Grass Farmer Faces Foreclosure

Roger C. Gravis, owner of Quail Valley Farm of Little Rock, is facing foreclosure again.

BancorpSouth Bank, the successor to American State Bank, is seeking to foreclose on the grass farm because Gravis defaulted on loans totaling $885,639, according to its lawsuit filed in Pulaski County Circuit Court. With interest, the total being sought is $953,642.

The bank said Gravis started taking out promissory notes in October 2004, but the complaint didn't say when the payments stopped.

The bank is asking the court to order Gravis to pay off the notes or allow foreclosure on the grass farm's property. Gravis also used his Little Rock home to secure some of the loans, and the bank wants to foreclose on the house.

Gravis, in his response, denied the bank's allegations and asked that the case be dismissed.

This marks the third time in four years that a lender initiated a foreclosure action on the Gravis home.

 

 

[  ]

http://www.arkansasbusiness.com/

ad space for sale medtronic lead recall lawyer