Posted on 08/20/2014 6:12:51 AM PDT by SoFloFreeper
Dwyane Wade reportedly makes around $30 million a year -- his estimated worth is approximately $100 mil -- which makes it pretty shocking his $1.2 million Chicago pad is in foreclosure.
According to legal docs -- obtained by TMZ Sports -- Wade stopped making payments on the $225K mortgage ... the docs don't say how much he's behind.
(Excerpt) Read more at tmz.com ...
Ridiculous.
Someone ought to prosecute that bank for predatory lending practices. They probably lured poor Dwyane Wade into signing those documents.
Mortgages be’s racist!
He’ll be flat broke five years after he retires anyway. Might as well get a head start.
Wife got the house and legal responsibility for the payments
The mortgage amount is less than 20% of the estimated value. Is he willing to walk away from over 80% equity? Strange!
Has it been on the market and unsold? Has the value declined and is he more willing to be foreclosed than to take a loss? Again, strange!
Dwyane and then wife Siohvaughn lived in the house with their 2 kids until he filed for divorce in 2007. The divorce was extremely bitter ... he ended up getting custody. She lives in the house alone. Dwyane's attorney tells TMZ ... the basketball star finally reached a financial settlement with his ex-wife last year, and in addition to getting a huge payout, she got the home and assumed the mortgage payments. The attorney says Siohvaughn just stopped paying.
The lawyer adds Dwyane has no further responsibility, but it seems likely he signed the mortgage papers in the first place so, as they say, tell it to the bank.
So apparently she is trying to milk him for some more money.
Would be interesting to see how much he gave to obama in campaign contributions.
“Obama gon’ pay my mortgage.”
Sounds like a pretty misleading article.
Thanks for the clarification.
Is his name still on the papers?
Seems to be the case.
I was stupid in trusting the media. :)
What should have happened..given that he gave her such a huge cash settlement..was that it be reduced by the amount of the mortgage debt at the time..and the mortgage paid off..
Slightly sloppy lawyering, IMHO
SIOVAUGHN?????
Not referring to you, of course! lol
It’s hers per the divorce decree
Here is the way it works legally
It is her house and per the decree she is responsible for the payments
however, they are both on the mortgage (unless she refinanced in own name which I doubt)
so mortgage co can get judgment for deficiency against them both
any money that he ends up paying, he sues her for under the decree and she can be held in contempt for failing to make the payments. (However she is most likely judgment proof)
if she couldn’t afford it, she should have sold it, paid the mortgage and bought something she could afford
I wouldn’t say he’s completely off the hook. I think its immoral when judges do this. They ‘give the house’ to the one spouse, even though both spouses have their names on the loan.
The judge should order that either the one spouse applies for his/her own mortgage...and if that is not possible, liquidate the house and split any proceeds.
Anyway, Wade’s name is apparently still on the note...so this hurts his reputation, credit score. And, if he were underwater on it, he may be liable for the difference after the sale....including being liable for penalties and late fees racket up by his ex-wife.
Myself, I would do exactly what Wade is doing - which is pay nothing that might prolong this problem. So I don’t disagree with that approach - but he will be impacted in the end.
yep, like he said
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