BMP foreclosure proceedings continued
Jackson County Clerk of Court Ann Melton agreed Wednesday (Oct. 28) to continue foreclosure proceedings between Balsam Mountain Preserve and its lender, TriLyn.
The lending company filed a foreclosure notice with Jackson County earlier this month. Based on the foreclosure filing, BMP is apparently in default on loans totaling $19.8 million. Property the lender is foreclosing on includes one 4,200-acre tract plus several smaller tracts, according to the document on file in the Jackson County Clerk of Court’s Office.
Sylva lawyer Jay Coward, who is representing the developer, introduced the motion to continue during a hearing with Melton. Because of a receivership hearing set for Friday, Oct. 30, he requested that the hearing be pushed back to Monday, Nov. 30.
“That hearing could alter our whole defense,” he said.
That request was opposed by Ward Hendon, an Asheville attorney representing TriLyn. If the proceedings were postponed, he said his client would stand to lose more money.
“The lender is opposed to continuing the hearing for a number of reasons,” he said. “The default has existed for nearly a year. They have had ample opportunity to refinance or restructure. Currently their debt stands at $21 million. They’ve requested a 30 day extension, which would cost us (TriLyn) another $270,000.”
Despite those objections, Melton granted the motion to continue. The hearing will be held at 11 a.m. Nov. 30 in the Justice Center.
