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| A Mysterious Deed of Reconveyance, mentioned below |
Timeline
First up: the grant deed that started it all. Rule of thumb: never sign a grant deed without the valuable consideration staring you in the face and a contract that says the valuable consideration is yours, and what will happen if either party doesn't perform as contracted.
- A big cash-out re-fi . What does he spend it on? (We don't know. Do you?)
- Borrowing another $65,000; the equity is there, even if Chadd has no credibility. That's how private funding works.
- Squeezing out the last drop of collateral value. He's at about 60% loans-to-value, and the tap is turned off.
- He's renting near Las Vegas. He's in a house in Nevada that was bought in a short sale by a couple who lost their own property to foreclosure in New Mexico.
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| Current theory: Tomaszewski paid these off. Would Chadd have had a say in that? |
- Trouble brewing with the Val-Chris loan, and it's not pretty. Chadd won't get a phone call about this.
- The dreaded trustee swap. Always followed by a Notice of Default. But who Coast Capital Group?
- Hold on. The trustee is owned by the guy who owns the lender?
In this case, the lender and the trustee were not just affiliated, they were small companies owned by the same man. Of course, he and his trustee alter-ego were off the stage when the notice of default was filed, but strangely enough, the new trustee doesn't seem to know that. Val-Chris, which was supposed to be the former beneficiary, is still named as the beneficiary in this notice of default.
- Yup, an N.O.D. I hope he doesn't let the house go for want of $3000. But isn't Coast Capital Grout the beneficiary? Why does it say Val-Chris is?
- Whoa, he let it go.
- Sitting pretty, and unaware that there's going to be a title war over the property. If there hasn't been one, there should be.
- Who's declaring bankruptcy here, the man or the LLC? Looks like he's going to limit his liability by filing as the LLC.
- What? He even screwed up a Chapter 7 bankruptcy.
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