|
Nocturnal being foreclosed on (pg. 5)
|
View this Thread in Original format
| Donnie Gryphon |
| quote: | Originally posted by trancension
As good of a location it is, it's apparently been hemorrhaging money the last 3 years... |
It's been hemorrhaging money before they even opened. They didn't have enough money to even finishing building the joint. Guess what they borrowed money to finish and guess what they didn't pay that back either. |
|
|
| trancension |
| Starts with the promoters. As long as promoters bring in talent people want to see, people will continue to go. And it seems like there are promoters who want to support Nocturnal for some reason. |
|
|
| Donnie Gryphon |
| quote: | Originally posted by trancension
Starts with the promoters. As long as promoters bring in talent people want to see, people will continue to go. And it seems like there are promoters who want to support Nocturnal for some reason. |
There's only so long people will go there. Look what happened with AG, they brought in some good talent that I would assume people would want to see, especially you trance heads. Look how that situation turned out for them. Not that great since they no longer do parties there. |
|
|
| trancension |
| Ya, I'm not familiar with the Miami scene/history. Only spent a total of 4 weeks there spread out over several years. So I do not know AG and what not. |
|
|
| Donnie Gryphon |
| quote: | Originally posted by trancension
Ya, I'm not familiar with the Miami scene/history. Only spent a total of 4 weeks there spread out over several years. So I do not know AG and what not. |
I don't know AG either but I'm just stating what happened with their parties. They were on here saying that the parties didn't have support so they cancelled the rest of the bookings, I believe |
|
|
| ac1dream |
| quote: | Originally posted by OGMiami
2. They can not simply "catch up" on payments and interest and reinstate the mortgage. The lender, which is not a bank because no bank would lend to them, would have to agree to that. Why would they agree to reinstate the mortgage to a guy who was in foreclosure on the previous mortgage and then never paid this mortgage?
|
I am in this line of work. There isn’t a question of why.
The right of reinstatement means you must pay off all amounts currently due to include principal, interest, legal expenses and lender fees. You pay only the total amount in default and not the entire amount of the mortgage.
Whether in judicial foreclosure or a trustee’s sale and depending on the state you live in, you have the right to reinstate your loan before the sale date.
There may be some negotiation room in the total amount needed to reinstate your home loan, depending on how far in default you are and other factors. Payment must be made in certified funds, such as a cashier’s check. Personal checks, credit/debit cards, cash or money orders are not accepted. A representative of the lender will tell you how to make the reinstatement payment.
Once funds are received by the lender, the loan will be reinstated. This means that you now keep making the monthly payments as if nothing happened and the loan was never in default. If at some future point you miss another payment, the lender must start the foreclosure process from the beginning.
Florida is one of these states.
I never said this is what they are going to do, I just thought this could be the "loophole" some of us have been thinking could be the reason they are able to stay open. It’s a discussion, what people do on message boards. Relax.
One way or the other, it doesn't effect me or my life at all. |
|
|
| OGMiami |
You have to understand that this is not a standard commercial mortgage with a bank. They were in foreclosure at the time they got this mortgage and it was their second time. The owner has terrible credit, no bank account and a history of bad financial behavior so they had to go to an unconventional lender who was willing to give them the money for a high interest rate because of the severe risk. That meant that they basically had to accept whatever terms the lender wanted to put on the money. Read the mortgage documents that were recorded and you'll see that they relinquished that right. They have no right to reinstatement at all and couldn't pay it up to date if they did.
By the way, if they intended to do that, they would simply be saying that instead of leaving everything the way it is. Their plan is obviously to try and pull another scam, which they don't want the lender alerted to. |
|
|
| trancension |
| So...time to bring this topic back to life to feed my curiosity. Any word on what's going on from someone not employed or working with Nocturnal? |
|
|
| OGMiami |
| It looks like the auction postponed due to a technical mistake by the lender's lawyer. |
|
|
| Dream Beamz |
| quote: | Originally posted by OGMiami
It looks like the auction postponed due to a technical mistake by the lender's lawyer. |
they obviously knew of this mistake and waited till the last second to get through WMC |
|
|
| PatMcGroin |
BUMP!
so wtf ended up happening? i see events are still going down there (horribly no doubt) but i was kinda hoping this place would die already... so wtf? |
|
|
| Donnie Gryphon |
| quote: | Originally posted by PatMcGroin
BUMP!
so wtf ended up happening? i see events are still going down there (horribly no doubt) but i was kinda hoping this place would die already... so wtf? |
No idea. I'll see what I can dig up |
|
|
|
|
