Apr
We Fall 
Failures
- Loss of Home to Short Sale or Foreclosure
- Loss of Egg Farm Business
- Loss of Retirement Funds
Nancy Merrill, the mayor of Eagle, Idaho from 2002 to 2006, and her husband, have lost their 4,646-square-foot home valued in 2007 at $1.2 million after failing to pay the $3,563.16 monthly amortization since October 2008. If their mortgage bank won’t approve their plan to sell their home through a short sale, the bank will sell the house in a foreclosure auction on May 29.
They Merrills mortgaged their home in 2000 to buy out their partners in a farm that supplies eggs to Albertsons supermarkets. They also used their retirement funds in the buyout. Due to increased operational costs and diminished profits, the business closed in 2007.
The Merrills have four children.
Source: Joe Estrella, author
Title of Article: Former Eagle mayor Nancy Merrill joins throng facing foreclosure
Website: idahostatesman.com
Picture: Dennis Jonas
Tags: auction, business, eagle, egg, failure, farm, foreclosed home, Foreclosure, idaho, loss, mayor, mayors
One Response to "Foreclosure or Short Sale — Mayor Loses Her Home"
July 6th, 2010 at 9:55 pm
[...] 51 percent of all homes sold statewide and accounting for 26 percent of the almost 233,000 foreclosure homes sold nationwide during the [...]