In September 2009, a notice of default was filed on the $671,995 first mortgage employed to purchase 425 First Street #1307 for $830,000 in February 2008. At the time of the notice, the buyer of the 819 square foot condo was already $25,338 past due on his debt.
Having signed a promissory note for the $671,995 first mortgage back in 2008, as well as for an $83,910 second, the buyer of the One Rincon Hill one-bedroom subsequently decided that “fraudulent and deceptive” banking practices were to blame for his mortgage woes. And in February 2010, the buyer filed a 190 point DEMAND for validation of his debt, without which he would have “no choice but to dispute the validity [of the bank’s] lawful ownership, funding, entitlement right, and the current debt [they] allege [he owes].”
As best we can tell, and including disputed fees, the past due amount is now over $100,000 on the first mortgage alone without a currently scheduled auction.