Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Bank repossesses NBA millionaire's home

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
Newsjock Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:20 PM
Original message
Bank repossesses NBA millionaire's home
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-repossess...
Printer Friendly | Permalink |  | Top
DainBramaged Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:26 PM
Response to Original message
1. Banks are pigs
Printer Friendly | Permalink |  | Top
 
dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:28 PM
Response to Reply #1
2. The guy makes 10 mil a year and cannot afford a mortgage?
Printer Friendly | Permalink |  | Top
 
DainBramaged Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:31 PM
Response to Reply #2
3. The bank refused a short sale, banks are pigs
Edited on Mon Apr-04-11 07:32 PM by DainBramaged
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.
Printer Friendly | Permalink |  | Top
 
cui bono Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:41 PM
Response to Reply #3
5. His annual income is far more than the amount of his loan!
Edited on Mon Apr-04-11 07:42 PM by cui bono
Why isn't he paying?

p.s. Banks are still pigs.
Printer Friendly | Permalink |  | Top
 
onethatcares Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:32 PM
Response to Original message
4. we should cut his income taxes
and give him free healthcare. This is a poster boy waiting to happen.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon Oct 20th 2014, 11:27 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC