Aiken Mall Acquisition, LLC, which owns about 35 acres at Aiken Mall, has been foreclosed upon and owes approximately $28.5 million to U.S. Bank, according to Aiken County clerk of court records. The total owed value includes a principal balance of about $20 million, with additional uncollected interest and late fees making up the difference.
According to clerk of court records, Aiken Mall Acquisitions, LLC, quit making payments on the interest on April 1, 2012.
A judge will open a bid process to purchase the property on June 3 at 11 a.m. at the Aiken County Courthouse, located at 109 Park Avenue.
U.S. Bank has a choice to seek a deficiency judgement against Aiken Mall Acquisitions, LLC, by that date and time. If it does not, then the highest bidder on June 3 would be awarded the property and a deed would be issued.
If it does seek a deficiency judgment, the bank would not only be foreclosing the mortgage, but also would be seeking a money judgment. Additionally, the bidding would remain open for another 30 days, ending on July 3 at 11 a.m. The highest bidder at the first sale cannot bid again at the second sale. If no one else raises the bid at the second sale, then the property goes to the higher bidder from the original sale.