{Frankfort, Kentucky}...The foreclosed home of former University of Kentucky basketball star Richie Farmer has been sold at auction for $175,000. First National Bank of Manchester, which held the $317,929 mortgage, bought it and will put it back on the market. The sale price is less than the $250,000 appraisal. James Davidson, senior lender for First National Bank of Manchester, was the sole bidder. First National Bank of Manchester filed a foreclosure lawsuit in May against Farmer and his now ex-wife, Rebecca Farmer, for $317,929.22 plus interest. She filed for divorce in April 2011, and it was finalized in July. Richie Farmer agreed in the divorce settlement to be responsible for the mortgage payments. Court records indicate the mortgage has not been paid since January.Monday, September 24, 2012
Bank Buys Farmer's Home
{Frankfort, Kentucky}...The foreclosed home of former University of Kentucky basketball star Richie Farmer has been sold at auction for $175,000. First National Bank of Manchester, which held the $317,929 mortgage, bought it and will put it back on the market. The sale price is less than the $250,000 appraisal. James Davidson, senior lender for First National Bank of Manchester, was the sole bidder. First National Bank of Manchester filed a foreclosure lawsuit in May against Farmer and his now ex-wife, Rebecca Farmer, for $317,929.22 plus interest. She filed for divorce in April 2011, and it was finalized in July. Richie Farmer agreed in the divorce settlement to be responsible for the mortgage payments. Court records indicate the mortgage has not been paid since January.