The Bay City (Mich.) Country Club is headed for a foreclosure sale, according to a legal notice that says the sale is scheduled for February 13, 2009. But a spokesman for the private club said in an article in The Bay City Times that it hasn’t been notified of any foreclosure proceedings and will remain operating.
“That’s the first I’ve heard of it,” said David Dean, the club’s General Manager. “They’re required to send us a certified letter, and I have not received one.” But, according to The Times, Dean admitted that mortgage troubles have been a problem for the club in recent months, and the lender has threatened to foreclose.
According to a legal notice published in The Bay City Democrat and The Bay County Legal News, the country club is in default on its mortgage of about $3.2 million. The notice identifies the lender as National City Bank, which assigned the mortgage in 2008 to Arizona-based Terra Marketing Inc., a property investment firm.
Dean said an attorney is representing the club in an effort to reach a “forbearance agreement” with the Arizona lender. That would forestall a foreclosure sale until the club can reach a repayment agreement.
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