Heathrow Country Club, Lake Mary, Fla., has bigger problems than one bank trying to foreclose on it. A second bank—its primary lender—also has filed a foreclosure suit, and is asking a judge to liquidate not just the golf course but all its holdings: golf carts, bar stools, everything, reports the Orlando Sentinel.
Combined, the two suits put at $8 million the amount of mortgage debt that lenders say the country club has failed to repay.
The first suit was filed Sept. 10 by Branch Banking and Trust Co. It claims the companies that own the country club, tennis facility and a small number of other Heathrow properties have been in default on $3.9 million since July 14, 2009.
A second foreclosure suit filed last month by M&I Marshall & Ilsley Bank alleges that the country club has failed to repay more than $4 million.
Both suits ask a judge to appoint a receiver. BB&T also asks a judge to authorize the orderly sale of the company’s non-real estate assets.
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