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.