Pro Bowler and former Tennessee Titans running back Eddie George and wife Tamara are desperately trying to keep their million-dollar home off the auction block.
George just learned recently that the house in Nashville is set for auction on Thursday, June 7.
According to the Tennessean newspaper, the Georges had been seeking a loan modification on their mortgage for several months, with their house no longer having the value of what they paid for it. Like many Americans who are struggling being “upside down” on their home’s value, the George’s are finding it difficult to get the help they need.
The George’s accountant Larry Goodman said he’s been working on behalf of the couple and thought an agreement had been reached with the lender, IndyMac Mortgage–but that was not the case. Goodman said he submitted more paperwork for mortgage modification three weeks ago, and had been optimistic, but was never informed that foreclosure proceedings had begun.
While Goodman acknowledged he may have to file a judicial motion to postpone the auction, he’s also aware that the George’s stopped paying their mortage (which they were current on) when the bank first decided not to approve their loan modification.
The Georges bought the 8,500-plus square foot house in a Nashville suburb in 2007 for $1.6 million. It was on the market for $1.1 million a few months ago, the paper reported. Goodman said he submitted more paperwork for mortgage modification three weeks ago, and had been optimistic, but was never informed that foreclosure proceedings had begun.
While many people may not be as sympathetic to the “struggling” millionaires, what is clear is that if you own a home, chances are it’s now worth far less than you paid for it. It would seem that the banks, whom the American people bailed out would do more to make the loan modification process more simple for the millions of Americans who are struggling to hold on their American dream.
Your Jersey Girlfriend,