Bank Foreclosing On Lt. Governor’s Springdale House
Lt. Gov. Mark Darr’s late house payments caused a local bank to file a foreclosure lawsuit in Benton County on Wednesday.
Darr and his wife borrowed $299,700 in home loans from Signature Bank of Arkansas in 2008 for the couple’s Springdale home. The Darrs missed four months of house payments, though, and still owe the bank an outstanding amount of $285,000, according to the suit, obtained from the Benton County Circuit Clerk’s Office.
The monthly payments for the 30-year loan ranged from $1,448 to $1,818. The lieutenant governor’s base salary is $42,219. The loan terms specified Darr was to pay $537,179 by the end of the loan period, according to circuit clerk documents.
Darr’s term ends in January 2015. He is a licensed insurance agent and the co-owner of The MAD Pizza Company in Rogers.