AZ Lawmaker Gets $100,000 Principal Reduction On His Mortgage!

Last night, KPHO CBS 5 reported that Rep. Carl Seel recently received a $100,000 principal reduction on his mortgage, just days before he was supposed to propose an amendment that would have helped homeowners facing foreclosure to get the information they deserve.  The amendment would have forced lenders to declare that there was a proper chain of title before foreclosing on a homeowner.  Apparently, on the day that the amendment was to be proposed by Rep. Seel, he decided not to show up on the senate floor, and the amendment was swept under the rug.  Why, you may ask?

You can watch the news video here.

I've done a little digging, and came up with a few "tidbits".  

According to Maricopa County Records, Mr. Seel purchased the home in March/2005 for $166,000.00.  In doing so, he borrowed $33,200.00.  In August/2006, it appears that he refinanced the loan, bringing the total loan balance from $33,200.00, up to $191,250.00.  According to the Notice of Trustee Sale (which obviously was cancelled), Deutsche Bank is the beneficiary.

Representative Seel also happens to serve on the Banking and Insurance Committee in the Arizona Legislature.  How convenient.

At the present time, there are 226 of Rep. Seel's constituents (in zip code 85023, which is also in his legislative district, and where his home is located) that have foreclosure dates scheduled for their homes.  Perhaps Mr. Seel can help them get the same deal he received?

Do you know of any homeowners that have received such a sweetheart deal?  It turns my stomach to read stories like this, and I hope voters remember this incident when he comes up for re-election.  Unfortunately, this is the only news station that has had the guts to report on this.  Then again, we as a society have become "numb" to this type of news, so it doesn't surprise me.

 

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Bob Hertzog

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Copyright © By Bob Hertzog 2011 *AZ Lawmaker Gets $100,000 Principal Reduction On His Mortgage!*