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StumbleForeclosure action sought
Friday, April 28, 2000 | 10:48 a.m.
Ocwen Federal Bank FSB is seeking a court-appointed receiver to take possession of one of Realty Partners Corp.'s condominium properties, alleging it failed to pay a $7.81 million promissory note.
The bank said in a Clark County District Court suit that Realty Partners defaulted on the note, which it said is secured by a deed of trust on Barclay Square Condominiums and all of its rents and revenues.
The bank seeks a receiver to secure the rents because it fears the money, which forms a significant portion of Ocwen's collateral, may be lost.
Realty Partners' officials could not be reached for comment.
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