Foreclosures Are Threatening Even Venture Capitalists

Posted on March 2, 2009
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Foreclosures are now boldly marching on and threatening even venture capitalists like Charles Kokesh. He is on the point of losing his residence as well as polo grounds in Santa Fe.

On Thursday 26th February 2009, the judge gave the green signal to the foreclosure sale of the home of Kokesh situation on Camino Corrales. It was to be completed within seven weeks.

Thornburg Mortgage Home Loans had filed a suit last year alleging that Charles and Marla Kokesh had taken a ARM loan amounting to $3.9 million. As on 19th June 2006 the initial rate of interest was 6.875%. On 31st October the pair owed the lenders the full principal amount of $3.9 million and were lagging behind on repayments.

According to the office records of Santa Fe County Assessor the house standing on 2-3 acres was worth $2,186,885.

The legal representatives from both sides had a discussion with Jim Hall, the District Judge over the telephone regarding the summary judgment. Willaim Waggoner, the attorney representing the borrowers wanted a postponement saying that he was having difficulty in contacting his client since they were out of the state. Kokesh has been engaged in the business of operating a plant that manufactured guns in Sturgis. He had recently purchased this unit. Waggoner cited the instance of the poor economy that had resulted in a “multimillion buyout” of Kokesh’s firm. He was trying his best to keep the family comprising of his wife and “three or four children” in the house that was their home.

Justin Sawyer of Albuquerque representing Thornburg said that it has become quite common for those facing foreclosure to promise that they will pay off dues when they “come into money, but that is unlikely to happen.”

Judge Hall who delivered the summary judgment stipulated that the sale would not take place before 21st April. This would give the borrowers time to negotiate with the lenders.

Kokesh is involved in another foreclosure suit. The Los Alamos National Bank brought a foreclosure suit against Santa Fe Horse Park, owned by Kokesh since 1998. It concerns a mortgage amounting to $2.25 million.

Kokesh defends that all through 2008 he has been making payments but has discontinued from the beginning of this year. He was having problems consolidating his debt with another financial entity – Checktech Financial. The latter was formerly his firm. Bill Enloe the CEO of Los Alamos National Bank said that talks with Kokesh were not successful and they were proceeding with foreclosure.

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