Vision Bank of Panama City, Florida (owned by Park National Bank) is foreclosing on their loan at Shores of Panama Resort, free and clear of all liens and encumbrances! This means that purchaser's who put a 20% escrow deposit down will lose their money! Even though this beautiful resort is finished, and there are 350 units left to sell!
Park National/Vision Bank want to foreclose on the property free and clear of all liens, and leave the common, hardworking people that never got paid for their work, and the purchaser's who put their life savings down as escrow money for those units, holding the bag!
Furthermore, I think it's going to work! What a beautiful scam! Bank takes the property back for the 66 million that it is owed, leaving everyone else screwed, then sells the property at the recently appraised value of over 80 million! Bank makes 15 million to boot! $273,000 of that is mine! Can you imagine my anguish?
Someone please help! The sale is scheduled for March 5 in Panama City. To date, the bank has made no offer to return our escrow money, or even to credit our escrow money, and let us close. THIS IS ALL FACTUAL! I know it's hard to believe, but it's true! And, Park National Bank, who owns Vision, got 100 million dollars in federal bailout money on Dec. 23! How crooked is that?
If anything changes, I'll be sure to let you know, but right now Park National is actually trying to benefit at the expense of hardworking Americans.
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