North Miami Mayor Andre Pierre has spent the better of his term dealing with economic issues in his Northeast Miami-Dade city.
He’s also facing economic woes on the home front: Records show that Bank of America is seeking to foreclose on Pierre’s house, according to court documents filed on Feb. 20.
In 2003 Pierre and his wife Bernadette bought the three bedroom, two bathroom home at 2125 NE 121st St, for $353,000, according to the Miami-Dade County Property Appraiser’s Office.
Pierre, who is a lawyer, said he was not aware that the bank was looking to foreclose on his house and he is currently negotiating for a loan modification.
“It seems to me the banks don’t care about the people,” Pierre said. He said he stopped paying his mortgage when he realized his home was underwater. “If I can be negotiating with the bank and we are constantly on the phone trying to negotiate the best deal possible under the sun, then I can see how this is happening to ordinary folks.”
Pierre said when he bought the house he took out a 20 year loan of about $282,000. He said he was making monthly payments of roughly $3,250 on that loan. In November 2007, around the height of the real estate bubble, Pierre refinanced and borrowed $560,000 against the value of his home. He took out two loans, one for $417,000 and another for $150,000.
He said he took out the loans to make improvements to his 1975 one-story home, such as fixing electrical issues, updating the air conditioner and replacing wood flooring.
At the time Pierre said he was making his monthly payment without any problems.
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