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Bank Foreclosing On Tampa Councilman's Condo

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By CHRISTIAN M. WADE | The Tampa Tribune

Published: March 18, 2009

Joseph Caetano

TAMPA - City Councilman Joseph Caetano's financial woes continue to escalate.

The bank that holds the mortgage to a condo he owns in the Equestrian Parc Highwood Preserve has begun foreclosure proceedings on the property, seeking about $140,000 from the New Tampa councilman, including the loan principal and unpaid interest.

Caetano bought the condo in 2006 for $175,400, according to the Hillsborough County property appraiser, and apparently made his last $957 monthly payment in October.

He couldn't be reached for comment Wednesday.

The foreclosure adds to the financial problems for the first-term councilman.

In November, he filed bankruptcy for his Tampa Palms Bostonian Hair Studio & Day Spa, and documents filed in a federal court show that his business has outstanding liabilities between $100,000 and $500,000 with listed assets of less than $50,000.

Several creditors are seeking about $180,000 from Caetano's business, including more than $53,000 in rent to the owner of the shopping plaza where his salon is located.

Money problems also forced Caetano – who just two years ago reported a net worth of about $1.6 million – to sell another salon and a coffee shop, Java Joe's, in City Plaza.

Caetano, 75, was elected in 2007 to represent New Tampa. Council members are paid $40,000 a year.

Caetano also owns a home in the Grand Hamptons, assessed at $156,866, and the home where he lives in Tampa Palms, assessed at $583,296, according to county property records.

The Boston native also has been embroiled in a legal battle over $4,800 in unpaid bills with Comfort Keepers, a company that provided home care services for his ailing wife.

In January, a Hillsborough County circuit judge ordered him to pay the outstanding debt.

Despite that, Comfort Keepers owner Bob DiRamos said Caetano hasn't paid him yet.

"We've called and asked him for the money," DiRamos said. "But he declined."

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