Court documents show that Mayfield and his wife, Shana, took out a pair of mortgages on their home and 455-acre property with Carolina Farm Credit on July 28, 2006; loans totaling $3,127,500. They made regular payments on the loans for approximately three years, but fell into default after Mayfield was suspended from NASCAR for failing a drug test in May of 2009. Approximately $2.4 million in principal is still owed on the mortgages, along with an additional $392.40 in daily interest charges amounting to some $334,700.
Foreclosure proceedings began in December of last year, and Mayfield’s property is scheduled to go on the auction block at the Catawba County Courthouse in Newton, NC, on Monday, April 30. Mayfield disputes the specifics of the case, telling reporters, “those numbers ain’t right” and claiming he is “working on something” to save his home from the auctioneer’s gavel. If he is unable to pay the outstanding debt by April 30, Mayfield must vacate the premises by May 10.
Mayfield also faces multiple felony charges related to a November raid on his home by Catawba County Sheriff’s Department Deputies that uncovered 1.5 grams of methamphetamine, a cache of firearms and thousands of dollars in stolen goods. He is due back in court on those charges June 25.