Bair Chase joint foreclosure auctions set for April 12 | PostIndependent.com
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Bair Chase joint foreclosure auctions set for April 12

A foreclosure auction of the Bair Chase property set for Wednesday has been postponed until April 12, said public trustee Bob Slade. The foreclosure will coincide with a second foreclosure auction set for April 12 on a $14 million first mortgage on the 280-acre property. The March 29 auction was intended to satisfy a second mortgage on the land for $440,000.Both mortgages are held by Plains-Capital Bank of Austin, Texas.Last week, Slade said the auction could be continued if he didn’t receive an opening bid from an attorney for PlainsCapital Bank of Austin, Texas, which holds two mortgages on the land.The developer owes $24 million to lenders and contractors. Slade also said last week that one problem with the foreclosure is that the outstanding debts total more than $24 million but the land itself is valued at only $7 million.


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