Self-Storage Owner Fights Bank Foreclosure
Copyright 2014 by Virgo Publishing.
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Posted on: 05/08/2012



 

A self-storage owner in El Dorado Hills, Calif., is battling his lender over the foreclosure of his facility.

Although Don Smith said he’s filed for bankruptcy protection and has continued to make payments ordered by the bankruptcy judge, U.S. Bank is moving forward with foreclosure proceedings against the 404-unit Sundance Self Storage.

In a statement to CBS13, the lending institution stated foreclosure was the last resort for both parties involved. It stated “reasonable efforts to collect the loan have failed.” In addition, the statement said the bankruptcy court has permitted the bank to move forward with foreclosure.

Smith has retaliated by filing a lawsuit to stop the foreclosure.  He said the business has already lost about 40 customers due to the ongoing legal battle.