Orange County Choppers Foreclosure? OCC Bankrupt Rumor

by NowPublic Staff | January 25, 2011 at 09:22 am

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OCC Foreclosure Rumour: Orange County Choppers Bankrupt? Separating Fact From Fiction

Despite all the rumors surrounding Orange County Choppers foreclosure - the rumored OCC foreclosure is just that - a rumor.

The story that OCC is bankrupt stems from a story in the Times-Herald Record from November.

The lender that financed Orange County Choppers' new headquarters in the Town of Newburgh has filed a foreclosure action against the builder of custom motorcycles, alleging that it missed its July mortgage payments.

Orange County Choppers has two mortgages through GE Commercial Finance Business Property Corp., one for $11 million and one for $1.5 million.

The foreclosure action claims that the Choppers missed mortgage payments of approximately $96,400 and $14,000 due on July 1.

Combine that with Paul Teutel Sr's lawsuit with son, Paul Teutel Jr. and it is clear that Orange County Choppers certainly has legal challenges and, like many American businesses, was hit by the mortgage crisis.

Now, that doesn't mean OCC won't go bankrupt or foreclose but apparently they have made subsequent payments on the OCC building.

The reason why the Orange County Choppers foreclosure rumor is gaining steam now is the TV show American Chopper is on Discovery Channel Monday nights.

The OCC bankruptcy issue was discussed on American Chopper and the OCC Facebook page was filled with OCC foreclosure chatter.