Lender sues Ed McMahon, saying he defaulted on loan
Mortgage troubles continue to bedevil Ed McMahon, the former sidekick to Johnny Carson on “The Tonight Show,” who has been battling to fend off foreclosure of his Beverly Hills home.
A Huntington Beach lender has sued McMahon to recover a $250,000 loan it said McMahon had failed to pay back, along with interest and legal costs.
McMahon secured the loan with his house.
In July, he was sued by his former lawyers for $275,167 over payment of a legal bill. McMahon had already failed to make payments on $4.8 million in mortgages with a unit of Countrywide Financial Corp., prompting the lender to issue a default notice -- the first step in foreclosure -- in March.
In a June interview on CNN’s “Larry King Live,” McMahon was asked what happened. “If you spend more money than you make, you know what happens,” he said. “A couple of divorces thrown in, a few things like that.”
Westmoore Lending filed a suit Monday in Los Angeles County Superior Court claiming that McMahon and his wife, Pamela, borrowed $250,000 in July 2006 and later defaulted.
Loan documents in the suit show that the McMahons were to pay $3,125 a month for the first five months of the loan, then make a final payment of $253,125. The annual interest rate was 15%.
McMahon spokesman Howard Bragman said of the suit, “We’re not able to comment. We haven’t seen it.”
McMahon’s home is listed for sale at $4.6 million. Attorneys for Westmoore were not available to comment.
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