Posted on 03/05/2011 6:16:04 AM PST by STONEWALLS
JaMarcus Russell's return to greatness isn't going as well as planned.
The former No. 1 pick of the Oakland Raiders, famous for wearing mink coats and taxing a heavy toll on the team's bench, needs to find a job soon.
Foreclosure proceedings have started on Russell's Oakland mansion, according to TMZ. If the former LSU star can't come up with $195,512.05 in backed mortgage payments in the next three months, his house will be auctioned off.
Russell purchased the house in 2007 for $3 million before he even signed his contract with the Raiders.
The 5,800-square-foot has six bedrooms, six full bathrooms and two half bathrooms, a four-car garage, four fireplaces and bay views.
Russell returned to his native Alabama after being released by the Raiders in 2009. His attempts to return to the NFL have been slowed down by charges that Russell was illegally sipping "purple drank."
The Raiders signed Russell to a six-year contract worth up to $68 million, with $31.5 million guaranteed. But in true Al Davis fashion, the team is trying to recoup some of the signing bonus.
Or Plaxico. That name causes firearms to discharge.
I think more than anything else, even his own teammates would shun him over purple drank, because its sleaze factor is just so low rent that it is positively embarrassing. There is a lower class scale to things, and purple drank rates right down there with chugging Afrin.
http://blogs.houstonpress.com/rocks/purple_drank.jpg
I heard the same thing on the radio a couple of days ago; the person on the radio also said the lowest salary in the NFL is $400,000 a year. I would guess most of them have no concept of money and the amount seems like an endless fortune.
The mother probably picked that name to ensure he could spell it.
Ridiculous. They aren’t broke, they own a very large asset. They’ve just eliminated their highest monthly bill.
Anyone who ‘advises’ people who own 150k to put on a mortgage should be fired.
So basically, you’re saying the Raiders have standards. Well, ok.
I bet the Left will blame “predatory lenders” for this too...
It’s an image thing. For example, being seen drinking a bottle of Cristal Champagne, “The best $500 bottle of champagne you can buy in a truck stop”, would be highly respected by them.
And no problem at all knocking down Colt .40s of with their buds on the weekend. Or even entertaining some ladies with a box of Carlo Rossi Sangria.
But when they see one of their teammates brown bagging a bottle of Night Train, it’s like “Man, you’re NFL. NFL don’t be drinkin’ no Night Train!” And King Cobra malt liquor is just for road trips when that’s all you’ve got.
Purple drank is about four steps below that.
Mmmmm, kind of a Terpin Hydrate cooler?
I guess it would be smoother than drinking
nose drops straight up.
Sounds one step up from Aquavelva.
You know you’re in a rough part of town
when the Aquavelva is in the refridgerated case.
LOL...or the Vitalis and Squirt combo (late 60’s DC)
Not completely true.
Say you have $3000 a month in bills, of which $1550 is a mortgage, with a balance of $150,000.
You have savings of exactly $150,000 and pay off the mortgage. Your savings are now zero.
The very next week, you lose your job.
You have ZERO income to pay the $1550 a month in bills that remain and no savings to dip in to, either.
In the other scenario, you’d have lost your job, but have $150k to fall back on to pay $3000/mo in bills until you find a job.
That’s the thought behind such advise.
1450 a month.
So get a 20k line of credit with the house as collateral while you look for a job.
Even in the worst case scenario, you are saving 1550 a month in mortgage payments while you try to find another job.
It just makes dollars and sense no matter how you slice it. If you can pay cash up front, you’ll likely be able to barter a discount with the seller. That means cash in your pocket today that you would have available to tide you over in the event of job loss.
Bill Cosby was basically shunned for making a similar suggestion.
Sorry - I meant $1450.
Overall true, I’m just pointing out what some say.
FWIW, I’d do just that - pay off the house but get a line of credit. Which you’d have to do BEFORE you lost the job, since no bank is going to give you a line of credit without a source of income.
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