Bank Takes Mayor of St.Catharines home
The Mayor of St.Catharines says his personal life is not affecting his job.
The city is buzzing after an article in the St.Catharines Standard revealed Mayor Brian McMullan's west St. Catharines home was seized in mid-April by the Royal Bank.
The property on Fifth Street was bought in 2000 by the McMullans for 220-thousand dollars.
Renovations to the home started right away.
The Mayor says at one point they had considerable equity in the house.
Then in November 2010 the bank had provided McMullan a 750-thousand dollar mortgage.
Real estate records show that a week later the couple took out a 100-thousand dollar mortgage from a private citizen as well.
The 24-acre property has been on the market for about 18 months and was originally listed at over a million dollars, but the price has dropped to about 725-thousand dollars.
When asked by the Standard if the bank took action because of the McMullans’ failure to make mortgage payments, the mayor responded that you could say it was a failure, or a decision.
He also said allowing the bank to sell the home is a legal process that is not uncommon.
McMullan told the Standard that everybody has challenges in their life, whether it be financial or health, and he looks at this as an unfortunate challenge.
He says it will not affect his job as Mayor.