In the winter of 2009, it was reported that the Orange County Choppers had two mortgage payments. Unfortunately, both of those payments have been missed. In November of 2010, GE Commercial Finance Property did file a foreclosure on Orange County Choppers. GE holds the note for both of the loans.
GE is maintaining that OCC failed to make a $14,000 and a $96,400 from July. Unfortunately, even if OCC pays their ungodly mortgage payment for July, they will still be behind next month with AugustÂ’s payment of the same outrageous amount.
Richard Mahon, the Orange County ChopperÂ’s lawyer, explained that the headquarters was in a renegotiation of their mortgage. John Oliver, the GE Commercial Finance spokesman, collaborated the lawyerÂ’s story.
Oliver would not comment on the Orange County ChopperÂ’s foreclosure, but he explained that the headquarters was indeed seeking to modify their loan. So, it sounds promising for OCC that they will not lose their headquarters due to lack of payments in 2010.
Â© Bella Rose 2011
Photo Source: Orange County Choppers Headquarters