Many people wrongfully assume that only those who have fallen on very hard times and with no resources at their disposal find themselves having to deal with home foreclosure. However, the potential for home foreclosure exists at virtually every income level. Recently, many were surprised to hear that the parents of Olympic champion Ryan Lochte are facing foreclosure with respect to their Florida home.
The Lochtes bought the home in 2007 for $258,000. The bank that handles their mortgage payments contends the parents haven’t made a payment in three years, since Feb. 2011. A judge has reportedly signed an order that says they owe CitiMortgage just over $300,000.
The Lochtes are going through a divorce. Some outlets are questioning why the Olympic swimmer did not help them out as he is estimated to be worth millions. However, Ryan Lochte’s father stated that he would never ask his son for help with a matter such as this. It is unclear if the swimmer knew anything about his parents’ situation.
The thought of home foreclosure can be very upsetting for those who feel they have no reasonable alternatives to keep the roof over their heads. Asking for a loan from family and friends may be an option for some, but it may be a difficult choice for others to make. Without this kind of help, Florida homeowners can turn to other programs and options to avoid home foreclosure, such as loan modifications or a Chapter 13 debt reorganization under the protection and supervision of the Bankruptcy Court. In other instances, a Chapter 7 liquidation may help resolve outstanding financial issues and give the homeowner the opportunity for a fresh financial beginning.
Source: sportsworldnews.com, Ryan Lochte Parents Foreclosure: Judge Awards Florida Home to Bank in October, 2013 After Two-Plus Years of Missed Payments, Greg Archuleta, Jan. 17, 2014