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Real Estate & Property Law

Lender Forecloses on NBA Player’s Home; Despite $10M Contract, He Likely Won’t Owe for Deficiency

Posted Apr 6, 2011 2:26 PM CDT
By Martha Neil

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When he was playing for the Sacramento Kings, it must have seemed like a good idea to Kevin Martin to purchase a California home for more than $1 million.

But, like those with lower incomes and less expensive houses, the Houston Rockets basketball star has just lost his to foreclosure, the Modesto Bee reports.

Although Martin offered to kick in $50,000 to persuade the lender to agree to a short sale at an asking price of $941,000, Aurora Loan Service demanded $500,000 and foreclosed when Martin refused, says his lawyer, Michael Hackard. Some $1.5 million was owed on the 5,000-square-foot home.

Because he bought the home with a purchase money loan, the lender reportedly is not expected to have recourse against Martin's personal assets even though he is thought to earn over $10 million annually. However, the foreclosure will damage his credit.

Hat tip: Placer County Homes and Land.

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