Article link: http://starcasm.net/archives/203779
As described in our book, a foreclosure is the process of seizing control of the collateral for a loan and using the proceeds from its sale to satisfy a default debt. As you can read from the article above, this foreclosed home was owned by first round NBA draft pick Robert Swift. While in the NBA Robert made an estimated $11 to $20 million dollars. After Robert completed his career in 2011 he seemingly lost nearly all of his savings. It was due to his inability to make payments on his $1.35 million dollar home that eventually led it to a judicial foreclosure.
The most interesting part of this article is that Robert Swift was refusing to leave the home after the foreclosure took place. A couple had bought the home nearly 2 months later and were sort of waiting around to move in because the previous owner would not leave. It almost got to the point where there was going to be a forced eviction but the former NBA star eventually left, but left behind a huge mess.
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