Jamarcus Russell, the football player who was 1st draft pick in 2007 has failed to make mortgage payments on his 2.4 million dollar mansion. Russell signed a 68 million dollar contract with the Oakland Raiders but didn’t get much time on the field and was let go after poor discipline. During his three year tenure with the Raiders, Russell made 32 million dollars and bought his mansion but now he must sell the property unless he can pay off the back mortgage by June of 2011. He hasn’t played professionally since the team let him go in 2010.
Being unemployed have driven many people around the country into foreclosure proceedings and Russell’s problem shows that no one is immune to financial downturns. Making mortgage payments can fall to the wayside when people struggle to meet their everyday needs. This dilemma causes many to walk away from their mortgages with the guidance of a foreclosure attorney. No one wants to lose their homes but the recession leaves many people at a loss on how to keep their property, however a foreclosure attorney can offer viable solutions.
Unemployment is the leading cause of foreclosures and many people across the country remains jobless. Though the unemployment rate seems to be improving, but it is unlikely that the realty market is going to become stable in the near future. Home owners who fear foreclosure can successfully utilize a foreclosure lawyer to help in their time of need.
