Cal-Bay International Inc (CBYI)

[Arizona Wolfman]

Once the lender presents the note and pays the fees and gets deed, then CBAY is off the hook for the mortgage. Only thing they would be liable for is a deficiency amount if lender pursued it - which they apparently are. The property was a collateral to secure the note. It would not make sense for the lender to have the property back AND the note too.

Now CBAY has a foreclosure in their business credit file. How difficult do you think it will be now to finance future developments? The only way I see to save this company is to first remove Roger. Secondly, some other entity (with assets and good credit) needs to take over or merge with CBAY. I think there are some entities out there whom are owed quite a bit of money by CBAY. If CBAY has no assets, taking what is left of the company might be the only way of recovering any of what is owed them.

$10k is not high or unusual for fees. I see it all the time, sometimes more than $10k. These fees would include any . .

"back taxes, court costs, legal fees, and any liens and judgments attached to the premises during the time that the delinquent party ownned the property."

"Buying real Estate Foreclosures"
Melissa D. Kollen-Rice