{Frankfort, Kentucky}...Former Kentucky Agriculture Commissioner Richie Farmer has put his Frankfort home up for sale a month after a bank filed a foreclosure lawsuit on the property. The eight year old house is assessed at $230,000. First National Bank of Manchester is seeking to foreclose on the property, saying no mortgage payments were made on the property since at least January. The foreclosure suit says the Farmers borrowed $321,561 from the bank in October 2004. In April 2010, the Farmers signed a promissory note with the bank for $307,192 at 5.75 percent interest. The loan was to be repaid in monthly payments through April 2017, followed by a single large, lump-sum payment. The former University of Kentucky basketball star served two terms as Agriculture Commissioner before waging an unsuccessful campaign for lieutenant governor in 2011 on a ticket with Senate President David Williams. The state attorney general's office and state ethics commission are reviewing an audit issued about Farmer's time in office. Frankfort attorney Guthrie True, who represents Farmer on the audit, has said the audit was politically motivated.Thursday, June 7, 2012
Farmer's Home Up For Sale
{Frankfort, Kentucky}...Former Kentucky Agriculture Commissioner Richie Farmer has put his Frankfort home up for sale a month after a bank filed a foreclosure lawsuit on the property. The eight year old house is assessed at $230,000. First National Bank of Manchester is seeking to foreclose on the property, saying no mortgage payments were made on the property since at least January. The foreclosure suit says the Farmers borrowed $321,561 from the bank in October 2004. In April 2010, the Farmers signed a promissory note with the bank for $307,192 at 5.75 percent interest. The loan was to be repaid in monthly payments through April 2017, followed by a single large, lump-sum payment. The former University of Kentucky basketball star served two terms as Agriculture Commissioner before waging an unsuccessful campaign for lieutenant governor in 2011 on a ticket with Senate President David Williams. The state attorney general's office and state ethics commission are reviewing an audit issued about Farmer's time in office. Frankfort attorney Guthrie True, who represents Farmer on the audit, has said the audit was politically motivated.