Company wants foreclosure of 36 properties stopped

By Kelly Holleran | Aug 10, 2010

Claiming it never received notice of acceleration of its loan before the bank posted the lots for foreclosure, a Jefferson County development corporation wants to see the upcoming foreclosure sale of 36 of its lots prohibited.

Big Wheel Development filed a lawsuit Aug. 2 in Jefferson County District Court against First National Bank.

Big Wheel claims it obtained a loan from the bank on Feb. 28, 2007, for $438,000. For collateral, Big Wheel issued the banks 36 lots slated for development in Port Arthur, according to the complaint.

Since then, however, doctors diagnosed Big Wheel's sole shareholder, Jimmie D. Wheeler, with cancer and he has been forced to endure intensive radiation treatments, the suit states.

On July 12, First National declared Big Wheel's loan in default and posted the 36 lots for foreclosure, the complaint says.

Big Wheel claims it never received a notice of acceleration of the loan before National Bank posted the foreclosure. Now it wants the court to issue a temporary restraining order on the bank, preventing it from conducting the foreclosure sale.

In addition, Big Wheel seeks general, special and other relief to which it may be entitled.

Jimmy D. Ashley of Houston will be representing it.

The case has been assigned to Judge Milton Shuffield, 136th District Court.

Jefferson County District Court case number: D187-445.

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