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MidFirst Bank attorney: 1605 Acacias structure not salvageable; foreclosure an option
Summary
Sean Carter, attorney for MidFirst Bank, told the board that vendor inspections and an engineering report show foundation and interior damage and that the bank may pursue foreclosure under deed-of-trust waste provisions if economical; he said "little property to preserve."
Sean Carter, an attorney representing MidFirst Bank, told the Building Advisory and Appeals Board that the banks vendors and the engineering report show foundation and interior damage that make the house difficult or impossible to preserve.
Carter said vendors who reviewed the engineering report told the bank there was "little property to preserve" and that the repairs would exceed what vendors could reasonably undertake. He said the bank "has the option to pursue a foreclosure under the waste provisions of the deed of trust" and that the bank will weigh economics before deciding whether to foreclose or release the lien.
Carter also said an earlier vendor estimate for a roof had been about $12,000 but that estimate predated the engineering report and did not reflect the current interior and foundation issues. He advised the board that if the bank forecloses and title transfers back to the bank, the bank would coordinate with the city on next steps; if the city demolishes the structure first, the banks lien would remain on the property and affect later marketing.
