Monthly Archives: February 2014

Tamarack Municipal Association
February 21st, 2014

LEGAL UPDATE  

Sheriff’s Sale on Credit Suisse Judgment 

Credit Suisse has rescheduled the sale of the Tamarack Mortgage collateral (the Mountain Facilities, the undeveloped Heritage parcel, undeveloped lots, personal property and intangibles) so that Valley County Sheriff can conduct a sale at 1:00 PM on March 10, 2014, at the Valley County Courthouse in Cascade, Idaho.

  At 1:30 P.M., the Credit Suisse has scheduled the Sheriff’s sale of the Lake Wing real property, subject to the MHTN first lien.

 Redemption Periods

Several periods of redemption are expiring soon. Fifteen of the Trillium Townhomes secured the architects’ lien from Oz Architects, later assigned to Tamarack Designs who proceeded to a sheriff’s sale on August 19, 2013. That redemption period expired on February 19. Immediately prior to the expiration, Credit Suisse redeemed its equity in the townhomes. TMA expects to see a Sheriff’s deed confirming unencumbered title to Credit Suisse or an assignee of Credit Suisse in the next few days.

The Village Plaza/Banner-Sabey period of redemption expires on March 5, and the Fairmont/BAG parcels’ period of redemption expires on March 24.

            With respect to Credit Suisse’s Tamarack Mortgage, that period of redemption will expire March 10, 2015 (one year after the sheriff’s sale), assuming that the March 10, 2014 sale is not rescheduled or postponed. Because the Lake Wing parcel is less than twenty acres, that period of redemption will expire in six months, on August 10, 2014, again, assuming no postponement or rescheduling of the sale.

Under Idaho law, parties allowed to “redeem” are the judgment debtor (Tamarack Resort LLC) and “redemptioners,” which in general include judgment and mortgage creditors whose interest is junior in time to the foreclosed lien. In general, the debtor or a redemptioner can pay the first party that foreclosed its lien the value of its credit bid, plus taxes, TMA assessments and LID payments paid since the sheriff’s sale, and in return the redemptioner receives a new Sheriff’s certificate of sale. If a second or subsequent redemptioner wants to obtain possession, it can do so by paying the first redemptioner’s purchase price plus the value of all prior redemptioners’ mortgages or judgment liens. Redemption comes to a complete stop at the end of the 12 or 6 month redemption period. At the end of the redemption period, the Sheriff issues a deed to the highest bidder in the chain from the initial sheriff’s sale including any redemption.

Special Invite for all Tamarack Resort Homeowners!  Please join me this Sunday from 5-6PM for appetizers and wine/beer at Morel’s Restaurant in the Lodge of Osprey Meadows.    Welcome all homeowners whether you bought in 2004 or 2014…yes, this is our 10th Anniversary already!!    Thank you for keeping the dream alive here in Tamarack Resort.  I appreciate ALL of you!     -Trish

Enjoy this open floor plan in Tamarack’s 3BR town home.  29 Golden Bench is new to the market and priced to sell!  Fully furnished including a private hot tub to relax in after a day skiing Tamarack’s powder, this property also has private steps leading down towards Golden Bar Ct and the Tamarack Express Chairlift.  This 1640 SF home with an attached garage is in great condition and ready to enjoy!  For more photos and information, click on this link:  29 Golden Bench Virtual Tour

Feb
08

SOLD!

Congratulations to my buyers from McCall/Clarkston, WA on their golf course lot in Tamarack Resort!  Welcome to the TamFam and enjoy the gorgeous views on hole #16!

Are you looking for maintenance free get aways?   Prudential Idaho Realty has two condos now available in the Osprey Meadows Lodge.    Condo 415 is a 2BR, loft style, 1,382 SF luxury condo overlooking Lake Cascade and the world class Osprey Meadows Golf Course.  Now offered for only $299,000.  Condo 218 is a studio condo featuring a kitchenette, private balcony and fireplace. New to market in Feb 2014 for only $199,000.   Click here for a virtual tour: Studio Condo Tour.   Lodge amenities currently include a hot tub, seasonal swimming pool, fitness center, locker rooms with steam rooms, Morel’s Restaurant, Osprey Meadows Golf Shop, and on-site property management. Enjoy the underground parking, private library off the lobby, and a beautiful terrace overlooking the golf course and Lake Cascade.    Call Trish for a tour today!

 

Feb
02

SOLD!

Congratulations to my buyers from Eagle, Idaho on this 2BR townhome in Tamarack Resort.   See you on the slopes President’s Weekend!!
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