Lenders End 2008 with Over $82.5 Million from OneCap Mortgage

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Despite the bleak reality that we are enduring the worst economy since the Great Depression in 1929, Las Vegas residents were able to make deposits into their bank accounts due largely to OneCap Mortgage's diligent work on behalf of its lenders. OneCap Mortgage was able to negotiate with several of its borrowers to obtain payoffs for their lenders during 2008 totaling over $82.5 million.

Some of the most vociferous of clients, including Mr. Bob Day, were the recipients of that money, so I am confused as to why they keep claiming such outrageous lies to the State.

Despite the bleak reality that we are enduring the worst economy since the Great Depression in 1929, Las Vegas residents were able to make deposits into their bank accounts due largely to OneCap Mortgage's diligent work on behalf of its lenders.

In an environment where most borrowers, large and small are walking away from their financial obligations and allowing their properties to be foreclosed, OneCap Mortgage was able to negotiate with several of its borrowers to obtain payoffs for their lenders during 2008. This did not come about without some sacrifice as OneCap Mortgage forgave close to $5 million in fees and other monies that were rightfully due to the company in an effort to facilitate timely payoffs from these borrowers. The most favorable outcome for their clients was obtained by keeping the properties from going into foreclosure, and by creating an atmosphere conducive to the borrower being able to fulfill his obligation to the lenders.

As reported in the erroneous article written in the Review Journal dated December 20, 2008, OneCap Mortgage's recent advertisement reported the $82.5 million payout (not the erroneously reported $88 million). The ad was factual, unlike the false allegations claiming that the majority of that money went to only one investor, the actual fact is that it went out to 1,196 Las Vegas residents and other individuals. According to Heidi Williams an officer for the company, "Some of the most vociferous of clients, including Mr. Bob Day, were the recipients of that money, so I am confused as to why they keep claiming such outrageous lies to the State." Ms. Williams then produced a copy of the check sent to Mr. Day in the amount of $60,000, not an amount that most people would sneeze at or give back for that matter when most people are losing their homes and jobs because huge corporations are closing their doors. I think $60,000 would go a long way for some of these folks in these tough economic times.

Maybe Mr. Day should be grateful to be receiving anything at all especially since according to the records of OneCap Mortgage, he is one of the lenders that have refused to pay any of his costs related to owning property that was fought for on his behalf. He has refused to pay his share of costs related to the ongoing legal battles to protect his other investments, and instead he has left the financial burden on the shoulders of the other lenders and to OneCap Mortgage who to date, have fronted over $1 million dollars in foreclosure, attorney and property tax expenses.

It is good news to see that at least one financial organization in this day and time can boast to have paid out over $82.5 million dollars to our local friends and families. For more information about OneCap Mortgage and its affiliates go to http://www.onecap.com or call 702-948-8800 and ask for Customer Relations.

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Patricia Hesser
OneCap
702-948-8800
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