Lender Forecloses on Michigan Campground

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June 4, 2008 by   - () Leave a Comment

Citizens Credit Union has taken control of Timber Lake Campground in Climax, Mich.
The campground owner, Ted Newman, told WWMT-TV, Kalamazoo, that rising interest rates and higher fuel and electricity costs forced him to fall behind on payments.
"We've had it for 22 years and we didn't get rich, I didn't want to, it would have been nice but I tried to keep my rates low enough for people that were on Social Security or a limited income," said Newman.
This foreclosure means Newman also loses his own home
There are several people who live there year-round. Between 17 and 20 families will now have to move.
Some residents told the TV station that Newman is behind on payments because he's cut so many of them a break on their costs.

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