: MediaTakeOut.com just received some DISTURBING news. Former NBA baller Latrell Sprewell appears to be broke!! According to the NY Daily News, his 3.3 acre New York mansion is getting foreclosed. Latrell apparently owes $1.6 million on his mortgage and he ain't pay on it since 2008.
So why didn't the bank foreclose earlier?? Well word is that the home, which Latrell bought in 2000 for $2.3 million has since appreciated to $5.3 million.
He'll be aiightbu this was kind of stupid. "They offered me 3 years at $21 million. That’s not going to cut it. And I’m not going to sit here and continue to give my children food while this front office takes money out of my pocket. If [owner Glen] Taylor wants to see my family fed, he better cough up some money. Otherwise, you’re going to see these kids in one of those Sally Struthers commercials soon."
The recession's affecting everyone from regular folks to celebs..times are hard..hope he manages to save his home..What I do find amusing is how celebs manage to get away with *** such excessive amounts of backed mortgage or taxes? Only in rich ppl's world this happens..Best of luck to him as well as many others finding themselves in tight financial dilemas
He may or may not be broke, but there are many people who can AFFORD their homes and are still walking away. If you paid 350k for your home and its only worth 150k now, would you continue to pay on it??? It is called a strategic foreclosure, a business decision. White folks are doing it in droves. Dont believe the hype when it comes to this so called making homes affordable program. Many will not qualify anyways. My advice to home owners losing their homes; stay in there until the sheriff puts the padlock on the door. That can take anywhere from 18 - 24 months 2 be evicted. Live mortgage free.
dont believe this
if the property is worth 5.3 milly why not refinance to help yourself outta this tight spot, get a broadcastn job with espn like so many other of your retired compatriots to make some new money to handle your debts.
i know the leagues overseas is hiring exceptional players - go to a few tryouts bro
For all the future NBA Draft Picks especially those who will come from the inner city's across America having never seen such large pay checks in their lives go get a certified financial planner,take a business class,don't feel like everybody you know including family and friends hopes and dreams are now your responsibility to make come true, and treat yourself but don't lose yourself try to stay grounded and not overspend, because a poor man can become rich and a rich man can become poor. 4u2.com
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This is going to be Soulja Boy soon. He only rents & don't own. Then, he invest poorly by buying his father an expensive car. SMH Now, I could see if he's leasing it for 3 yrs for his father to enjoy the experience driving such a car, but to throw away all of his cash as if the gravy train has no end is just a slave, ghetto mentality. It's the Dave Chappelle comedy where white folks R laughing at poor blacks with instant wealth who can't wait 2give them back the $$ fast enough.
My black brothas and sistas, if you want know what it is live ignorant read "hoeboe" comment. This is what they want yall to do. Yeah, just dont pay the mortgage because even though its a legal contract, its not your fault that you bought a house that you cant afford and since your not living in it, theres no problem with defaulting. Ok, here is the truth behind the lies. Once you stop paying for the house you will go into foreclosure, once that house is lost your credit report will take a major hit for at least 7 years. So if your fico score is 650 to 700 you will fall around 600 to 550
Once your credit is hit it will affect everything from getting a good job to getting a *** phone. There are haters of our race on MTO saying this is black people are this or that, but let me tell you there are just as many whites dummies losing their homes as well. Believe me when I say ignorance is not only manifested in the our race. Long story ***, pay your what you owe and stop making excuses.
I was a big Latrell Sprewell fan but he was very dumb for turning down that offer from the Timberwovles. 21 million for three years my dude and he was 36 or 37 at the time. He should have took that an ran. His exact quote ( I can't feed my family off of that) some NIGG*RS WILL NEVER LEARN. BROOKLYN ALL DAY EVERYDAY!
If yall think that the 21 mill contract that he turned down would have salvaged his money problems then yall are just as dumb as he is. If he would have gotten that contract he would have bought more bentlys, more yachts, and created more liabilities, while not maintaining his assets like his home. More money is like pouring gas on a fire to someone with money ignorance!
