Jennmerritt
armuchee,#2Author of original report
Sun, May 17, 2009
Silverton Bank purchased the entire property at Shores of Panama, free and clear of all liens and encumbraces, for $68.7 million, or approximately $160 per sq foot, thus leaving the unsecured creditors with next to nothing for their escrow deposit money. Was bankruptcy in America really set up so that banks can profit at the expense of everyone else?? That is what is happening in this situation. We put escrow money down to purchase units, and even though there is still enough equity in those units for us, and Silverton Bank to be paid in full, Silverton Bank can now sell the units, for a profit, and never pay our money back, and that is exactly what they are doing. Silverton Bank put the remaining 370 units at Shores of Panama on the market for $225-$250 per sq foot, just after purchasing them, free and clear, for approximately $160 per sq foot. Within weeks, they had closed 3 of the units at an average of over $225 per sq foot. Reguardless of fact that some purchaser, is losing their entire 10% deposit, and possibly paid additional money for washers/dryers & tile to be put into those units, Silverton Bank will now keep all of the money! Since there is 439,930 sq feet, in residential units alone, if Silverton is able to sell all the units, for $225 per foot, they will profit over $30 million, while 90 or so pre-construction purchasers lose their entire 10% cash deposits! I will never understand how something like this can happen in America! I'm personally losing $254,930 in escrow deposit money, not to mention attorney's fees. Most recently, Silverton Bank was siezed by the Office of the Comptroller of the Currency, and put under the control of the FDIC. I have written a complaint letter to the OCC, explaining our plight, and how wrong it is, but, I have not heard back from them yet. I will keep you posted.
Jennmerritt
armuchee,#3Author of original report
Mon, May 11, 2009
This is to update everyone on what has turned out to be a Silverton Bank issue: Vision Bank, who did own the mortgage on the property at Shores of Panama, transferred it to Silverton Bank, late last year. Silverton Bank immediately moved to foreclose on their loan, free and clear of all liens and encumbrances. On March 5, 2009, the entire property at Shores of Panama was auctioned. Silverton Bank was the only bidder, and purchased all 370 remaining units, by credit bid, for $68.7 million. The next day, the bankruptcy court approved the sale, free and clear of all liens and ecumbrances, thus leaving the unsecured creditors with next to nothing. Several of us objeced to the sale, because we are losing our deposit money, and even washing machines/dryers, and tile that we paid additional money for! Personally, I argued that the property was worth more than the amount of the bank's mortgage, and that the units would bring at least $200 per sq foot, if they were auctioned on an individual basis. At just $200 per sq foot, the property was worth nearly $20 million more than the bank was paying, and I felt that every cent of profit should be returned to the creditors that are losing their money, not to Silverton Bank. Immediately, Silverton Bank, put the units at Shores, on the market for $225-$250 per sq foot, depending on the type of unit. They