Rescue going down to foreclosure

Posted By: Princess Romeo

Rescue going down to foreclosure - 08/16/12 07:19 AM

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?
Posted By: Retired DQ

Re: Rescue going down to foreclosure - 08/16/12 10:26 AM

I wish I did. frown That sucks.
Posted By: edAudit

Re: Rescue going down to foreclosure - 08/16/12 12:21 PM

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.
Posted By: QCL

Re: Rescue going down to foreclosure - 08/16/12 12:46 PM

Since the loan was at Chase it could be eligible for Foreclosure Review.

http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm

https://independentforeclosurereview.com/
Posted By: A_G

Re: Rescue going down to foreclosure - 08/16/12 12:51 PM

Depending in which state this place is located, there may be state laws addressing servicing, loss mitigation, and foreclosure.
Posted By: HappyGilmore

Re: Rescue going down to foreclosure - 08/16/12 02:54 PM

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.
Posted By: Princess Romeo

Re: Rescue going down to foreclosure - 08/16/12 03:30 PM

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.
Posted By: straw

Re: Rescue going down to foreclosure - 08/16/12 03:37 PM

Are values going up or going down in Riverside County?
Posted By: Blade Scrapper

Re: Rescue going down to foreclosure - 08/16/12 03:47 PM

:deleted:
Posted By: Pale Rider

Re: Rescue going down to foreclosure - 08/16/12 03:52 PM

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.
Posted By: Princess Romeo

Re: Rescue going down to foreclosure - 08/16/12 03:53 PM

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.
Posted By: edAudit

Re: Rescue going down to foreclosure - 08/16/12 04:01 PM

Can these guys buy it?

http://www.pe.com/local-news/topics/topi...reservation.ece
Posted By: Princess Romeo

Re: Rescue going down to foreclosure - 08/16/12 04:38 PM

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.
Posted By: RR Becca

Re: Rescue going down to foreclosure - 08/16/12 04:42 PM

Can you bury livestock on private land in CA? It would be kinder to just shoot them.
Posted By: edAudit

Re: Rescue going down to foreclosure - 08/16/12 04:43 PM

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?
Posted By: straw

Re: Rescue going down to foreclosure - 08/16/12 04:43 PM

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.
Posted By: Blade Scrapper

Re: Rescue going down to foreclosure - 08/16/12 04:45 PM

Why do horse topics receive special protection?
Posted By: manimal

Re: Rescue going down to foreclosure - 08/16/12 04:47 PM

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.
Posted By: hmdagal

Re: Rescue going down to foreclosure - 08/16/12 05:18 PM

That's what the dog rescues I'm familiar with would do. Of course, it's probably easier to transport dogs than horses.
Posted By: RR Becca

Re: Rescue going down to foreclosure - 08/16/12 05:22 PM

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.
Posted By: raitchjay

Re: Rescue going down to foreclosure - 08/16/12 05:26 PM

^^^Agree totally.
Posted By: Retired DQ

Re: Rescue going down to foreclosure - 08/16/12 05:27 PM

Me, too. They are are like pets, I would never sell a pet to a slaughter house.
Posted By: #Just Jay

Re: Rescue going down to foreclosure - 08/16/12 05:32 PM

But you would have no issue destroying a Tree would you?
Posted By: A_G

Re: Rescue going down to foreclosure - 08/16/12 05:35 PM

Neigh.
Posted By: Retired DQ

Re: Rescue going down to foreclosure - 08/16/12 05:43 PM

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
Posted By: Need Coffee

Re: Rescue going down to foreclosure - 08/16/12 05:48 PM

I wish it was a closer rescue. I am looking for 3 horses (preferably in a year but could do it now) but there is no way I could transport from there.
Posted By: RR Joker

Re: Rescue going down to foreclosure - 08/16/12 05:54 PM

^^^candidate for your neighbor's rescues, RR Becca.
Posted By: RR Becca

Re: Rescue going down to foreclosure - 08/16/12 05:56 PM

Yeah, I already sent a PM. Don't forget about the 90 at Dancing Cloud, too.
Posted By: Princess Romeo

Re: Rescue going down to foreclosure - 08/16/12 06:05 PM

Originally Posted By: Swimware
Why do horse topics receive special protection?


Because horses aren't simply sent to a "glue factory." They are transported under inhumane conditions to foreign slaughterhouses that use ineffective methods for rendering unconsciousness before slaughter. What works on a cow or pig does NOT work on a horse. Many times, the horse is still conscious and thrashing when it is strung up by one leg and its throat slit to allow the heart to pump out the majority of the blood.

Also, horse meat is then sold to unsuspecting consumers who do not know that the animal was raised without regard to human safety and the meat is often tainted with cancer causing substances.

And I know that Chase has an obligation to its shareholders, but I do wish there was some consideration that could take place - at least to allow time for new homes to be found for the horses.

I make no apologies that I cannot be unemotional and coldhearted about this.
Posted By: RR Joker

Re: Rescue going down to foreclosure - 08/16/12 06:07 PM

Dancing Cloud? Where is that?
Posted By: Blade Scrapper

Re: Rescue going down to foreclosure - 08/16/12 06:07 PM

So what? You can make jokes about dogs, pigs, geese or cockroaches, but jokes about horses are beyond the pale? Please. I like horses as much as the next guy, but the elevation of their existence to nearly human status is ridiculous.
Posted By: RR Becca

Re: Rescue going down to foreclosure - 08/16/12 06:14 PM

Originally Posted By: RR Joker
Dancing Cloud? Where is that?


I may have the name wrong, but it's something Cloud. The one Mary is involved with over between Tallahassee and Thomasville.
Posted By: RR Joker

Re: Rescue going down to foreclosure - 08/16/12 06:14 PM

^^^has obviously never looked into the soul of a horse.

Seriously, dude...not one of us, to my knowledge, has made any jokes about any other animals...except maybe cockroaches, and they are not animals. Your comments are uncalled for and cruel.
Posted By: HappyGilmore

Re: Rescue going down to foreclosure - 08/16/12 06:24 PM

Originally Posted By: Princess Romeo
Originally Posted By: Swimware
Why do horse topics receive special protection?



And I know that Chase has an obligation to its shareholders, but I do wish there was some consideration that could take place - at least to allow time for new homes to be found for the horses.

I make no apologies that I cannot be unemotional and coldhearted about this.


if we are going to ask for considerations on foreclosures, i'd much rather see it directed where people are losing their homes and families end up homeless before worrying about a horse rescue operation. Regardless of the animals involved, the lives of people are infinitely more valuable than that of any other animal.
Posted By: straw

Re: Rescue going down to foreclosure - 08/16/12 06:26 PM

Originally Posted By: Princess Romeo
Originally Posted By: Swimware
Why do horse topics receive special protection?


Because horses aren't simply sent to a "glue factory." They are transported under inhumane conditions to foreign slaughterhouses that use ineffective methods for rendering unconsciousness before slaughter. What works on a cow or pig does NOT work on a horse. Many times, the horse is still conscious and thrashing when it is strung up by one leg and its throat slit to allow the heart to pump out the majority of the blood.

Also, horse meat is then sold to unsuspecting consumers who do not know that the animal was raised without regard to human safety and the meat is often tainted with cancer causing substances.

And I know that Chase has an obligation to its shareholders, but I do wish there was some consideration that could take place - at least to allow time for new homes to be found for the horses.

I make no apologies that I cannot be unemotional and coldhearted about this.


We must take the world as it is, not as we wish it to be. There are several options here.

1. Seek donations to help to shelter
2. Seek placement at other shelters and seek donations to help with relocation expenses
3. Seek donations to offset costs to euthanize rather than slaughter the horses.

In other words, rather than blame Chase for taking action they must take, you and the owners can take actions to make a bad situation worse. That is really where the responsibility lies, not with the bank.

And I make no apoligies that I cannot be illogical and irrational.
Posted By: A_G

Re: Rescue going down to foreclosure - 08/16/12 06:30 PM

I was just going to say that I don't remember any pig jokes. At least not in the Cooler.
Posted By: HappyGilmore

Re: Rescue going down to foreclosure - 08/16/12 06:34 PM

umm...i recall a joke about if you were dating a pig would it be okay to eat bacon in front of it...

also remember jokes about various ethnic food and small dogs...

i have no recollection of cockroach, geese or cat jokes, but i'm certain they have occurred.

there have been more than enough jokes about chickens...
Posted By: Princess Romeo

Re: Rescue going down to foreclosure - 08/16/12 06:34 PM

I am not saying that horses are more valuable than people. However, most families facing foreclosure aren't looking at a 36 hour trailer ride to certain death.
Posted By: HappyGilmore

Re: Rescue going down to foreclosure - 08/16/12 06:36 PM

no, they are looking at kids not going to school, health issues, mental issues, malnutrition, seperation of family by social services...
Posted By: Need Coffee

Re: Rescue going down to foreclosure - 08/16/12 06:42 PM

It sucks in all situations. It is terrible that horses are killed and terrible that families end up broken and homeless. The outcome is not good for anyone involved, including the bank.
Posted By: RR Joker

Re: Rescue going down to foreclosure - 08/16/12 06:49 PM

Absolutely...and what crosses my mind is why (and maybe they have) hasn't the rescue been looking for alternatives/not taking anything new? Foreclosure doesn't happen over night.

The animals/kids are innocent victims of unfortunate times.

RR Becca made about the best suggestion, however...euthanasia is much kinder than auction and shipping if those are the only options. Perhaps a vet out there would take care of that if necessary at cost?
Posted By: MyBrainHurts

Re: Rescue going down to foreclosure - 08/16/12 06:50 PM

I wonder if they have approached Chase about remaining there as tenants until Chase can find a buyer. It might give them time to re-locate the horses. But we all know the OCC doesn't take too kindly to doing nothing about a non-performing loan. Chase can't just sit on their hands.

Where are all the Hollywood bleeding hearts on this? Where's Sean Penn, Susan Sarandon? Let them kick a few bucks in.
Posted By: HappyGilmore

Re: Rescue going down to foreclosure - 08/16/12 06:53 PM

i think all their money is currently going to fund a certain presidential campaign that is hurting for funds as well...

if only emilio estevez would break into the bank and destroy all the records, freeing the mortgage holders from their obligation...oh, wait, that was just a movie...
Posted By: Princess Romeo

Re: Rescue going down to foreclosure - 08/16/12 07:06 PM

Originally Posted By: RR Joker
Absolutely...and what crosses my mind is why (and maybe they have) hasn't the rescue been looking for alternatives/not taking anything new? Foreclosure doesn't happen over night.

The animals/kids are innocent victims of unfortunate times.

RR Becca made about the best suggestion, however...euthanasia is much kinder than auction and shipping if those are the only options. Perhaps a vet out there would take care of that if necessary at cost?


I know the particular director and she has been looking for solutions. However, what doesn't help is that she was one of the rescues that Animal Control would contact for some of the more severe abuse/neglect cases. I believe that she thought she had a deal worked out with the lender but then received notification otherwise.
Posted By: RR Becca

Re: Rescue going down to foreclosure - 08/16/12 07:13 PM

The whole thing sucks, PR. No doubt about that.
Posted By: RR Joker

Re: Rescue going down to foreclosure - 08/16/12 07:17 PM

For real.
Posted By: Need Coffee

Re: Rescue going down to foreclosure - 08/16/12 07:20 PM

Sho nuff.

Sorry, I had to do it.
Posted By: Pale Rider

Re: Rescue going down to foreclosure - 08/20/12 02:06 PM

Many banks have taken the course of least resistance and refuse to lend to churches and nonprofits.

When these loans go bad, the bank is most likely going to be described in "Scrooge" type terms.
Posted By: HappyGilmore

Re: Rescue going down to foreclosure - 08/20/12 02:45 PM

hey, this thread is a prime example of that...a BOL microcosm of the world at large!