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CHARLOTTE — The NASCAR Plaza is in default and could be in foreclosure in the near future.

Court documents show that the NASCAR Plaza management are months behind on their loan and the two lending institutions, Regions Bank and Wells Fargo, are attempting to collect on what is owed.

Wells Fargo Senior Economist Mark Vitner said the plaza's money woes are connected to a high vacancy rate within the building.

”In the early part of this building it was understood that a lot of NASCAR related businesses could consolidate their operations to the building at the NASCAR Hall of Fame but the recession hit NASCAR and all the businesses.” said Vitner.

Last month Regions Bank filed a law suit against Wells Fargo for not aggressively collecting the owed millions. In a letter to Wells Fargo dated in December, Regions Bank suggested foreclosing on the property.