Just because football star Terrell Owens has earned $80 million over the course of his career doesn’t mean he’s immune to foreclosure.
Owens, the star wide-receiver notorious for his off-field antics, is facing foreclosure on two of his Dallas condominiums, according to RealtyTrac, a real estate site that tracks foreclosure filings. The two upscale condos, which are less than three miles apart, will be auctioned on March 6, according to RealtyTrac.
Read full story after the jumpOwens isn’t the first athlete to fall on tough financial times. More than three-fourths of retired NFL players lose their fortune within two years, and sixty percent of NBA players become financially insolvent within five years of quitting.
Owens has lost nearly all of his money due to bad investments and steep child support payments, according to a recent profile in GQ. In addition, expensive mortgage payments on his multiple properties have become unsustainable. Owens’ property in Atlanta is on the market, and he sold a place in south Jersey for less than half the amount that he had paid for it, according to GQ.
Exacerbating his financial troubles, Owens, who has had an NFL career that includes stints in San Francisco, Dallas , Cincinnati, Philadelphia and Buffalo was unemployed in 2011 because he needed to recover from a surgery on his left knee.
But Owens has a job in football again. He scored three touchdowns on Sunday night in his first game for the Indoor Football League’s Allen Wranglers, according to Yahoo! Sports.
Though Owens may be one of the most notable Americans facing foreclosure, he’s not alone. About 1.4 million homeowners are in the foreclosure process, according to CoreLogic. And approximately one in five homeowners owe more on their homes than they are worth, according to CoreLogic.
But substantial help for these homeowners doesn’t appear to be arriving any time soon. Though some troubled borrowers will receive money and principal reductions thanks to the recent national mortgage settlement, the mortgage giants Fannie Mae and Freddie Mac — which hold or guarantee nearly half of all outstanding mortgages — refuse to consider partial loan forgiveness to allow troubled borrowers to stay in their homes.