I invested my grandson's college money in a project that Steven Molasky was the borrower on
Las Vegas (PRWEB) January 15, 2009
OneCap Mortgage, a hard money lender and Trust Deed Investment Company in Las Vegas, Nevada has declared they have paid over $1 Million protecting the investments of their lenders, and have finally had enough over the misinformation and blatant mistruths being spoken about the Company.
When the market began its steady decline back in 2007, OneCap Mortgage like most of the country's financial institutions began to feel the sting as many of their borrowers starting asking for extensions to their loans or Forbearance agreements. As the banks enforced a credit freeze, the borrowers couldn't get refinancing, properties couldn't be sold, and the foreclosure market took an upswing. Even multimillion dollar companies went under. OneCap Mortgage immediately took steps to protect it's lenders as well as its own investments.
OneCap Mortgage also set up and sponsored a group meeting held by all the direct lenders in late 2007, where lenders attended a question and answer forum. The direct lenders formed a committee made up of individuals of their choosing, who were invited to use OneCap's offices, attend meetings, review documentation, and ask the Company officers questions. The committee even had set up a website, where all direct lenders could get answers to each loan. After several months, the committee disbanded, because they were satisfied with the results of their inquiries.
Protection of investments can be an expensive endeavor and a time consuming one. The company has hundreds of direct lenders,but OneCap Mortgage was undeterred. While similar companies waited for its private lenders to pay their fair share of costs related to pursuing loans that were going or had gone into default, OneCap Mortgage used company money to hire lawyers, file Notices of Default, pay foreclosure costs, fly to different cities to meet with borrowers or lawyers, investigated property, and even attended court hearings and depositions. In some cases, once the property was turned over to the lenders, they also paid for the transfer and property taxes, they paid the costs involved in marketing the property for sale, and they even paid to send out letters en mass to over 2,000 private lenders to keep them informed of the progress, knowing that it was prudent to move quickly.
"I understand that OneCap has money invested in these properties along with us, and I am impressed that they continue to go after every borrower, large or small, when most of the time they are taking abuse from the very people who will benefit from their efforts", remarked Ms. Hardcastle, a long time investor.
Vince Hesser, President of OneCap Mortgage has stated "It is unfortunate that we are all struggling through the worst economic crisis since the Great Depression, but the intended efforts of the direct lenders are required to be pursued. But as the saying goes "No good deed goes unpunished" and although most lenders are very grateful that we have provided assistance, we just have had a group of dissenters that want to keep making ridiculous, unsupported claims to the newspaper and the State for no good reason except that they are unhappy."
An officer of the company, Heidi Williams also commented "We have spent hundreds of man-hours on satisfying the State, and dealing with client's concerns that arise from erroneous reporting in the Review Journal or rumors spread by email, and blatant lies that are fabricated by certain individuals. I also have quite a bit of money tied up in these loans and we all are looking for the same end result."
"I invested my grandson's college money in a project that Steven Molasky was the borrower on," Mrs. Puerner told us "I knew his father Irwin, when I worked at Valley Bank, so I was confident that the loan would remain in good standing. If they went down, anyone can as far as I can tell. OneCap has helped me by hiring attorneys and going after him."
"We all have to be patient and wait the market out. If we panic, then the same thing that happened to Global could happen to us. I personally would rather wait and get 70 to 100% of my money back than, 2 to 10 % like the Global lenders." Another investor, Brad Wackerle said.
It appears that the real and only culprit here is the U.S. economy, and maybe we should look back in history and understand that the best way through a crisis is to stick together, and offer support to each other, as companies like OneCap continue to do.