Monday, October 4, 2010

Bank forecloses on Kelly and Carrie Rogers

Kelly and Carrie Rogers of 8 Riva Ridge, Frisco, TX has officially been foreclosed upon by the Bank of Texas. On September 7th, 2010 the substitute trustee assigned to the Rogers Bankruptcy, David Garvin, submitted a statement;

"AND, WHEREAS, default has been made in the payment of the Indebtedness and Bank of Texas, N.A., the holder of the Indebtedness, has since the said default demanded and requested the Trustee to sell the Property in accordance with the provisions of the Deed of Trust, for the purpose of paying the Indebtedness".

This action was taken on September 7th, 2010 and the Bank of Texas paid the sum of $1,400,000 to get the house from the Trustee. I would imagine the house will be sold at action. No word yet if the Rogers have moved out or will remain in the property.

So the big question is what's the house worth? According to Zillo, the property at 7 Riva Ridge is estimated to be $1,990,000. So what's this house worth? It's worth what ever someone will pay and not a penny more.

Other news; a meeting of the creditors for the Rogers bankruptcy was held today at 2:00 pm. As reported on September 20th, the decision will be whether they allow Rogers to proceed in Chapter 11, force him into Chapter 7 liquidation or not allow any protection under the bankruptcy protection laws. Big implications. Stay tuned.