Orange County choppers foreclosure: true or false
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 Corporation, 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.
- Orange County Chopper.
Lately the drama on ‘American Chopper: Senior Vs. Junior’ has centered on the two warring Teutuls.
But now it seems Paul Teutul Sr. may have another enemy – The bank. There are OCC foreclosure rumors swirling around the web this morning. Is Orange County Choppers in foreclosure? Is OCC bankrupt?
It’s certainly been a difficult time for a luxury business like Orange County Choppers and Paul Jr Designs, as people are less likely to indulge during a recession. But whether OCC is in foreclosure is very uncertain.
Initially people thought the OCC foreclosure rumor was started from a Huffington Post article that referred to the Office of the Comptroller of the Currency (get it – OCC). But then this morning another article came out suggesting that in addition to the Orange County Choppers lawsuit between Paul Sr. and Jr., the OCC foreclosure is very real – OCC missed payments totalling $100.000 last year. I’ve never heard of the web site that printed this article, though, so I’m not sure about the credibility.
The Internet is buzzing with chatter about Orange County Choppers & a supposed foreclosure. This a prime example of why you can’t trust everything you read on the web.
According to an article on Huffington Post titled Key Senator Urges Obama To Push Foreclosure Relief In State Of The Union, “The FDIC has been pushing to impose new requirements on the operations of those divisions, which are known as mortgage servicers. The agency has been engaged in heated negotiations with other regulators at the Federal Reserve and the Office of the Comptroller of the Currency (OCC).”
People – The OCC is not Orange County Choppers, it’s the Office of the Comptroller of the Currency (OCC). Sounds funky and official, and I highly doubt they cruise around in choppers.
I’m sure Orange County Choppers is safe… Don’t let it keep you up at night.
Update – Maybe it is real! Check out this article I just found: Orange County Choppers’ HQ faces foreclosure.
Aaron Schoenberger,
The Brainchild Group.
Aaron Schoenberger is Founder of The Brainchild Group — a world-renowned Internet marketing agency that specializes in Social Media Marketing and Search Engine Optimization (SEO). He’s known for his work with celebrities, top restaurants, automotive manufacturers, professional athletes, educational institutions, luxury brands and Fortune 500 companies.