JPMorgan Chase has slapped embattled financier Tim Durham with a mortgage-foreclosure suit, and is asking a court to order his Geist mansion sold through a sheriff’s sale, reports Greg Andrews at IBJ.com.
The New York-based banking company said Durham stopped making payments this spring on a $3.5 million mortgage he took out in 2007. Because the mortgage runs 30 years, Durham had barely made a dent in the principal, despite required monthly payments of $18,329.
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