10.4.19- TBH Series 4445 has paid off! You should expect to receive a final payoff check or direct deposit to your account within the next couple of days. Click here for payoff communication.
8.16.19 – Click here for property and legal claim update.
6.5.19 – Click here to view the most recent update on the status of Fraud Deficiency Claim against the borrower.
4.12.19 – The investor majority voted to pursue a Fraud Deficiency Claim against the borrower. Click here to view ballot results and property update letter that was sent to investors.
4.01.19 – Investor ballot underway to determine if the investor majority wants to pursue a Fraud Deficiency Claim against the borrower. Ballots due 4/3/19
3.19.19 – Onsite visit conducted by Ignite Funding on March 19, 2019. Click here to view the video.
2.26.19 – Update sent on property status and pending insurance claim. Click here to view.
1.15.19 – On January 9, 2019 Pat Vassar (Director of Underwriting) and Carrie Cook (President) conducted a site visit on the Tailor Built Homes default properties in Utah. Click here to view the video.
01.11.19 – An informational video was created by the Director of Underwriting, Pat Vassar and President, Carrie Cook that explains how a Trust Deed sale is conducted in the state of Utah. You can view that video here.
01.11.19 – Property successfully taken back through foreclosure at the Trustee Sale on 1/9/19.
11.15.18 – Default Update portal launched. Foreclosure proceedings continue with an anticipated completion date in early January 2019.
10.30.18 – Onsite visit conducted by Ignite Funding found that the construction stopped at the drywall. Prior to the Notice of Default being filed the property was listed for $599,000 as verified by the listing agent. Click here for photos.
9.12.18 – The Notice of Default to initiate the foreclosure process has been filed and recorded in the state of Utah. Click here for a link to the filing. For additional information on the foreclosure process in the State of Utah, please visit https://www.foreclosure.com/statelaw_UT.html
Additional correspondence will be sent if there is any action taken by either the borrower or the lender (Ignite Funding on behalf of the investors) during the foreclosure process, and once the property is taken back as real estate owned and ownership is transferred to the investors.
8.27.18 – The investor majority (51% of the loan balance) voted to approve proceeding with foreclosure.
8.20.18 – The Borrower, Tailor Built Homes, has not made their July interest payments which were due August 1, 2018. They have informed Ignite Funding that they are experiencing a cash flow issue which has resulted in their inability to pay the interest as due. As such the Borrower is now considered to be in default on their loans with Ignite Funding.
Ignite Funding will remain in communication with the Borrower to discuss all viable resolution strategies during this default; however, our top priority is to protect your investment. Therefore, the most viable option is to begin the foreclosure process by filing a Notice of Default on the property. Upon the filing of the Notice of Default the Borrower has a minimum of 120 days in the State of Utah to cure the loan, by bringing interest and fees current. During this time Ignite Funding will continue to communicate with the Borrower to explore all viable resolutions.