Even financial gurus like Tom Sullivan aren't immune to the foreclosure mess.
The longtime Sacramento investment adviser and commentator, who now works for Fox News, is attempting to unload his former Granite Bay home in a short sale after being threatened with foreclosure.
Sullivan and his wife, Caroline, have listed his five-bedroom, Mediterranean-style house on Wexford Circle for $1.15 million. They paid $2.5 million for the home in 2004 and took out a $1.6 million mortgage, according to Placer County property records and MetroList Services Inc.
Sullivan moved to New York in 2007 to become an anchor on the Fox Business channel.
In a written statement to The Bee on Wednesday, Sullivan said he's shared his personal real estate woes with his audience.
"I have talked about my house situation numerous times on the air for well over two years," he said.
The Sullivans missed their first mortgage payment last October, according to Foreclosures.com. The research firm says Chase Home Finance issued a default notice on the 8,200-square-foot home four months later, in February.
The default notice was the first step toward foreclosure. The Sullivans would avoid foreclosure if the short sale goes through, but all the proceeds from the sale would go to the lender, and the Sullivans would get nothing.
In a short sale, the lender lets the home sell for less than what's owed on the mortgage. But a lender can reject short-sale offers.
Sullivan, in his written statement, said he's presented "a number of offers from buyers to the bank and they have rejected them. At this time we are still submitting additional offers and (are) awaiting the bank's decision.
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