Apparently even NBA stars aren’t immune to the housing crisis.
According to the Sacramento Bee, basketball star Kevin Martin defaulted on his 5,000-square-foot Rocklin, Calif. home.
Martin, formerly of the Sacramento Kings, reportedly paid about $1.9 million for the home in 2007, just as the housing market began to tank. Today the four-bedroom, four-bathroom house is listed at just $1.1 million.
Martin, who is set to make $10 million this year as a member of the Houston Rockets, first missed a payment on his $1.5 million loan in June, the paper reported.
Michael Hackard, Martin’s attorney, told the Sacramento Bee that a foreclosure probably won’t happen.
"There's a legal dispute that he is right in the process of solving. ... He's not walking away. We've got a certain dispute with the lender,” Hackard told the paper.
The lender listed on Martin’s notice of default is American Home Mortgage, the Bee reported.
The report comes as big U.S. banks like Wells Fargo (NYSE:WFC) have come under scrutiny due to questions about the industry’s foreclosure process. All 50 state attorneys general opened a probe in the wake of reports that banks used had used “robo-signers,” or people who sign many documents a day without reviewing the details.
Last week Bank of America (NYSE:BAC), the largest U.S. mortgage servicer, halted foreclosure sales and proceedings in all U.S. states as it reviews its foreclosure process. BofA’s stock tumbled on Friday to its lowest level since July 2009 amid worries about how the foreclosure crisis will impact its bottom line.