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Jeremy Mayfield loses house to foreclosure

Observer Staff Reports
Tuesday, May. 01, 2012

Jeremy Mayfield was a successful NASCAR Sprint Cup driver when he bought a house and 440 acres for $3.1 million in 2006.

On Monday, that house was claimed by the mortgage-holder, Carolina Farm Credit, in a foreclosure auction at the Catawba County Courthouse. Carolina Farm Credit’s bid -- the only bid entered for the property -- was $1.725 million.

Mayfield, who faces a variety of criminal charges and has been suspended from NASCAR, could be required to pay about $600,000 -- the different between the foreclosure bid and what he owed on the property.

In the meantime, Mayfield and his wife Shana now have nine days to leave the property. Mayfield told reporters last month that he plans to move elsewhere, as soon as the auction was completed.

According to Catawba County court records, Mayfield last made a payment on the house in April 2011 and owes $2.38 million. The property has been assessed at $2.9 million.

Mayfield’s problems started in 2009, when he was suspended by NASCAR, which said he twice tested positive for methamphetamine use. A judge overturned an initial suspension, but a federal appeals court ruling reinstated the suspension in late July of 2009. Mayfield was charged again after a police raid last Nov. 1 at his house allegedly turned up stolen property. Authorities say they found heavy machinery stolen from nearby companies and equipment taking from a racing operation.

He faces 18 felony counts in connection with drug use and possession of stolen property. Mayfield was not able to be at Monday’s foreclosure auction because he was appearing at a different legal proceeding in Caldwell County on felony larceny charges. That case was continued.

Mayfield could be facing more debt, according to Catawba County Clerk of Court Al Jean Bogle.

Bogle told NewsChannel 36, the Observer’s news partner, "If the high bid does not equal the amount owed on the property, there is what's called a deficiency and the bank does have the option of suing Mr. Mayfield for the remaining owed.”

Carolina Farm Credit has not said if it plans to take that action.

Mayfield, 42, drove in 433 Sprint Cup races over 16 years. He had five victories.

NewsChannel 36 contributed


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