News / Law
Football Star Terrell Owens Losing Two Properties to Foreclosure
Just because a person makes $80 million playing pro-football doesn't mean they are immune to the current foreclosure crisis.
Terrell Owens, star wide-receiver, will lose two of his Dallas condominiums to foreclosure, according to RealtyTrac, an agency that tracks foreclosures. The up-scale condos located just three miles apart will be auctioned on March 3rd.
Sports figures like many other people, who must hire a foreclosure attorney, fall on hard times. According to the Huffington Post, three-fourths of football players lose their fortune within two years after they retire. Sixty percent of NBA players lose their fortunes within five years of retirement.
Owens revealed in a GQ feature that he lost the majority of his fortune because of bad investments and high child support payments. He stated that the high mortgage payments on multiple properties can no longer be sustained. He sold a property on New Jersey for half of its worth and has put an Atlanta area home on the market.
Further exacerbating his financial situation, Owens has been moved around from team to team and has been unemployed since last year due to a knee injury.
Owens isn’t alone; over 1.4 million people are in need of a foreclosure lawyer and in the process of defaulting on their mortgage loans. Medical problems and unemployment contribute to the rising number of foreclosures and people, who are facing these obstacles, can hire a foreclosure attorney to help them fight for their homes.
