September, 2010

Mayor Tony Mack and his wife, Kara face foreclosure in Trenton city, New Jersey.

"The approximate amount of the judgement sought to be satisfied by the sale sum of $319,457.32 plus interest and costs", said Mercer County Sheriff Kevin C. Larkin. Under "prior liens/encumberances", the Mayor also owe $754 for city water and penalty.

The Trentorian found that the $319,457.32 is the balance of the loan Mack has on the homes. The bank is calling the loan due and Tony Mack will have to negotiate with the lender and the mortgage company, because he wasn’t paying his mortgage. There are two option here: either to pay up to date, either set up a payment program to bring himself up to date in a certain amount of time.

The Macks are at least four months behind their mortgage, because the lender sued him for the balance of the loan. Now Tony Mack not only has to find $60 million to keep Trenton afloat, but thousands of dollars to keep a roof over his own head.

The lenders have the habit to hear from their clients why they fall behind their mortgage payments, and they don’t take the delinquency to a sheriff’s or public trustee’s sale until five or six months pass.

It seems like the Mayor forgot to communicate with his lender so they ended up with their home foreclosed.

Contact is if you prefer to avoid public exposure like Mr. Mack received. We will conduct short sale on you distress property in privacy avoiding exposure to the media.

Category : Distressed Luxury Real Estate News