Mordechay Shahak and his six-acre Wellington estate don’t fit the profile of a homeowner caught between rising interest rates and a cooling residential market, but his lender is moving against the 9,080-square-foot house.
Shahak paid $2.3 million for the property with a large pond in December 2004. The property is for sale, listed at $4.9 million. If it sells, Shahak will need much of the proceeds to settle a foreclosure action filed by Zuni Mortgage Loan Trust in March for $2.8 million.
As foreclosures soar in a weakening residential market, Wellington has the dubious distinction of ranking No. 2 in the region in foreclosures by dollar amount. It has less than 1 percent of the region’s cases but still had more than $166 million, or 5.6 percent, of the foreclosure value, based on an analysis of regional foreclosure data by CondoVultures and the Daily Business Review.