Before the auction, Iverson defaulted on a $1.2 million mortgage loan on the home in suburban Atlanta. According to TMZ, Iverson’s bank fully purchased the home last week.
Iverson purchased the home in 2010 and is currently engaged in a divorce battle with his wife. He has also been ordered to pay more than $800,000 to an Atlanta jeweler for a defaulted personal loan.
Since leaving the NBA, Iverson has reportedly lost the $154 million he earned during his playing career.
For people facing foreclosure, a Chapter 13 bankruptcy generates an automatic stay that prevents creditors from taking action against homeowners to collect debts. A Chapter 13 bankruptcy can last several years, allowing homeowners time to catch up on past due mortgage payments, while making current payments towards the balance of the loan.
If a foreclosure is imminent, an attorney can provide you with the best advice about when to file for bankruptcy based on your current income and the urgency of your situation. Visit our website for more information about the benefits of bankruptcy, or call us at (202) 483-6070 to schedule an appointment.
Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy attorney