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| A rebel rocker who is also the widow of the late poster child of grunge rock has been foreclosed on by the subprime unit of GE.
Judgment of foreclosure was found January 31 in favor of WMC Mortgage Corporation against Courtney Love. The widow of Nirvana frontman Kurt Cobain is burning creditor bridges from coast-to-coast. Her long line of outstanding debt includes a mortgage held by Woodland Hills, Calif.-based WMC on a mansion purchased reportedly for Cobain’s family. WMC, a subsidiary of GE Consumer Finance, filed a complaint October last year against Love, her mother-in-law Wendy O’Connor and John Doe O’Connor (husband and wife) with Thurston County Superior Court seeking judgment for the loan’s remaining balance, interest, legal and late fees totaling $367,836.49. Court documents suggest that the O’Connors either occupy the property or are claiming rights to the home located in Southwest Olympia, Wash. Love signed the deed of trust in June 2003 and has failed to make a payment since December 2003, documents said. The 30-year adjustable rate note filed in Thurston County shows a principal balance of $318,750 to be repaid at 8.25% and includes a second home rider as well as an arbitration rider. Love could not be reached for comment and her record company, Virgin Records, did not return phone calls or email. WMC spokeswoman, Brandie Young told MortgageDaily.com in an email that she could not offer comment on the foreclosure or the delinquency of the mortgage. WMC’s web site mission statement says, “The goal of WMC Direct is to provide the most flexible lending alternatives to our borrowers with real credit concerns including past bankruptcies, foreclosures and less than perfect credit.” Meanwhile, TheSmokingGun.com claims that there are loan documents recorded August 31, 2004, revealing that Mercury Capital Corporation granted Love a $3 million, two-year mortgage at ten percent, for a “4,200 square foot condominium located in the wildly popular Soho neighborhood of Lower Manhattan.” Love reportedly told Blender Magazine last May that she and her daughter, Frances Cobain, had been swindled out of about $40 million by a “fiduciary institution,” which may account for her current financial situation. According to court documents, Love will have the opportunity to bid on and buy back the 13-acre property. |
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Paula Parisot is a freelance writer for MortgageDaily.com. In addition to 4 years’ journalism experience at other news publications, Paula has worked in the mortgage industry. Email Paula at: realitycheck@klondyke.net |
