Beach Abstract President Avoids Foreclosure

by Arkansas Business staff  on Monday, Apr. 4, 2005 12:00 am  

Bryan Pitts, president of his family's Beach Abstract & Guaranty Co. in Little Rock, has avoided having his downtown condo auctioned off on the steps of the Pulaski County Courthouse.

One Bank & Trust was granted a foreclosure decree Tuesday after Pitts failed to respond to a foreclosure suit filed March 3. But bank officer Rick Baney confirmed that he received a cashier's check for the balance due — some $370,000 — on Thursday morning.

It was the second foreclosure filed against Pitts in the past three months, although the first was settled with U.S. Bank before a decree was issued.

Pitts borrowed $255,000 from One Bank in September 2002 to buy Unit 608 in the Arkansas Capital Com-merce Center in the River Market, the bank's foreclosure suit said.

That loan matured on Nov. 1, 2004, but Pitts didn't pay and ignored numerous demands for payment, according to One Bank's complaint. The balance was just over $265,000 at the time of the foreclosure decree.

One Bank also said Pitts defaulted on a $100,000 loan he took out in January 2002, which he originally secured with a different property but which had been converted to a second mortgage on the condo.

That loan matured on Jan. 14, and the balance on it was just over $101,000. Pitts has also been assessed $4,000 in court costs.

On Dec. 30, U.S. Bank filed a foreclosure suit against Pitts seeking nearly $180,000. The bank said Pitts defaulted on a $125,000 loan he took out in 1999. That case was settled on Jan. 28.

Pitts' legal woes started in November 2003, when Bank of America sued him to collect on a $20,800 credit card bill. When Pitts didn't bother to answer the lawsuit, he was hit was a default judgment for the balance plus $400 in attorney fees and interest, which accrued for more than a year. He apparently paid off the $24,610 balance on that judgment in mid-March.

 

 

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