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Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment

 
Jasmine
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12/21/2011 09:14 AM
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Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment
The decision comes after BMO Harris, a subsidiary of the Canadian lender Bank of Montreal, took over the assets of The Reedsburg Bank. A bank spokesman declined to answer why the lender was removing from its books businesses that hadn't missed payments.

"The Reedsburg market remains an important one for us," said Patrick O'Herlihy, a spokesman, in a phone message to WISC-TV. "We cannot, however, comment on the accounts of any specific customer due to privacy concerns."

more at link

[link to www.channel3000.com]


This is a bad situation, but contractually allowed for the bank. It's another example of people not reading the fine print (or knowing it's there, but hoping the clause is never exercised) before signing a contract.

I don't know how widespread this type of clause is, but I bet it's more common than everyone thinks.

Just a heads up folks!
Judethz
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12/21/2011 09:21 AM

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Re: Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment
blackcat I'd not be all that surprised if they want the land because they made a deal with a property developer.
Jasmine (OP)

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12/21/2011 09:23 AM
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Re: Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment
blackcat I'd not be all that surprised if they want the land because they made a deal with a property developer.
 Quoting: Judethz


I thought of that as well, maybe even a foreign investor. Very sad.
Jasmine (OP)

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12/21/2011 09:32 AM
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Re: Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment
According to some of the posts at the news site this isn't the first time the bank has put the squeeze on these folks.

Tammy W Rynes West · UW Stevens Point
This practice did not just start. When Harris took over The Reedsburg Bank the first thing they did was to eliminate the small dairy farms - either foreclosing on them or forcing them into bankruptcy. I know cause I was one of them...Not behind on any payments and "boom" foreclosure papers....We were ultimately told that Harris is too big of a bank to fight - just "give up the dream" ( a direct quote from a Harris employee to my husband and I). When we were going through our "Harris nightmare" I contacted every senator, congressman...all the way to writing a letter to the president..The only person who seemed to care was Senator Dale Schultz - He listened, looked into things, called me and though it ended up that there was nothing he could do, at least he tried.....I agree with the quote below that states all people who bank through Harris should close all account immediatly...Reedsburg WI is just a tiny speck to harris bank...but it is our speck dammit...and it is time to take back our speck.
CanadaIn NIC

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12/21/2011 09:48 AM
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Re: Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment
WTF Bank Of Montreal has a history of doing this.

Back in the 1980's they ALSO took a shitload of Farmland from Farmers who never missed payments...

History Repeats itself
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DSL Connector

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12/21/2011 10:28 AM
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Re: Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment
I am not sure about this but I think on commercial loans banks will commit the loan for a period, maybe 5 years, and then after that they can decline to continue with the loan (i.e. make the borrower pay back the loan) if they choose.

I know this sounds callous but those businesses should have planned better rather than borrowing money they couldn't pay back.
DSL is better than cable! :)
Twice Burned
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12/21/2011 11:59 PM
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Re: Up To 52 Businesses Face Foreclosure In Reedsburg Business, Property Owners Say They've Never Missed A Payment
:blackcat: I'd not be all that surprised if they want the land because they made a deal with a property developer.
 Quoting: Judethz



Actually the predominately Democratic, recently gerrymandered Reedsburg has been a little bit too supportive of Recall Walker activities.

BMO Harris (of Pro-Walker M&I acquisitions) is just proceeding in the scorched earth policy which already decimated the economy elsewhere to foster the myth of Pro-Jobs republican agendas.

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