U.S. Bank National Association alleges that Frehley stopped making mortgage payments on his Yorktown, New York home on March 1, 2011, according to lohud.com
The bank made a foreclosure filing on February 15th where they asked a court to order the sale of the property for the outstanding principal of $703,581.48 plus interest, late charges and other expenses, according to the report.
Frehley is also reportedly behind on his taxes. The report states that tax office shows that they havene't received a tax payment since December of 2011 and there is a tax lien for $5,131.61 for town and county taxes for 2011 and he owes $13,425.94 for unpaid 2012 county, school and town taxes.
The former KISS star took out the $735,000 mortgage in 2006 for the 2,441-square-foot home which sits on 3.01 acres. The property was originally purchased by Jendall Productions (named after Ace's fictitious home planet) for $650,000 in 2000 and ownership was transferred directly to the guitarist in 2004. The report does not state if Frehley actually lives in the home but they report that one of his companies, Max Cake Productions, uses the residence as its business address.