Wells Fargo Foreclosing LR Regions Building over $29.6 Million Debt

by San Antonio Attorney

Wells Fargo Bank has notified Little Rock Regions Building that it will be foreclosed.

NNN 400 Capital Center LLC, a group of 37 businesses with the same names, bought the property in downtown Little Rock for the price of $32 million in 2006. Based on the court documents filed with the Pulaski Country Circuit Court, the due date of the debt was September 1.

The monthly payment was originally $196,343.21. But the bank pointed out that they have sent more than a few notices of default, which were disregarded.

The loan balance as of Nov. 7 was $29,612,459.95.

Beginning Nov. 8, the interest started accumulating at $5,191.25 daily, and the default interest started accumulating at $3,340.03 daily.

In addition, Wells Fargo asked that all rental payments received prior to Sept. 1 be given back. Some of the occupants in the building are Arkansas Blue Cross and Blue Shields and Little Rock Club.

According to the loan contract, Wells Fargo reserved the right to seize the property to settle the outstanding balance of the loan.

The bank has also asked to assign a receiver to handle the property.  The role of the receiver will include managing the operating expenditures and accepting rental payments.

The initial hearing is expected to happen on January, 12, 2017 and Judge Chris Piazza will preside over the case.

A bank or mortgage lender has a right to foreclose your property if you fail to pay off the money you borrowed from them. But just because the lender has filed a foreclosure complaint against you, it doesn’t mean that you have to surrender your home right away. There are legitimate ways to stop a foreclosure and knowing them may help you save your home.

If you have received a foreclosure notice or think that it is about to happen, you should talk to a San Antonio Foreclosure Attorney who will carefully explain your options to stop foreclosure.

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