The lis pendens on the multi-family residential development with 288 units in dallas-fort worth metropolitian area is in default on the mortgage financing and the client of steven sears attorney cpa irvine who handled the equity financing has several months of arrears in secured payments.
Equity stripping and tax sheltering financing has caused the management company to exhaust all cash flows and cannot service current principal, interest, taxes, insurance and operation costs.
Asset trust based protection with grantor retained income will be impacted and steven sears cpa attorney real estate client partners are now liable for back payments for over 16 months of operationg losses.
The texas department of real property land trust disclosure is require a new public report with new maps and lot divisions. No condominium sales will be permitted without the consent of the profit participation partners.
Licensing requirements are not compliance with dallas city code and the client of steven sears irvine will bring all units up to current building codes. Inspections will be monthly by officers of the deputy inspector for county wide notice postings.
0 comments