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The company's departure led the building into foreclosure in 1994, receivership in 1997 in which Terry Argue was appointed the receiver, and an extended legal dispute that was resolved only in 2011, when the building was sold by Terry Argue receiver to Tulsa real estate investors John and Chris Bumgarner. [3] [4]
The judicial foreclosure sale (sheriff sale) Non-judicial foreclosure sale (trustee sale) Furthermore, the other security devices that may be used in creating a real estate lien to secure the debt that contains the provision of the power of sale are: The contract of the land sale; The lease option sale; The UCC-1 statement of financing
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Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
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According to a Tulsa World article, a Tulsa County District Judge ruled that the City of Tulsa and the Central Park Owners Association Inc. could foreclose on the Sinclair Building because the current owner was in arrears on $270,000 for taxes, fees and penalties. The sale could be sold at a sheriff's auction, after a 30-day appeal period ...