MANATEE — Legendary singer, guitarist and producer Rick Derringer and his wife are facing two foreclosure suits on their Ellenton home, court records show.
But Derringer says he plans to resolve the matter by obtaining a reverse mortgage.
“It’s a great location for us and we love it and we’re going to save it,” Derringer said Tuesday of the house in the Raintree Inlet subdivision.
Branch Banking & Trust Co. sued Derringer and his wife Brenda J. Hall in Manatee County Circuit Court on Sept. 20, contending they defaulted on a $46,000 credit line that Hall obtained in 2004. The loan was secured by the Ellenton property, which the couple purchased in 2003 and have declared as their homestead, property and tax records show.
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The bank’s suit contends it has not received any payments since March and is owed $45,119 in principal, interest and late fees. Deirdre Aretini, BB&T’s attorney in the case, said she could not comment because it is a pending legal matter.
On Sept. 28, BAC Home Loans Servicing sued to foreclose on Derringer and Hall’s mortgage on the Ellenton house. BAC, which is servicing the loan on behalf of Fannie Mae, contends the couple has made no monthly payments in 2010 and owes $242,366 in principal and interest.
Chandra Waite Dasrat, BAC’s attorney, referred questions to a West Palm Beach attorney who represents her employer, Shapiro & Fishman LLP. The attorney, Gerald Richman, said he did not have sufficient information to immediately comment on the case Tuesday.
Derringer, who legally changed his last name from Zehringer in 2007, is best-known for his hits “Hang on Sloopy” with The McCoys and “Rock and Roll Hoochie Koo” as a solo artist. He also has produced for Edgar and Johnny Winter, Weird Al Yankovic and others, according to his website.
Derringer said he, like many others, fell victim to the local real estate slump that has caused home values to plummet and foreclosures to spike in recent years.
“Anybody can be affected by this huge problem, even us,” he said.
Duane Marsteller, transportation/growth and development reporter, can be reached at 745-7080, ext. 2630.
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