Singer owes $1 million on Mendham Twp. property
Whitney Houston's $6 million estate at North Gate Road and Cross Way will be foreclosed on, unless the soon-to-be divorced singer comes up with more than $1 million.
Houston has until Jan. 4 to pay $ 1,043,106 to Mortgage Electronic Registration Systems, the service agent for Chevy Chase Bank, which holds the mortgage. The deadline was set by the Morris County Sheriff's Office on Tuesday.
County tax records show that the property, at 1 Cross Way, is the less valuable portion of Houston's estate. The assessed valuation for that portion is $889,300.
The adjacent property that Houston owns, 22 North Gate Road, is valued at more than $5.6 million.
Gayl Spivak, the attorney representing MERS, said Houston has two opportunities to delay the foreclosure date for two weeks.
She could choose to sell the house before the foreclosure date or pay the mortgage company. If she does neither, the house will end up in a sheriff's sale. (read entire article)