Peoples Bank of Westville, Oklahoma, has filed a foreclosure suit against Fayetteville developer William Lazenby.
In the lawsuit, filed by attorney William Mayo of the Mayo Law Offices in Bentonville, the bank alleged that Lazenby has defaulted on a mortgage loan that dates to October 2000. Lazenby borrowed more than $194,000 to purchase a 1-acre lot at 2651 N. Westminster Drive in Fayetteville.
Lazenby built a 2,185-SF home on the site in 2001. Lazenby transferred the property to his Irene 2 LLC in November 2013, and he extended the mortgage with Peoples Bank in September 2015.
Peoples Bank alleged that Lazenby owes nearly $130,000 on the mortgage and filed foreclosure to recover the balance along with penalties and fees. The bank also requested its suit against Lazenby be placed ahead of a long list of other entities that may have an interest in the property, including Ridout Lumber Co. of Searcy; IberiaBank of Lafayette, Louisiana; Merchants & Planters Bank of Newport; Arvest Bank of Rogers; and the Washington County tax collector.
All the entities listed in the suit have won default or consent judgments against Lazenby or have property tax claims.
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