Former child star Lindsay Lohan’s mother Dina is set to lose her home on Long Island, New York, as a result of foreclosure. While actress Lindsay has come to her mother’s rescue previously when she has suffered money troubles, it looks like she may not step forward this time around.
According to reports, the home was purchased for a price of $650,000 13 years ago. However, Dina then took out a $1.3m loan on the home, which was there Lindsay, 30, and her siblings Michael Jr., 28, Ali, 22, and Dakota, 19, grew up. According to court documents, JPMorgan Chase Bank took action against Dina, 54, three years previously for defaulting on her loan payments.
That suit said that Dina had not met the conditions of the loan she had taken out, by “failing to pay portions of principal, interest or taxes, assessments, water rates, insurance premiums, escrow and/or other charges.” As she is still in the home, it would suggest that at that point a payment agreement was worked out with the bank.
Back to court
However, the bank has gone back to court, demanding foreclosure and that the house be put up for sale. The home is a Colonial style house with 4,119 sq ft of space and a swimming pool. Dina has not appeared in court and the judge has given the bank the right to foreclose and then hold an auction in order to sell the home and recoup its money.
The property is understood to be worth just shy of $900,000, much less than the loan which was taken out on it. According to reports four years ago, Parent Trap actress Lindsay had helped her mum by giving her $40,000 to stop foreclosure. However, it looks as if Dina, who has recently made a name for herself as a reality star, has not kept up repayments.