Bank of Abbeville Chris LaBauve Spec House

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Three Strikes Youre Out

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#1
Sep 17, 2008
 

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Well, there's one more spec house built by Chris LaBauve in Beausoleil Subdivision which is not currently scheduled for Sheriff's Sale. That spec house was financed by Bank of Abbeville.

LaBauve's two other spec homes have been foreclosed on and auctioned off at Sheriff's Sale.

Now, on this third spec house, the Devious Broussards have recently withdrawn their foreclosure. Anyone want to venture as to what might happen with this last spec house? Will Bank of Abbeville file a foreclosure? Will Minville Lumber Company file a foreclosure? Will the Devious Broussards rekindle their foreclosure?

Anyone want to venture a guess as to what might happen? If a foreclosure is filed, the sale would most likely be scheduled for sometimes in December, so we have a some time to speculate as to what might happen to the house.

And, in the meantime, lots of other juicy things might happen - those Devious Broussards been talking to a lot of people!

Sounds like a caper for BattyMan!
Hair Stylist

Lydia, LA

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#2
Sep 17, 2008
 

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Three Strikes Youre Out wrote:
Well, there's one more spec house built by Chris LaBauve in Beausoleil Subdivision which is not currently scheduled for Sheriff's Sale. That spec house was financed by Bank of Abbeville.
LaBauve's two other spec homes have been foreclosed on and auctioned off at Sheriff's Sale.
Now, on this third spec house, the Devious Broussards have recently withdrawn their foreclosure. Anyone want to venture as to what might happen with this last spec house? Will Bank of Abbeville file a foreclosure? Will Minville Lumber Company file a foreclosure? Will the Devious Broussards rekindle their foreclosure?
Anyone want to venture a guess as to what might happen? If a foreclosure is filed, the sale would most likely be scheduled for sometimes in December, so we have a some time to speculate as to what might happen to the house.
And, in the meantime, lots of other juicy things might happen - those Devious Broussards been talking to a lot of people!
Sounds like a caper for BattyMan!
They had better hurry up and foreclose. The bank is charging about 18 per cent. That is 3,000 dollars plus a month. So for every month the houses is not sold the debt is rising by 3,000 dollars. The smaller vendors are waiting on the bank. The Broussard's own Bank of Abbeville, and they have a lot of money, so they are probably in no hurry. Maybe they are waiting four years. In four years the amount owed will more than double when insurance costs and grass cutting, are added.
That way Chris would owe twice as much as he now owes. Plus, he will be 53 by then, so he will never be able to work long enough to pay them back. I heard the bank wants to stick it to Chris really good. Funny the bank's name did not come out in the newspaper. I heard they dont want the bad publicity. However, there was a reporter from Lafayette talking to my client last Thursday. The reporter promised her she would cover the story. Also this reporter has done some research at the courthouse but was confused because of how they did it. She'll bring it to her boss who will try to figure it out.
Backgrounder

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#3
Sep 17, 2008
 

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Chris LaBauve, Christopher J Master Designs, received a construction loan in the amount $197,000 from Bank of Abbeville. In addition, he received a separate loan in the amount $33,000 to buy Lot 15 in Beausoleil Subdivision. LFML (The Devious Broussards) put up a CD with Bank of Abbeville in the amount $33,000 to credit enhance LaBauve's construction.

LaBauve failed to complete the construction per the terms of a purchase contract with a buyer, J. Hebert, and Hebert elected to not renew the contract. In doing the title search for the closing, Standard Title became aware that Minville Lumber was owed $25,000 by LaBauve on this construction and other vendors were not paid approximately $22,000 in the aggregate. Standard could not give LaBauve clear title to the property to close and withdrew from the transaction.

Minville Lumber Company filed a lien in the approximate amount $25,000 in January 2008. Cajun Wood and Acadian A/C also filed mechanics liens in the approximate amounts $3,500 each.

The Devious Broussards subsequently filed a foreclosure suit against LaBavue and a Sheriff's Sale was scheduled for June 11, 2008. Bank of Abbeville enjoined The Devious Broussards foreclosure suit. On June 10, 2008, The Devious Broussards received a letter from Mike Broussard of Bank of Abbeville notifying the Devious Broussards that Bank of Abbeville had drawn on the Devious Broussards CD. The Devious Broussards cancelled the Sheriff's Sale, given how late they were notified by Bank of Abbeville that the CD had been drawn on.

The Sheriff's Sale was rescheduled for September 10, 2008. After thinking about it some, the Devious Broussards decided to withdraw their foreclosure and cancelled the Sheriff's Sale.

And, that's where things stand at the moment.
Hair Stylist

Lydia, LA

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#4
Sep 17, 2008
 
Backgrounder wrote:
Chris LaBauve, Christopher J Master Designs, received a construction loan in the amount $197,000 from Bank of Abbeville. In addition, he received a separate loan in the amount $33,000 to buy Lot 15 in Beausoleil Subdivision. LFML (The Devious Broussards) put up a CD with Bank of Abbeville in the amount $33,000 to credit enhance LaBauve's construction.
LaBauve failed to complete the construction per the terms of a purchase contract with a buyer, J. Hebert, and Hebert elected to not renew the contract. In doing the title search for the closing, Standard Title became aware that Minville Lumber was owed $25,000 by LaBauve on this construction and other vendors were not paid approximately $22,000 in the aggregate. Standard could not give LaBauve clear title to the property to close and withdrew from the transaction.
Minville Lumber Company filed a lien in the approximate amount $25,000 in January 2008. Cajun Wood and Acadian A/C also filed mechanics liens in the approximate amounts $3,500 each.
The Devious Broussards subsequently filed a foreclosure suit against LaBavue and a Sheriff's Sale was scheduled for June 11, 2008. Bank of Abbeville enjoined The Devious Broussards foreclosure suit. On June 10, 2008, The Devious Broussards received a letter from Mike Broussard of Bank of Abbeville notifying the Devious Broussards that Bank of Abbeville had drawn on the Devious Broussards CD. The Devious Broussards cancelled the Sheriff's Sale, given how late they were notified by Bank of Abbeville that the CD had been drawn on.
The Sheriff's Sale was rescheduled for September 10, 2008. After thinking about it some, the Devious Broussards decided to withdraw their foreclosure and cancelled the Sheriff's Sale.
And, that's where things stand at the moment.
I am going to ask my client tomorrow how a bank can take Mr. Broussards CD when Chris is the one that owes the money. So Mr. Broussard lost both his land AND his CD. And it is all Chris' fault
wow

Franklin, LA

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#5
Sep 17, 2008
 

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all these sheriff's sales in that subdivision should bring down the comps in the subdivision. I'm glad I don't have any money invested in that place. Some times you spit in the air it falls back down in your face.
THe Appraiser

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#6
Sep 17, 2008
 

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wow wrote:
all these sheriff's sales in that subdivision should bring down the comps in the subdivision. I'm glad I don't have any money invested in that place. Some times you spit in the air it falls back down in your face.
Actually, no. Comps are based on market value pricing. The Sheriff Sales just get the houses into the hands of the banks (Gulf Coast Bank and Kaplan State Bank both "won" the auctions on the houses they financed/foreclosed on) so the homes can be brought to completion and sold at market rates. The Sheriff Sale auction prices do not factor into the comps.

The properties foreclosed on were all spec houses and none of them was completed. So, the sales by the banks to independent third parties at market rates are going to be what has an impact on the comps, not the Sheriff Sales.

Sometimes you try to sound smart, but say something stupid. Nice try.
Todd Travasos

Lydia, LA

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#7
Sep 17, 2008
 

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wow wrote:
all these sheriff's sales in that subdivision should bring down the comps in the subdivision. I'm glad I don't have any money invested in that place. Some times you spit in the air it falls back down in your face.
Your theory is flawed. Just today, a house sold for considerably more than the appraised value at a Sheriff's sale in another subdivision, and the house wasn't even completed.
Devious Mark Broussards

Houston, TX

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#8
Sep 18, 2008
 

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Here's some good advice for all of you vendors and subcontractors who have not been paid by LaBauve on this construction and who will highly likely not be paid from the proceeds of a Sheriff's Sale, which is almost all of you.
Legal Aide Wrote:

I know Mr. Vice, and I know he ripped a lot of people off. Sue him, and get a judgment. Then, if he doesn't pay the judgment, get your attorney to haul him into court for something called a JD rule (judgment debtor) He has to give a statement under oath (untruthful answers are perjury, a felony) Get your attorney to ask him specific questions like where is your bank account, what assets do you have, what property do you own, where do you get your income, any CD's, stocks, bonds, money market accounts, etc. Even though you can't take his IRA,(if the money is dirty, you can) get your attorney to ask him this, too.
You can then take his bank account, garnish his wages, take his camp, if it is not mortgaged, and take certain assets like an extra car, if no lienholder., etc. Your attorney can advise you further.

The judgment is good for 10 years, and it can be renewed for another ten years, etc. If he ever inherits property, or, wins the lottery, etc., you can get this too. Also, this will almost guarantee that he will never be able to borrow money in the future, unless if your judgment is paid off. I have seen a lot of people want to buy a new car, and they can't get financed due to an old judgment. They then mysteriously find the money and pay off the judgment. It is important to get the judgment early, because garnishments cannot go over a certain percentage of his income.

You want to be first in line, which you may already be too late. We had a man who thought he was smart. He direct deposited his social security check into his checking account. Social Security money is normally exempt from being taken. However, once the money is co mingled it is fair game. We got a court order and took every penny in his bank account. He was pissed, but he got what he deserved. In the worst case, you will harass him every time you call him in for a JD rule. Stay on his ass. He'll find a way to shit the money. And, it is all legal.
Devious Mark Broussards

Houston, TX

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#9
Sep 18, 2008
 

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There is one final background point I want to make here and that goes to business integrity and ethics.

As LFML had a CD in the amount $33,000 deposited with Bank of Abbeville to credit enhance LaBauve's construction, LFML was a CLIENT of Bank of Abbeville.

Following LaBauve's breach of contract with the buyer, J. Hebert, LFML continually sought to find an solution other than foreclosure and get information from Bank of Abbeville regarding the status of its Certificate of Deposit. LFML could have foreclosed as early as January 2008, but waited until April, when LaBauve's construction loan with Bank of Abbeville came to maturity.

Mike Broussard, EVP of Bank of Abbeville would consistently fail to return calls to LFML as LFML was seeking information as to the status of its CD and Bank of Abbeville's intentions regarding that CD.

Then, in a scheme that LFML feels was most definitely intentional, with the Sheriff's Sale scheduled for June 11, 2008, LFML received a letter from Mike Broussard on June 10, 2008 informing LFML that Bank of Abbeville had drawn on its CD. LFML firmly believes that the letter was intended to be delivered to LFML on or after June 11, 2008 so LFML would not know at the Sheriff's Sale whether its CD had been drawn by Bank of Abbeville or not.

An ethical businessman with integrity would have called its client, LFML, well in advance of the Sheriff's Sale and advised LFML that Bank of Abbeville was drawing on the CD. Instead, Mike Broussard attempted to "slip a Mickey" to LFML.

On top of this, Chris LaBauve was fully-drawn on the construction loan from Bank of Abbeville, yet the construction was not complete. This could NOT POSSIBLY HAVE HAPPENED had Bank of Abbeville been properly administering and auditing LaBauve's construction loan and making the requesite on-site inspections. There is no explanation as to how LaBauve got the final draw on the construction loan with the construction not being complete other than the bankers just gave it to him - and, damned whether the construction was complete or not.

And, that's all I got to say about that. But, it is a good lesson for all vendors and subcontractors - if you are hired by a builder to work on a spec construction, find out which bank is financing the construction and perhaps even submit your invoices directly to the bank. Certainly, do not let the builder got more than 30 days without payment - even that might be too late. This is particularly important if your goods and services are provided near the end of the construction - trim carpentry, electrical and plumbing top off, appliances, etc. If the builder is over budget or drawn on the construction loan, you are the ones least likely to get paid.
Titillating Tidbit

Houston, TX

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#10
Sep 18, 2008
 

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Chris LaBauve has or will soon be receiving a summons to make a certain appearance which can, and will, have a significant impact on this situation. The event will occur during the month of October. And, there's nothing anyone can do to stop it. Stay tuned, BattyMan!
Attorney

Lydia, LA

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#11
Sep 18, 2008
 
Devious Mark Broussards wrote:
There is one final background point I want to make here and that goes to business integrity and ethics.
As LFML had a CD in the amount $33,000 deposited with Bank of Abbeville to credit enhance LaBauve's construction, LFML was a CLIENT of Bank of Abbeville.
Following LaBauve's breach of contract with the buyer, J. Hebert, LFML continually sought to find an solution other than foreclosure and get information from Bank of Abbeville regarding the status of its Certificate of Deposit. LFML could have foreclosed as early as January 2008, but waited until April, when LaBauve's construction loan with Bank of Abbeville came to maturity.
Mike Broussard, EVP of Bank of Abbeville would consistently fail to return calls to LFML as LFML was seeking information as to the status of its CD and Bank of Abbeville's intentions regarding that CD.
Then, in a scheme that LFML feels was most definitely intentional, with the Sheriff's Sale scheduled for June 11, 2008, LFML received a letter from Mike Broussard on June 10, 2008 informing LFML that Bank of Abbeville had drawn on its CD. LFML firmly believes that the letter was intended to be delivered to LFML on or after June 11, 2008 so LFML would not know at the Sheriff's Sale whether its CD had been drawn by Bank of Abbeville or not.
An ethical businessman with integrity would have called its client, LFML, well in advance of the Sheriff's Sale and advised LFML that Bank of Abbeville was drawing on the CD. Instead, Mike Broussard attempted to "slip a Mickey" to LFML.
On top of this, Chris LaBauve was fully-drawn on the construction loan from Bank of Abbeville, yet the construction was not complete. This could NOT POSSIBLY HAVE HAPPENED had Bank of Abbeville been properly administering and auditing LaBauve's construction loan and making the requesite on-site inspections. There is no explanation as to how LaBauve got the final draw on the construction loan with the construction not being complete other than the bankers just gave it to him - and, damned whether the construction was complete or not.
And, that's all I got to say about that. But, it is a good lesson for all vendors and subcontractors - if you are hired by a builder to work on a spec construction, find out which bank is financing the construction and perhaps even submit your invoices directly to the bank. Certainly, do not let the builder got more than 30 days without payment - even that might be too late. This is particularly important if your goods and services are provided near the end of the construction - trim carpentry, electrical and plumbing top off, appliances, etc. If the builder is over budget or drawn on the construction loan, you are the ones least likely to get paid.
You are right. I have found out Bank of Abbeville does not want any publicity. They have been squeezed between a rock and a hard place.
Put it in print. The Mickey will be on Mickey.
Devious Mark Broussards

Houston, TX

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#12
Sep 18, 2008
 

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Hair Stylist wrote:
<quoted text>
The smaller vendors are waiting on the bank. The Broussard's own Bank of Abbeville, and they have a lot of money, so they are probably in no hurry.
Careful now HairStylist.

The Devious Broussards are the developers of Beausoleil Subdivision.

The SlippinMickeys Broussards own Bank of Abbeville.

Please use these terms to differentiate which Broussards you are talking about.
Hair Stylist

Lydia, LA

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#13
Sep 18, 2008
 
Devious Mark Broussards wrote:
<quoted text>
Careful now HairStylist.
The Devious Broussards are the developers of Beausoleil Subdivision.
The SlippinMickeys Broussards own Bank of Abbeville.
Please use these terms to differentiate which Broussards you are talking about.
I was doing a color. I am still waiting for them to determine who I am. Legal Aide is really helping out. Be sure to read her posts. She can help everyone get paid.
Hair Stylist

Lydia, LA

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#14
Sep 18, 2008
 
Hair Stylist wrote:
<quoted text>
I am going to ask my client tomorrow how a bank can take Mr. Broussards CD when Chris is the one that owes the money. So Mr. Broussard lost both his land AND his CD. And it is all Chris' fault
Right- Devius Broussard lost his land because he didnt get paid for it AND his CD to Mickey Broussards Bank of Abbeville. Legal Aide is researching this for me.
Devious Mark Broussards

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#15
Sep 18, 2008
 
Attorney wrote:
<quoted text>
You are right. I have found out Bank of Abbeville does not want any publicity. They have been squeezed between a rock and a hard place.
Put it in print. The Mickey will be on Mickey.
Thanks Attorney. Looks like that house is going to just sit there piling up interest until Bank of Abbeville files a foreclosure. The longer it sits there just ensures that the payoff will be so high that no one will bid on it at Sheriff's Sale except Bank of Abbeville.

I think Bank of Abbeville squeezed themselves between a rock and a hard place. Without realizing it, they've already slipped a Mickey to themselves. And, to think they paid some clown of an attorney $300 an hour to advise them to do this.
Attorney

Lydia, LA

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#16
Sep 18, 2008
 
I know for a fact they didn't properly supervise the disbursement of funds and case law that prevailed in the past will prevail again. Bottom line they are caught.
Devious Mark Broussards

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#17
Sep 18, 2008
 
Attorney wrote:
I know for a fact they didn't properly supervise the disbursement of funds and case law that prevailed in the past will prevail again. Bottom line they are caught.
Well, Attorney, there are quite a number of vendors and subcontractors who have not been paid on this deal, including LFML, Minville Lumber and a good handful of smaller vendors.

If you want to get in touch, I can give to you the list of unpaid vendors, both those who have filed liens and those who have not.

If the small vendors take action in the aggregate on this situation, they might be looking for legal representation.

You can reach me via e-mail at marktoddbroussard@yahoo.com and I will give you my telephone number.
Attorney

Lydia, LA

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#18
Sep 18, 2008
 
Devious Mark Broussards wrote:
<quoted text>
Well, Attorney, there are quite a number of vendors and subcontractors who have not been paid on this deal, including LFML, Minville Lumber and a good handful of smaller vendors.
If you want to get in touch, I can give to you the list of unpaid vendors, both those who have filed liens and those who have not.
If the small vendors take action in the aggregate on this situation, they might be looking for legal representation.
You can reach me via e-mail at marktoddbroussard@yahoo.com and I will give you my telephone number.
Thank you for the information. I will be pursuing this matter further.
Legal Aide

Lydia, LA

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#19
Sep 18, 2008
 
Attorney:

Let's combine efforts. I've emailed Mark, and he replied that it was OK with him if I contacted you. He wanted your permission first. If OK, email Mark again with your response. I'll then contact you. You have some information I need on case law as it relates to disbursement of funds by loan officers on construction projects.
Dazed and Confused

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#20
Sep 18, 2008
 

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Legal Aide wrote:
Attorney:
Let's combine efforts. I've emailed Mark, and he replied that it was OK with him if I contacted you. He wanted your permission first. If OK, email Mark again with your response. I'll then contact you. You have some information I need on case law as it relates to disbursement of funds by loan officers on construction projects.
You all sound so pathetic. Attorneys do not conduct their business on a public forum of any kind. Do you really think they everyone who reads these forums is stupid. "I don't even know who you people are, but I am smart enough to know when someone is being just plain stupid. It sounds like there is someone on here posting under the guise of several different characters to bully somebody, whether it is a banker or some builders, but there are laws against stuff like that. You had better hope that there is not someone else out doing a little research of their own into this matter. Good luck. You're gonna need it.

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