Posted Apr 06, 2011 07:26 pm CDT
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.