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#1731504 - 08/16/12 07:19 AM Rescue going down to foreclosure
Princess Romeo Offline

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This just s-ucks..., I know this rescue organization - they are as hardscrabble as you can get and they know how to stretch those donations dollars, but they are losing to a foreclosure action by Chase:

True Innocents Equine Rescue

That patch of dirt out in Riverside County really ain't worth much, and the Bank will probably be holding onto it for quite awhile. Anyone know anyone at Chase that can take a second look?
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#1731510 - 08/16/12 10:26 AM Re: Rescue going down to foreclosure Princess Romeo
DeeQ Offline
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I wish I did. frown That sucks.
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#1731532 - 08/16/12 12:21 PM Re: Rescue going down to foreclosure Princess Romeo
edAudit Offline
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Why is poor fiscal policy (or not reciving grants or donations) Chases fault?

While I applaud the work of the rescue, we need to stop blaming the banks for the issues of the borrowers.

Had Chase not made the loan in the first place how many of the animals that were saved would have ended up in the slaughterhouse?

"On August 29, 2012 the property on which True Innocents Equine Rescue, (TIER), resides will go into public auction for foreclosure"

Does not look like Chase will be holding the propery for long.
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#1731551 - 08/16/12 12:46 PM Re: Rescue going down to foreclosure Princess Romeo
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#1731554 - 08/16/12 12:51 PM Re: Rescue going down to foreclosure Princess Romeo
A_G Offline
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Depending in which state this place is located, there may be state laws addressing servicing, loss mitigation, and foreclosure.
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#1731631 - 08/16/12 02:54 PM Re: Rescue going down to foreclosure Princess Romeo
HappyGilmore Offline
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Pulling people out of the ditc...
This is sad, but the reality is that economy has impacted many businesses and volunteer organizations that rely on donations. Many corporations that have previously provided donations or donations in kind have had to cut back due to limited funds. Banks are in business to make money, and i'm sure they didn't just arbitrarily decide to foreclose without first trying to work with the customer to get them current.

No bank likes foreclosure...it represents a loss for them.

Our local SPCA has cut back services and the animals it takes in due to funding issues as well.
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#1731656 - 08/16/12 03:30 PM Re: Rescue going down to foreclosure edAudit
Princess Romeo Offline

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Originally Posted By: EdAudit
Why is poor fiscal policy (or not reciving grants or donations) Chases fault?

While I applaud the work of the rescue, we need to stop blaming the banks for the issues of the borrowers.

Had Chase not made the loan in the first place how many of the animals that were saved would have ended up in the slaughterhouse?

"On August 29, 2012 the property on which True Innocents Equine Rescue, (TIER), resides will go into public auction for foreclosure"

Does not look like Chase will be holding the propery for long.


I'm not saying it's Chase's fault although the rescue director said that Chase was initially working with her and then stopped, but I don't have any more details.

A foreclosure "auction" in California is simply the mechanism for the Bank to take title to the property. The "auction" is held for the amount of the first lien outstanding on the property, and if no one bids at least that much, then the Bank takes it. Knowing that area, I can't see any investor bidding the current lien amount unless an Angel Investor steps forward.
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#1731660 - 08/16/12 03:37 PM Re: Rescue going down to foreclosure Princess Romeo
straw Offline
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Are values going up or going down in Riverside County?

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#1731667 - 08/16/12 03:47 PM Re: Rescue going down to foreclosure Princess Romeo
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:deleted:
Last edited by Truffle Royale; 08/16/12 04:10 PM. Reason: nasty needless incindiary comment removed
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#1731671 - 08/16/12 03:52 PM Re: Rescue going down to foreclosure Princess Romeo
Pale Rider Offline
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What do you want the bank to do? It's not like they can get CRA credit for not taking action. Let the free enterprise system clean up the real estate problem we have in states like California, Nevada, Arizona, Florida and some of the rust belt states.

Prolonging the agony is not good for anyone.
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#1731672 - 08/16/12 03:53 PM Re: Rescue going down to foreclosure straw
Princess Romeo Offline

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Originally Posted By: straw
Are values going up or going down in Riverside County?

That depends on where in Riverside County. It's a big county. The actual facility is in one of the more remote areas that is typically the first to fall in value and the last to rise.
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#1731680 - 08/16/12 04:01 PM Re: Rescue going down to foreclosure Princess Romeo
edAudit Offline
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#1731707 - 08/16/12 04:38 PM Re: Rescue going down to foreclosure Pale Rider
Princess Romeo Offline

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Originally Posted By: Pale Rider
What do you want the bank to do? It's not like they can get CRA credit for not taking action. Let the free enterprise system clean up the real estate problem we have in states like California, Nevada, Arizona, Florida and some of the rust belt states.

Prolonging the agony is not good for anyone.


Here's the thing - if it was just the organization itself losing out, that would be one thing. But the problem is that the horses are at risk of being sold to slaughter because everyone else is full up. If the rescue can't place the horses, they will get seized by the Sheriff and sold at auction.

More than likely the horses would go to the slaughter plants in Mexico that still use the puntilla method which is just a brutal way to die.

Sorry but sometimes the "markets" just s-uck.
Last edited by Princess Romeo; 08/16/12 04:41 PM. Reason: clarification
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#1731712 - 08/16/12 04:42 PM Re: Rescue going down to foreclosure Princess Romeo
RR Becca Offline
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out of the frying pan...
Can you bury livestock on private land in CA? It would be kinder to just shoot them.
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#1731713 - 08/16/12 04:43 PM Re: Rescue going down to foreclosure Princess Romeo
edAudit Offline
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It is a terrible situation but no one can expect a bank to continualy take a loss.

Are there any other rescues?

Should there be more regualtion of the horse racing industry or possibly a fund set up for rescues based upon winnings?
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#1731714 - 08/16/12 04:43 PM Re: Rescue going down to foreclosure Princess Romeo
straw Offline
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Originally Posted By: Princess Romeo
Originally Posted By: straw
Are values going up or going down in Riverside County?

That depends on where in Riverside County. It's a big county. The actual facility is in one of the more remote areas that is typically the first to fall in value and the last to rise.


If that is the case, then from a loss mitigation perspective, the best thing Chase could do would be to foreclose now and take a lower loss than doing a workout and getting the property back later, with a lower value. These are business decisions that need to be made without emotion, as Chase, and all of us, owe a fiduciary duty either to the shareholders or our member owners.

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#1731716 - 08/16/12 04:45 PM Re: Rescue going down to foreclosure Princess Romeo
Blade Scrapper Offline
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Why do horse topics receive special protection?
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#1731719 - 08/16/12 04:47 PM Re: Rescue going down to foreclosure edAudit
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Originally Posted By: EdAudit
Are there any other rescues?


That was my first thought... reaching out to other rescues that could help take some of the horses, or help them get into foster families until they can be adopted.
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#1731756 - 08/16/12 05:18 PM Re: Rescue going down to foreclosure Princess Romeo
hmdagal Offline
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That's what the dog rescues I'm familiar with would do. Of course, it's probably easier to transport dogs than horses.

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#1731759 - 08/16/12 05:22 PM Re: Rescue going down to foreclosure Princess Romeo
RR Becca Offline
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out of the frying pan...
Also easier to house dogs than horses. wink



I'm always amazed by people who call slaughter the "last resort." Maybe it is, if you are trying to recoup the tiny bit of $ you'll get per pound after auction expenses. But euthanasia is also always an option if your main concern is sparing the animals the terror and mistreatment of the slaughter process.
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#1731768 - 08/16/12 05:26 PM Re: Rescue going down to foreclosure Princess Romeo
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OK
^^^Agree totally.
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#1731770 - 08/16/12 05:27 PM Re: Rescue going down to foreclosure Princess Romeo
DeeQ Offline
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Me, too. They are are like pets, I would never sell a pet to a slaughter house.
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#1731775 - 08/16/12 05:32 PM Re: Rescue going down to foreclosure Princess Romeo
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#1731778 - 08/16/12 05:35 PM Re: Rescue going down to foreclosure #Just Jay
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Neigh.
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#1731786 - 08/16/12 05:43 PM Re: Rescue going down to foreclosure #Just Jay
DeeQ Offline
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Originally Posted By: Just Jay
But you would have no issue destroying a Tree would you?


Not if I am in a Mazda, no. smile
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