Bank repossesses NBA millionaire's home

[Newsjock]

Source: Sacramento Bee

A bank has repossessed a Rocklin home belonging to former Kings basketball star Kevin Martin after failing to reach an agreement with him on a short sale.

Martin, who will earn $10 million this year playing for the Houston Rockets, has been in default on his $1.5 million home loan since June, according to Foreclosures.com.

... When the bank first issued a default notice on the home, Martin's attorney, Michael Hackard, said a foreclosure was unlikely and his client "wants to do the right thing. ... He's not walking away. We've got a certain dispute with the lender."

Hackard said Monday that Martin's lender refused to approve a $941,000 short sale on the property, though Martin offered to pay an additional $50,000 to bridge part of the difference between the sale price and his outstanding loan.

Read more: http://www.sacbee.com/2011/04/04/3527601/bank-repossesses-former-kings.html

[DainBramaged]

1. Banks are pigs

[dixiegrrrrl]

2. The guy makes 10 mil a year and cannot afford a mortgage?

[DainBramaged]

3. The bank refused a short sale, banks are pigs

On edit

1) Hi, hope you are swell

2) so they hope to get paid via mortgage insurance, lose money, and risk damage to the property while it is unoccupied.


Banks are pigs.

[cui bono]

5. His annual income is far more than the amount of his loan!

Why isn't he paying?

p.s. Banks are still pigs.

[onethatcares]

4. we should cut his income taxes

and give him free healthcare. This is a poster boy waiting to happen.