As a plugged-in tipster notes, the 64 percent partnership interest held by Urban West Rincon Developers II, LLC in the One Rincon Hill Phase II Limited Partnership and the entire general partner interest held by Rincon Developers Phase II, LLC have been scheduled for a foreclosure sale down in Los Angeles on March 10.
The One Rincon Hill Phase II, LLC recently requested a $24,069,433 reduction in assessed value on their parcel at 401 Harrison, from a current assessment of $39,069,433 to $15,000,000.
Stay tuned. As always, we’ll keep you plugged-in.
It’s amazing how the big banks have spun their marketing PR so well that a lot of families will drain their life savings before ultimately having their house foreclosed upon, rather than just walk away. Yet, this is just a “business” decision for most companies.
UPDATE: Not too surprisingly, the Beverly Hills firm handling the sale is being rather tight lipped. And while we’re still doing a bit of digging, if you happen to have the inside scoop and have yet to sign the confidentiality agreement that we couldn’t, we’d love to hear from you (tips@socketsite.com). Cheers.
@Welbit, so what’s your point? What else do you suggest Urban West do instead?
The point is that in a capitalistic society the rules of the game are set up to make as much money as you can. You may decide to not play by those rules but to play nice and do the right thing, but you’ll end up getting screwed in the end.
Look at the gouging that’s taking place in most of our fundamental industries; healthcare, insurance, energy.
wellbilt,
Agreed that people who are way underwater and have problems providing their families with the basics should consider stopping their mortgage payments after doing their due diligence. It’s pointless to dig yourself deeper into the hole, like using a credit card to make mortgage payments! Plus a 7-year ding on your credit is a big deal but you will probably be in a better shape in 7 years if you manage it right, and be in position to rebound.
Of course, a walk-away is a serious issue. A better arrangement for people underwater: do a short sale with a friend with the agreement that he will rent you out the place at less than market rate. You have to put your family somewhere, then why not your current home? And your friend will probably save in renovation costs.
welbilt’s point is that big companies “walk away” all the time — Tishman Speyer is a good example. Why is it such a moral failing for individuals to do it? It’s not. Both are simply exercising their contractual rights and making a decision based on economic efficiency.
UPDATE: The “Situation” At One Rincon Hill.
Owner has not moved in yet.