The Tribune

By KEILE CAMPBELL

Tribune Staff Reporter

kcampbell@tribunemedia.net

A SUPREME Court mortgage action against Coalition of Independents leader Lincoln Bain was withdrawn before it could be determined, court records show, after filings indicated the debt had grown to nearly $300,000.

The reason for the withdrawal is not stated in the filings.

According to court documents, Mr Bain entered into a mortgage agreement with Scotiabank (Bahamas) Ltd on June 25, 2009, securing a $135,000 loan against a residential property in Pinewood Gardens. The property, located at Lot 1829, Soursop Street, was used as security, with ownership to pass to Mr Bain upon full repayment of principal and interest.

Filings show Mr Bain made regular payments between August 4, 2009, and June 28, 2010, totalling nearly $10,000. However, by a payoff balance cut-off date of November 30, 2022, accrued interest had reached roughly $150,000. Documents indicate the total amount owed stood at $299,990.96 as of December 12, 2022, including principal, interest, and additional charges. Over the life of the loan, $958.57 was applied to principal and $9,280.59 to interest.

The mortgage was transferred to Gateway Ascendancy Ltd on February 26, 2018, making the company the legal lender with the right to enforce the terms of the agreement, including recovery of outstanding sums and the statutory power of sale in the event of default.

In an affidavit, the company’s legal manager at the time, Tamika Thompson, said Mr Bain “ceased making regular payments under the Demand Mortgage” around the time of the transfer and remained in arrears.

Court documents show the lender issued a demand letter dated June 2, 2022, advising Mr Bain he was in default and requesting that he bring the account up to date. The letter also warned that the lender intended to exercise its rights under the mortgage if the arrears were not cleared. At the time, the account was said to be 4,322 days past due.

A Notice of Default and Intent to Sell dated September 26, 2022, outlined the full amount claimed and indicated the lender intended to proceed with the sale of the property if the debt was not settled. Mr Bain was given 30 days to pay the full sum or make arrangements to remedy the breach, with the notice warning that failure to comply could result in the property being sold under the lender’s power of sale without further notice.

In October 2023, a notice published by order of the Registrar directed that service of the summons and related pleadings be carried out through a newspaper. The notice advised that Mr Bain had 14 days from publication to respond, failing which judgment could be entered against him.

A Notice of Withdrawal filed November 1, 2023, discontinued the action before the court ruled on the matter.

Efforts to obtain clarification from Gateway Ascendancy Ltd and its attorneys were unsuccessful.

Mr Bain said yesterday that he owes no money as the issue had been resolved.

“That came up during the by-election,” he said. “That was false. That’s an old matter, and that was resolved.”

“I didn’t owe them any money,” he said, adding that the existence of a civil filing did not necessarily reflect wrongdoing.

“Anyone can go to court for any reason. That doesn’t mean it has any validity,” he said.