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dwyane wade chicago can be cold foreclosure imminent!
tmz.com ^ | 8/19/14

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 ...


TOPICS:
KEYWORDS: bills; chitchat; mortgage; nba; obamacult
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Why should friends of Obama be required to pay their bills?

Ridiculous.

Someone ought to prosecute that bank for predatory lending practices. They probably lured poor Dwyane Wade into signing those documents.

1 posted on 08/20/2014 6:12:51 AM PDT by SoFloFreeper
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To: SoFloFreeper

Mortgages be’s racist!


2 posted on 08/20/2014 6:14:22 AM PDT by Dr. Ursus
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To: SoFloFreeper

He’ll be flat broke five years after he retires anyway. Might as well get a head start.


3 posted on 08/20/2014 6:16:12 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: SoFloFreeper

Wife got the house and legal responsibility for the payments


4 posted on 08/20/2014 6:18:18 AM PDT by yldstrk ( My heroes have always been cowboys)
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To: SoFloFreeper

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!


5 posted on 08/20/2014 6:20:22 AM PDT by JimRed (Excise the cancer before it kills us; feed & water the Tree of Liberty! TERM LIMITS NOW & FOREVER!)
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To: SoFloFreeper

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.

6 posted on 08/20/2014 6:22:49 AM PDT by Robert DeLong (u)
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To: SoFloFreeper
Nothing to see here, seriesly. ;>)
In the divorce, she got the house and the payments on the mortgage. It's no longer his house, he's off the hook, she can't afford the payments so it's time for foreclosure.
7 posted on 08/20/2014 6:23:23 AM PDT by expat2
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To: SoFloFreeper

Would be interesting to see how much he gave to obama in campaign contributions.


8 posted on 08/20/2014 6:23:35 AM PDT by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: SoFloFreeper

“Obama gon’ pay my mortgage.”


9 posted on 08/20/2014 6:26:33 AM PDT by dfwgator
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To: SoFloFreeper

Sounds like a pretty misleading article.


10 posted on 08/20/2014 6:26:47 AM PDT by woweeitsme
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To: Robert DeLong

Thanks for the clarification.

Is his name still on the papers?


11 posted on 08/20/2014 6:30:46 AM PDT by SoFloFreeper
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To: woweeitsme

Seems to be the case.

I was stupid in trusting the media. :)


12 posted on 08/20/2014 6:31:27 AM PDT by SoFloFreeper
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To: expat2
I believe that's only true IF the bank issued him a release on the mortgage..They can legally go after him for any shortfall, but since there is so much equity in the house that won't ever happen. Which is why his divorce lawyer probably never made an issue of it..

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

13 posted on 08/20/2014 6:36:20 AM PDT by ken5050 ("One useless man is a shame, two are a law firm, three or more are a Congress".. John Adams)
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To: Robert DeLong
Dwyane and then wife Siohvaughn ...

SIOVAUGHN?????

14 posted on 08/20/2014 6:37:25 AM PDT by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
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FR Needs Donors To Survive

Please Donate!

15 posted on 08/20/2014 6:38:00 AM PDT by DJ MacWoW (The Fed Gov is not one ring to rule them all)
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To: woweeitsme
Sounds like a pretty misleading article.

Not referring to you, of course! lol

16 posted on 08/20/2014 6:39:07 AM PDT by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Mississippi!)
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To: JimRed

It’s hers per the divorce decree


17 posted on 08/20/2014 6:55:34 AM PDT by yldstrk ( My heroes have always been cowboys)
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To: SoFloFreeper

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


18 posted on 08/20/2014 6:58:54 AM PDT by yldstrk ( My heroes have always been cowboys)
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To: expat2

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.


19 posted on 08/20/2014 7:00:52 AM PDT by lacrew
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To: lacrew

yep, like he said


20 posted on 08/20/2014 7:11:22 AM PDT by yldstrk ( My heroes have always been cowboys)
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