Palermo Palm Springs this evening has been papered with "Notice of Unified Trustee's Sale" documents taped on the front doors or metal gates of 34 unsold residences. The notices are signed by attorney Robert "Rob" Seidenwurm, vice president of Fidelity National Default Services of San Diego. You can read earlier postings on this site for the history of MB Financial Bank in July issuing a "Notice of Default" against PS Venture Indian Canyon / San Rafael LLC (aka the Enterprise Cos. of Chicago), as well as the filing of a lawsuit against Enterprise owner Ron Shipka Sr. over personal guarantees of loans for Palermo and the nearby Murano development. Two Enterprise executives resigned from the Palermo HOA in July after the bank filed a "Notice of Default" back then. The executives, at that time, said their company expected to lose interest in the property within 30 days. The new "Notice of Unified Trustee's Sale" posted on the doors today mentions $13,548,272.40 in outstanding debt. It also states that on Nov. 30, 2010 at 1:30 p.m., Fidelity National Default Services, as duly appointed Successor Trustee, will sell the property at public auction to the highest bidder for cash. The auction will be at 849 W. Sixth St. in Corona. Now one question is whether the auction will happen. One school of thought is that this new notice, along with the filing of the personal lawsuit against the Enterprise executive, is meant to put pressure on Enterprise to work out a deal and cough up some money. Another school of thought is that the bank is ready to be done with all this and doesn't want to be in the property management business. Palermo owners and renters are in the dark and are guessing, and there's been no recent written communication from the full HOA board or the paid community manager to ease fears. Miss Penny Lane says: She's eager for the day when the Palm Springs sun shines its light on just who the owner will be.
12 comments:
Some notices have been put on the wrong doors!
What would we do without Penny Lane?????????????
Are some of these unsold residences currently rented? That would be a shock to come home to!
Yes there are. We moved into our rental in August... Lucky us, we were welcomed home from work last night only to find the notice on our door. Question: does anyone know of an actual absentee owner in Palermo that has a unit for rent here? Would hate to move again, but just looking ahead. Ugh...
Leases were signed in the past months (weeks) as the property went into foreclosure. Those people would have year long leases so more than likely those ones wouldn't be sol until after that.
How do we contact MB Bank to get the real scoop? Why is this all such a secret what is happening? Why is the HOA silent? This kind of indifference from the board is why they seem to be having problems in terms of people being upset by them.
have been told to not pay anymore rent until we know who the new owners will be....save that money for moving expenses...new owners may offer you cash for keys, and give you money to move..do not be pushed around by anyone, Please go to Tenants Together Website... Obama recently signed legislation to protect tenants of foreclusures... renting townhomes knowing that a property is in default is not legal..
Should us renters have a meeting, lots of different issues here, renting out of units in default, the leases we signed and when, where is the money going. There was a statement about the court handing over operational control but has ANYONE seen this court document?
I agree with Renter Here.... a renters meeting will be a good way to come together as a group and support each other and get answers.
How do we organize it?
Renters should think about buying here. Nice neighbors. Sure, HOA seems shifty. But we can deal.
By January 2012, the present board will be gone, voted out when the Enterprise voting bloc is gone and some of them will probably sell by then, so we have one year to put up with this stuff, and then the pwners can take control. Be patient, everyone.
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