| Notes |
The letter informed Whitaker that the city was terminating the loan agreement and gave him 30 days to pay back $151,620 that he had been advanced. It noted that the city had to complete the work by the end of 2016 or repay HUD, and that it did not have confidence Whitaker’s company was up to that task.
Whitaker did not reply to the city’s notice. His lender, Lincoln Savings Bank, soon declared Whitaker’s company in default after he ignored demands to pay back a mortgage that had ballooned to $687,000, records show. The bank initiated foreclosure proceedings on the property in July 2016, seeking to be paid back ahead of the city and contractors. |