Bank halts foreclosure of ‘White Elephant’ NASCAR Plaza

Wells Fargo & Co. has stopped foreclosing on the NASCAR Plaza office tower in uptown Charlotte. The lender started foreclosure proceedings in November after being sued by its co-lender, Regions Bank, which claimed Wells "failed and refused to take timely action to collect" on the loan after the tower's developers stopped paying on the loan in December 2009. A foreclosure hearing had been scheduled for Nov. 30 and then rescheduled for Jan. 5 so the parties could continue negotiations, according to court filings. The case was voluntary dismissed without prejudice by the lender Dec. 31. Wells declined to comment. Charlotte Observer