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Mayor says foreclosure issue a misunderstanding

November 10, 2012
By LEVI PASCHER , The Leader Herald

GLOVERSVILLE - Mayor Dayton King and his wife are facing possible foreclosure on their home on Seventh Avenue, according to court documents filed Wednesday, but the mayor says the issue is a misunderstanding.

King said he called the bank in control of his mortgage Thursday and the bank told him the court filing was a mistake.

"I called them, and they said it should not have happened and apologized. I am not sure exactly what happened," King said. "Things are fine now, so I don't know what happened on their end. I have no worries at all."

A representative in the foreclosure department of Bank of America, which King said controls the mortgage, said Friday there was no listing of a foreclosure for King's address.

The attorney for Wells Fargo listed in court papers, Jordi Kushner of Bay Shore, Suffolk County, could not be reached for comment. Representatives of Wells Fargo had no comment Friday.

According to court documents, Wells Fargo Bank is seeking foreclosure of the mayor's house at 27 Seventh Ave., claiming the homeowners failed to make payments due April 1, 2010, leaving a principal of $55,524.

The documents said around Oct. 28, 2005, the family sent a note to the bank promising to pay the principal of $75,260. The loan was then modified pursuant to a loan modification agreement dated Sept. 4, 2009, which created a single lien of $56,000. In the agreement, the Kings promised to make consecutive monthly payments of principal and interest each month until Nov. 1, 2035, court documents said.

The documents said the principal balance is due and the bank may seek reimbursement for other expenses if necessary.

King said when his family bought its home in 2005, the loan was from First Franklin and later sold to Wells Fargo. He said Wells Fargo has since sold the mortgage to Bank of America. King said he is up to date on payments to that bank.

"At one point, we were behind, but that was years ago, at this point," King said. "This was just a misunderstanding."

 
 

 

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