George surprised by foreclosure auction notice
A notice published this week announcing that the home of former Tennessee Titans running back Eddie George and his wife, Tamara, will be auctioned June 7 took the Georges by surprise, according to an accountant who has been trying to get a loan modification for the couple.
Eddie George, who played nine years in the NFL, mostly with the Titans, has been trying to get a loan modification on the 8,550-square-foot home he and his wife purchased for $1.675 million in September 2007.
Larry Goodman, the accountant, said he was shocked to learn that a foreclosure auction was set. For the past seven months, said Goodman, he has negotiated with IndyMac Mortgage Services to establish new terms on the mortgage.
The Georges bought the 8,550-square-foot home in the gated Brentwood, Tenn., community of Hampton Reserve at the height of the market. Goodman said that like many Americans, the Georges find themselves upside down and owe more than the home is worth.
Public records indicate that the home sold for $1.675 million in September, 2007. Just a few months ago, the home was listed for sale by the couple for $1.1 million.
"Because the loan and equity is not in balance where it should be, we want to go through a loan modification process," Goodman said.
But bank officials wouldn't discuss adjusting the terms when the payments were current, so the Georges have deliberately missed "four or five payments" to try to open the door on those discussions. Three weeks ago, Goodman said, he submitted yet more paperwork related to the bank's loan modification program. He said he never received notice that a foreclosure was under way.
"We're not trying to walk away from anything," Goodman said. "They love living there. It's a great house. Like anybody else who buys an expensive house, it flipped on him."
Goodman would not discuss the dollar amounts at play. He did say, however, that George is financially stable.
York Trustee Services LLC, the Memphis law firm that placed the notice of the auction, did not return calls seeking comment.
"I was on the phone (Thursday) with IndyMac and was not told our loan was in immediate foreclosure, nor have we received any additional information from the lender indicating such," Goodman said. "The loan modification process in our country is difficult at best, and this is another example of it."
Eddie George spent nine years in the NFL, mostly with the Titans, after a college career at Ohio State, where he won the Heisman Trophy in 1995. After he left the Titans in 2003, George turned to the entertainment industry. He has made cameo appearances in movies and on television, hosted sports programs and even tried his hand at theater. In 2011, he played the title role in Julius Caesar at the Nashville Shakespeare Festival.
George also has a landscaping business with offices in Ohio and Nashville.
Tamara George was part of the singing group Sisters With Voices, or SWV, during the 1990s. She later appeared on a season of the television reality series Survivor.
The couple have two sons.
(source The Tennessean)
By Bill Kostroun, AP
Posted by Necesitamos Mas Football
on 3:46 p. m..
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