From the Portland Tribune:
The wave of foreclosures hitting Oregon and the nation isn’t leaving anyone untouched – even Gresham Mayor Shane Bemis is facing the prospect of foreclosure on his home.
In March, Bemis was issued a notice of default for a loan of $666,474 for his four-bedroom home at 4695 S.E. Deer Creek Place in the Persimmon Country Club area.Bemis told The Outlook on Wednesday that he has found a buyer for the 4,853-square-foot home and will avert foreclosure.
The mayor said that the sale of the home was required as one of the terms of his divorce agreement. Bemis, who bought the house new in January of 2007 for $834,250, placed the home on the market about a year and a half ago and lowered the price four times in the effort to find a buyer. Its latest listing price is $655,000.
“Given the deep recession and the housing bust,” Bemis said in a written statement, “we knew that it would be extremely difficult to find an interested buyer.
“Because I was not residing in the house, the financial burden of making payments for both the Persimmon house and my personal residence was unmanageable, and I became one of millions of Americans to face pre-foreclosure,” Bemis said.
A 21% price drop to move the home.