moving forward to resolve the bankruptcy. SAM previously acknowledged issues in handing the bankruptcy, causing controllable delays. SLS referred this to NBS, and NBS was supposed to complete Proof of Claim, Motion for Relief and Object to Motion for mediation by 6/28/2016 but there were extensive delays in filing MFR. MFR was recently granted and the asset is now pending confirmation before the eviction can begin. There have been multiple issues with the BK vendor NBS on this asset. This asset has 238 Days in REO

• 6 assets are under contract:

 1 asset is in Paterson, New Jersey (Occupied). The property is tenant occupied and after issuance of the rent demand, one tenant notified SAM their unit was Section 8. SAM reported the non-Section 8 tenant had been paying rent to the former borrower and Section 8 had also been paying their portion of the rent to the former borrower. SAM switched counsel as they indicated they needed to be more aggressive. Per SAM, Section 8 will not let SAM evict (although the tenant is significantly delinquent on their portion of the rent) and they worked on setting up the account so that Section 8 could pay rent to SLS. For unit 1, the tenant is current on rent. The asset is being sold occupied and was scheduled to close on 8/12/2016 but was extended due to lender issues. This asset has 420 Days in REO

 Another asset is…

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