Lakeville Country Club has new life. Immediately before the Massachusetts course was to go to foreclosure auction Wednesday, owner Gary Mosca reportedly worked out a deal to forestall foreclosure by Morgan Stanley Financial Services.
“Forebearance [sic] agreement between Mortgagee and Mortgagor,” Justin Manning, president of JJ Manning Auctioneers, which was to hold the auction, said in an e-mail. “No further info at this time.”
A mortgage forbearance agreement is a pact between a mortgage lender and delinquent borrower that keeps the former from foreclosing on a mortgage if the borrower agrees to “a mortgage plan that will, over a certain period of time, bring the borrower current on” payments, according to investopedia.com.
In this case, Mosca reportedly has a year to fulfill his end of the bargain, according to a source familiar with the situation. Mosca and a Morgan Stanley representative were unavailable for comment about the specifics of the agreement.
Morgan Stanley holds a $5 million mortgage on the 180-acre, 18-hole course, which gained national renown in 2009 when vandals etched a hate message into the 18th green. Town assessors estimated the value of the facility, including a clubhouse and pro shop, at $4.6 million.
(Emily Kay is a regular contributor to New England Golf Monthly. Check her out on the Waggle Room, Boston Golf Examiner, National Golf Examiner, and GottaGoGolf websites. You may also follow Kay on Twitter @golfexaminer.)WHAT'S YOUR REACTION?