I just spoke with the person who sold me this property. She is still in the business but has not been with dbsi for several years. Here are some of her thoughts and info.
1) She feels that Doug Swenson is an honorable and straight forward person-however she does feel as we do that the lack of information forthcoming is distressing. She feels that the lack on personnel is part of the reason.
2) The main reason for this present situation is that Lehman Bros was their primary lender and there are some properties that need to be refinanced - which is proving very difficult if not impossible in the present climate. There are probably other reasons but these were most critical
3) There were three letters sent out on Oct 10th. There was one letter informing investors that they will be receiving their payments. The second one that was received (the one we got) stated that there will be an adjustment in our payment. The third one stated that the property was distressed and there would be not be any payment.
4) She offered that the reason that we received the second letter is the property is not performing up to their expectations.
5)She felt very strongly that the bank has been paid and is not in arrears.
I asked her what we should do and she said wait until Oct 16th and log on the blog as stated in the Oct 10th letter.
She will be in touch if she hears anything else.
Deborah
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