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Monday, July 11, 2011

Senator's property not foreclosed

CUMMING, Ga. — The property belonging to a state senator from Cumming was never foreclosed.

Sen. Jack Murphy (R-27) faced foreclosure in downtown Cumming July 5 on his one-acre property, 304 Tribble Gap Road.

Murphy, who serves as Senate Banking Committee chairman, is working out a deal with holders on the site, MultiBank 2009-1 CRE Venture LLC, according to news reports.

Murphy bought the property with a $228,000 loan with Integrity Bank in 2006, when he served on its board of directors.

Integrity failed in 2008 and was taken over by Regions Bank.

Murphy and seven others with the bank are being sued for $70 million in a FDIC lawsuit over Integrity's failure. Murphy says he did nothing wrong.

# posted by Brian Vanderhoff @ 9:07 PM

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Brian Vanderhoff's North Fulton Real Estate Blog: Senator's property not foreclosed

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Senator's property not foreclosed