when you earn 10M$ per yr and the house is only worth 1.6M$? This must be a fucking joke. Maybe it's a mis-print, should be 16M$SACRAMENTO, Calif. (AP)—NBA player Kevin Martin(notes) has defaulted on mortgage payments on a house in California.The Sacramento Bee reports that Martin owes about $44,000 in late payments and received a notice of default—the first step in a possible foreclosure. He bought the 5,000-square-foot home in Rocklin for $1.9 million in July 2007.His attorney says Martin has no intention of walking away from what he owes but is in a legal dispute with the lender as he pursues a short sale on the property.The home is currently listed for $1.1 million. A short sale means if someone buys the home at that price, the lender could take a loss.The Sacramento Kings traded Martin in February. He currently plays for the Houston Rockets and will earn $10 million this year.
Sounds like he took a loss on his investment and he walked away from it.
lets do this again...coach. i bet all his fucking cars and jewelry are paid. at his income level...that house should have been a cash purchase just over $1M.
Yep, no use in paying 2 million plus interest for a house that's only worth 700k. That's why a lot of people are defaulting on properties. walking away from their agreed upon responsibilities like punks.
His could be an investment property that didn't work out.G, people do this all the time..I bought a condo that didn't work out.I tried working with the bank to do an adjustment but they said no because my payments are up to date.Currently I am working on buying a 3 unit house, then I night walk away from the condo and take the hit on my credit score
sure. most athletes loose their primary property.i must be missing something here...given my folks are immigrants. if i buy a 1.7M home at "say" 1.3M cash and the market re-adjusts its' value at 1.1M...i'm down 200K..but the market will recover. anyway...i still have 1.1M of my money tied up in an appreciating asset vs tats, cars, clown jewelry, etc. what are guys going to tell me when this assclown is another broke baller? i'm not buying this investment property thing. even as an investment...how the hell are you going to rental a single family home in farm land Sacramento consistently?
Yep, no use in paying 2 million plus interest for a house that's only worth 700k. That's why a lot of people are defaulting on properties.
wtf are you talking about vince? at this guy's level that home is paid in 1-3 payments. these clowns cant even buy a 350k house for their parents without a mortgage. but in some way they have a ferrari, 2 bentleys, a tricked out rover and jewelry which are all paid when the money is gone and the bank makes a calling for the real assets...property.
