A California condo owner who says he’s not going to pay for a second condo when his home gets foreclosed has filed for bankruptcy.
Timothy D. Tumminello, 70, of San Rafael, says he has a $2 million loan and owes $831,000 in rent and utilities.
He’s filing for bankruptcy in California because he can’t make payments on his mortgage and cannot pay for water and sewer.
He said he owes about $1 million in water and $500,000 to utilities.
Tumminellos attorney, Mark W. Smith, told the Sacramento Bee that the condominium board of directors has agreed to the request and will give Tummines request for emergency liquidation.
The board of the Condominium Association of California says it will consider Tum minello’s request on Jan. 11.
Tummillos attorneys say he was paying about $400 a month in rent for his two-bedroom apartment.
He said he had about $600 in his retirement account and about $50,000 saved up in his savings.TUMminello told the newspaper he has two young children and hopes to have enough money to retire.
He told the Bee he’s trying to save up for a house that he’ll have a good future for his children.