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Wednesday, July 23rd, 2014

Allen Iverson Ignores His Mortgage, Owes $2.5 Million on Mansion



C’mon, man.  We talkin’ about a mortgage.  How important can it really be to pay your bills, anyway.  It looks like former Denver Nuggets superstar, Allen Iverson, puts as much importance on making a mortgage payment as he did getting prepared for a game.  According to the Denver Post:

Iverson, who bought the 6,848-square-foot six-bedroom, nine-bathroom spread for $3.875 million in January 2008, let the property in the Buell Mansion subdivision slip into foreclosure on an outstanding balance of $2,572,914 owed to Wells Fargo Bank, according to a Notice of Election and Demand for Sale filed Feb. 28 in Arapahoe County.

So, how long did Iverson actually pay on the is house?  Six Months?  The guy literally walked away from 2/3 of the price of the house.  Honestly, this looks like Iverson never intended on actually paying for it in the first place.  But then, you’d expect that from a guy like ‘AI’.

He’s still responsible for attorney’s fees, closing costs and default interest.  But I’m sure it made more sense to walk away from it all than to keep paying 35 grand a month for a house in which he didn’t even live.

Iverson should still have plenty of money, unless he spent it all in Turkish bath houses over the past couple of years:

Meanwhile, Iverson reportedly is convalescing in the United States due to a calcium deposit in his right leg. Iverson was playing with Besiktas of the Turkish League after failing to receive an offer from a National Basketball Association team.

The problem with millionaire sports figures pulling moves like this is that it looks bad for hard-working, middle-class people who have to do the same thing in order to feed their families.  Then again, one could argue that if wealthy people are doing it, the average American family should get serious consideration regarding home loan restructuring.

What am I saying?  This is America.  If you’re rich and famous, you exist above the plight of the ‘average’ American.  Just ask AI.

[PhotoSource: Black Sports Online]

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