Colver House foreclosure sale postponed

A foreclosure sale of the historic Colver House in Phoenix is postponed until Oct. 6.

The sale was set for Friday, but was delayed after fire destroyed the 153-year-old building late last Sunday.

No potential buyers came forward at the appointed time for the sale Friday morning at the law offices of Stark and Hammack in downtown Medford, where Larry Hammack announced the postponement, refusing to comment further.

The foreclosure moved ahead early this year after owners Jerry and Jennifer Greer failed to make monthly payments of $2,400 and $120 in late fees in the first four months of 2008 on a deed of trust they signed in December 2004, county records indicate. They also failed to pay property taxes and keep the property insured as the trust deed required, records at the Jackson County Clerk's office note.

The Greers' loan of $240,000 at 12 percent interest was from a rollover individual retirement account owned by Thomas Hamlin, with South Valley Bank and Trust serving as the custodian, Jackson County records show. The full amount is due to be repaid by Dec. 6, 2009. The default notice shows they owed $239,999.91 as of December 2007.

As flames licked through the historic building late Sunday, the Greers had to leap from a second-story window and both sustained broken bones.

Jennifer Greer remained in fair condition Friday evening at Providence Medford Medical Center. Jerry Greer, who served as Phoenix's mayor from 1994 to 1996, was in fair condition at Legacy Emanuel Hospital and Health Center in Portland.

Fire investigators have said the cause of the blaze is undetermined, and the case remains open.

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