Seems it is true! The internet is buzzing about the OCC foreclosure...and seems it is true! According to surroundedme.com, the lender who had financed the Orange County Choppers' new headquarters located in Newburgh has filed a foreclosure action against the builder of custom motorcycles..
Why? They apparently missed July 2010 mortgage payments.
Orange County Choppers has two mortgages through GE Commercial Finance Business Property Corp., one for $11 million and one for $1.5 million.
The foreclosure action claims that the Choppers missed mortgage payments of approximately $96,400 and $14,000 due on July 1.
Yikes!!! Why did they miss the payments?
According to the website we said above,
The company stopped making mortgage payments in order to put pressure on the lender to modify the terms of the loans, according to Choppers’ lawyer Richard Mahon. Mahon said that when the headquarters was built in 2007, it was valued at about $12 million. Because of the economic downturn, the building is now worth between $7 million and $8 million, he estimated.
Oye Vey. Hopefully this will get resolved soon!