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House where Crisp is staying falls into default
| Wednesday, Aug 27 2008 7:33 AM
Last Updated: Wednesday, Aug 27 2008 7:14 AM
The Southern Oaks house where David Crisp has been staying in recent months — after the once high-flying Realtor lost all of his own properties to foreclosure — fell into default Tuesday, county records show.
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The property at 9808 Fitzgerald Drive is owned by real estate broker David “Ty” Stewart.
“I’d like to keep it if I could,” Stewart said, “so I don’t have to evict a tenant who can’t pay rent.”
Crisp was still living in the house as of Tuesday. Monthly payments are $4,500, Stewart said, and the interest rate is 12.5 percent.
The house is also worth $200,000 less than Stewart bought it for, he said, because of the declining market.
“I’m just a victim” of the down economy “who’s struggling like everyone else,” he said.
Stewart bought the house in August 2006 for $629,000, county property records show.
A pair of “piggyback” loans from SunTrust Mortgage Inc. provided 100-percent financing.
Tuesday’s default notice referenced only the primary loan for $503,200.
Lenders typically lose everything on the second loan, in this case $125,800, if the mortgage fails.
A default notice is the first legal step in a possible foreclosure.
The property was listed by Crisp & Cole Real Estate, Crisp’s former company, when Stewart bought it, listing records indicate. Stewart was the listing agent.
Stewart, who works at RE/MAX Magicon New Stine Road, is also listed as the supervising broker of Crisp Real Estate Inc. on the state Department of Real Estate’s Web site.
Crisp Real Estate’s only sales agent is David Crisp, the department’s records show.
Crisp and his former partner Carl Cole are targets of a federal investigation that prompted FBI and IRS agents to raid of 13 local sites last September. No charges have been filed in that case.
The pair also went through an administrative hearing that ended earlier this month to determine whether their real estate licenses will be revoked, as state regulators want.
Results of the license hearing will likely not be finalized until October or so, state regulators estimate.