Former Heavy Weight Champion, Evander Holyfield has to move out of his 109-room mansion near Fairburn, Georgia.
The former boxer owes JP Morgan chase $14 million dollars on the sprawling mansion which sits on 235 acres. He also owes back taxes and back child support.
According to Yahoo Sport Holyfield made roughly 250 million during his boxing days. But he pays out $500,000 a year in child support for his eleven children.
The home sold at auction for $7.5 million in March, Holyfield has lived in the home since then and is in the process of moving. A Chase representative said they worked with Holyfield for several months to help him move, and has sent him help to speed the process along.
In 2009, he told the Atlanta Journal Constitution that it cost him $1 million a year to maintain the lavish estate.
Even sports stars can fall on hard times. Sports Illustrated has previously reported that close to two-thirds of former NFL players become bankrupt just two years after retirement.
Although Holyfield couldn’t avoid foreclosure, it is possible for many others. If you have received a default notice, take action quickly and hire a foreclosure attorney to begin working on your case.
When you, as the homeowner, take swift action, your foreclosure lawyer can take a number of steps to prevent the bank from seizing your home by check for inaccuracies in your mortgage documents or negotiating for a mortgage modification. They may suggest a short sale or a personal bankruptcy.
The main goal of a foreclosure attorney is to make certain you get to stay in your home and make the process as painless as possible.