Indiana News

Indy Businessman Faces Foreclosure on Mansion

9/17/2010

Embattled businessman Tim Durham isn't making payments on his suburban Indianapolis mansion, and JP Morgan Chase has filed a mortgage-foreclosure suit.

The Indianapolis Business Journal and WISH-TV report Durham hasn't been making the $18,000 monthly mortgage payments. JP Morgan Chase filed the foreclosure suit last month in Hamilton County, saying Durham still owes the company $3.5 million on the mortgage.

JP Morgan Chase is asking a court to order the mansion sold through a sheriff's sale.

The FBI raided the offices of two Durham companies last year but no criminal charges have been filed. Durham's Akron, Ohio-based company Fair Finance Co. collapsed last year.

Durham's attorney has said his client believes he has done nothing wrong.

© 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

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