Zillow has the house listed for $1,899,000
The Zillow estimated value is $1,531,153
He also has a second mortgage with a bank that holds City of Pensacola deposits for up to $750,000.
The house has been for sale since before he was elected Mayor.
Questions that Should be Asked
- How many mortgages does the primary lender have that are beyond the term that it has allowed to just hang around untouched for 10 months since due date?
- If the mortgage says fully due and payable as of 10 months ago, has the Mayor's monthly payments gone to interest or principle, or have payments been made?
- Has the past due status been reported to the credit reporting agencies?
- Have other bank mortgages that are past due 10 months been given the same slack?
- How would state and Federal bank regulators look at this mortgage?
- How would the same regulators look at the second mortgage in light of the first mortgage?
- With the mortgage due and the house hasn't sold in 7 years, doesn't it need a new appraisal?
- Isn't some sort of principle curtailment appropriate on a refinance or interest only FOREVER?
- Will the Mayor be going to work for the Bank owners family after his term
Even if interest only the mortgage payment must be over $4,000 per month.