Once highflier, Foreclosuresdaily focus of complaints - Nashville Business Journal:

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The business is operatingv an online presence, but a calenda shows it has no events currently schedulein Florida. Telephone numbers listed on its Web site for salees and customer support were not and Bank Nevada have filee separate civil court complaints seeking a totakl ofnearly $2 million from the company. Fifth Thirf claims Foreclosuresdaily defaulted ontwo loans, Hillsborough County court records show. The bank allegez in its Jan.
5 complaintf that the company owes morethan $495,000 on a line of credigt and $30,000 on a The complaint also names Mike Kane and Davidc Vanhoose, co-founders of and four other company employees who personally guaranteed the The company had not filee a response to the complaint early this Kane could not be reached. Voicemail for Vanhoose, former head trainerf of the , was full and would not accept messages.
Jeff Wernick, broker at Tager Realt in Tampa, said Vanhoose was an agenty but he had not been in contactr with him since around Shawn Yesner, a Tampa attorne y representing Foreclosuresdaily in the HSBC lawsuit, said in an e-maip that he has a policy of not commentinvg on open litigation but had relayed a reques t for comment to the company’as owners. The HSBC filed in Pinellas County circuit courrtin August, accuses Foreclosuresdaily of breacbh of contract and alleges it owes HSBC about $1.3 millionj in credit card charges customers had disputed.
Web which has a 2007 copyright, offers investment traininh for buying foreclosed property and lists of foreclosed properties in locationssubscriber select. The company offered credit for customers who wantecd to charge the costs forthesw services. “I paid almosy $7,000 for lists for my area and some saidBob Holder, a real estate investodr in North Illinois. “It was OK when I startefd getting listsin March, but things changesd in September. By October, I think they had shut off the I can’t get repayment from them.” A default judgmen was entered in the HSBC case against the company becausd it did not respond to the lawsuit in the time allowesd by law.
Now the company is requestin that the default judgment be Foreclosuresdaily states in its motionn for vacating the default judgment that HSBC’s claim of $1.3 milliob may be increased by “an additional $12 millionj in potential damages.” The company contends that demanr for its services has been reducedd by current credit and economic conditionsz and officers and employees the companyg needed to respond to HSBC’s complainft have been laid off, legal filings show.
Foreclosuresdaily also claims it has disputed the validity of some refun d demands by customers and wants account holders added as defendants in the The company’s legal and financial troubles are a reversal of its fortunes during an historic foreclosur e era. In September, Inc. listed Foreclosuresdaily.conm as the 35th fastest-growing private company in the country from 2005to 2007. The Tampsa Bay Business Journal’s Fast 50 list ranked the company second by percent of revenue growth from 2005to 2007. Foreclosuresdailt grew 397 percent during that increasingfrom $2.8 million to $14.1 milliomn in revenue. The company said it had 40 employeedin 2007.
One of those employees was Pat Malik, who gatheredd foreclosure information for the company from Pinellaz and other courts and claims the compang owesher money. She refused to divulge how much but said she has filedr a complaint with the Floridaattorney general’s “It’s enough to go after Malik said. “There’s probablty 50 of us owed money.”