Tedesco at risk of foreclosure

The foreclosure crisis, with more than one million American homes put in proceedings last year, has ensnared one of Wake County’s more polarizing figures, school board member John Tedesco.

In court filings, Tedesco’s Garner home on Rock Fish Lane had foreclosure proceedings started against it on Jan. 4, according to public court documents found in the Wake County Courthouse. A May 4th hearing is scheduled at the Wake County Clerk of Courts office, with a foreclosure sale date on the courthouse steps taking place later in the month, on May 25.

Lawyers for Brock & Scott, a firm that handles a significant amount of foreclosure work in the state,  moved to foreclose on Tedesco’s home because of “failure to make payments of principal and interest” on the $217,500 mortgage he took out in 2007, according to copies of the foreclosure proceedings.

Tedesco, when reached by phone, said he’s been trying to get a loan modification through his servicer, Chase Manhattan, and that the filing of foreclosure papers at the courthouse is part of that process.

“I’ve been working with my lender through the home modification process,” Tedesco said. “And part of that process is setting a (hearing) date.”

He’s been out of work since April, when he left his position with Big Brothers Big Sisters of the Triangle. Tedesco said he’s been living off his savings, and began looking for a job three months ago now that he’s exhausted his savings.

For those who may have missed it, Tedesco’s been on the national radar a lot this month, including last night when Comedy Central’s Stephen Colbert took the new school board to task for their “disintegration” of Wake County schools.

“What’s the use of living in a gated community if my kids go to school and get poor all over them?” Colbert asked.

To see the segment, click here.

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