BiggerPockets

Hi Everyone,

Would anyone know of an exit strategy or heard of exit strategy from other investors of Trada? I am scheduled to close on a property next month from Trada and no longer qualify for the loan since I am self-employed. Lenders are no longer offering stated income loans.

I am looking into assistance from an attorney (any recommendations would be appreciated for the state of Texas), but would like to find out my options. Current contract does not have a mortgage contingency.

Regards,

MP

Vogt vs. Trada lawsuit in Kendall County Texas is set for trial Sept. 2,2008 after several years of delays from Trada. Issue of Trada building on a deeded easement and flooding neighbor. Past property delevopemnt manager has filed $75,000. mechanics lien, multiple other liens, etc.
would like too hear from past employees.
thanks

Geddes appears to be in Nashville, Tenn at a project called Port Royal,
Registered agent for TRADA in Texas is Todd Prins, an attorney in San Antonio.
John Vogt is represented by an Attorney from Kerrville, Steve Schulte.

S**t. I am screwed! Can you elaborate a bit? Are they in fact bankrupt? I bought their property in Caldwell, ID. Now what is going to happen to my deposit? I don't even know if they still have the deposit or they spend it. Will I be in line to collect something in bankrupcy?

Folks, I'm going to make this the main Trada thread and make it sticky. Please continue the discussion of this bad situation here. I'll point the other various Trada threads here. If I'm missed one, please PM me.

I was also beguiled into investing in Trada's Faith Landing and want to keep track of the conversation

I bought a finished Trada Project in Boise, ID two years ago and not through Trada. The project was complete and a lot of the investors were turning their investments over. It was the Davenport Village with only 17 4-plexes. A nice small community. This property has given my a positive cash flow.
I believe Trada starting experiencing problems when they got into bigger complexes and wanted to still have their hands in the daily business of every project.
I bought through Trada at Keeneland in Boise, ID (44 buildings) and escrow closed July '07 with the completion of building without the project being done. They just had the investors buying the buildings without telling us that the landscaping, striping of parking spaces, pool, clubhouse, volleyball and etc. weren't completed too. That has had its own problems. Of course Trada Properties pulled out I believe March of this year as POA managers and building managers without enough info for the next managers to deal with(along with alot of tenants unhappy with the promised amenities that never materialized). Though the new ones have done a fabulous job. That's when we heard that Trada was going bankrupt. We have a POA board (5 people) that has been handling all of our.. material liens on our properties, whose responsible for what, how to get the complex cleaned up and so forth. Realtor Michael Hon michael.hon@ironeaglere.com is on that board if you want to ask him anything.
Good luck. My advice: cut your losses and run unless you can straighten up the problem and go on. I believe Keenleland will survive, but as to Faith Landing - I'd run (my brother-in-law already has).

I have a contract to purchase a Trada property at Forest Creek (TX). After being told of delays, (and multiple rate expirations) we were all lined up to close with Trada signing promises to pay loan rate extensions. After signing docs, the title co. advises of a mechanics lien. Bank wont close. Got lots of excuses from Joe Nunley about lien. I declared them to be in breech of contract, for lack of ability to deliver after issuance of cert of occupancy, not notifying me of any judicial or potential judicial proceedings (read your contract), and the fact that they tried to close on my property knowing full well that they had a lien on the property (how do you spell fraud?). The new "Trada: rep, John called me yesterday to tell me how great the property is and it is ready to go. "No liens" he says. I advise him of the above and my breech of contract letter and the whoas of Trada and Geddes. He goes on that Geddes has no money, the lending bank is holding all of the deposit monies and filing lawsuits would be no good, except for the lawyers. The stories and spins from the Trada reps continues. Hopefully a quick judgement from a Texas court and a lien on the property to secure the judgement might be the best way to see my deposit again from these guys.

BURNED BY TRADA, CALL A LAWYER

I recommend contacting Richard Dwyer, Attorney at
1-800-372-9983. He is handling my case against Trada right now for fraud and is doing a terrific job. I invested in Forest Creek. I did also contact california attorney general early summer, but they were too slow in responding. But Richard is got Trada sweating bullets.

EC

I was going to invest in Stone Creek Village, Boerne, TX, but didn't go through with it. The terms of the loan were such that it wasn't going to make any money. The lender at the time was Indymac before they went bankrupt. My suspicion is that the title company and loan broker both knew what was going on and were trying to push things through to get as much money as they could before it all went south. At any rate I lost my $25,000 deposit. I've left a message for the attorney Richard Dwyer.