Coastline Capital Fund Management

Tuesday Update

We have a lot going on this week and so far so good. We have three foreclosure sales scheduled. One sale went though today that reverted back to REO, the condo with a deceased borrower in Round Lake Beach, IL. We have to wait for the sale to be confirmed in about a month and will likely get possession a month after that.

We have foreclosure sales tomorrow and Friday and I’m hoping for the best, knock on wood. Lately, it seems that nearly every borrower files a last minute bankruptcy to postpone the sale.

The biggest thing by far today was a bankruptcy judge granting our Motion for Relief on a note for a house in Las Vegas, NV, which had a trustee sale date last month. The borrower filed Chapter 13 bankruptcy a few days before the sale forcing us to postpone. Short story is that the borrower is a serial bankruptcy filer, owns two additional houses (including a 4000 square foot, 5 bedroom, 5 bath house), and has been abusing the system for at least a decade.

When it comes to the incredible power that bankruptcy judges wield and my experience with debtor friendly ones, I never count something as a sure thing until it is. I’m thankful that the judge ruled the way he did today…

 

Coastline Capital Fund Management LLC

5861 Pine Avenue, Suite B, Chino Hills, CA, 91709, United States

P: (949) 371-6749

andy@coastlinecapgrp.com