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Real Estate News Releases
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(EMAILWIRE.COM, April 08, 2011 ) Sacramento, CA -- Kevin Martin, former Sacramento Kings basketball star and present Houston Rockets player, reportedly had his home taken by the bank due to foreclosure, based on an account from PlacerCountyHomesandLand.com.
It was reported in October in Sacramento Bee that Martin tried to make a deal with his lender to sell his home in Whitney Oaks, Rocklin through short sale for $941,000. On the 28th of March, though, Aurora Loan Service Corporation has foreclosed on the basketball playerÂ’s home for $1,619,534, a probable depiction of the owed amount on the loan up to that day.
Further records and stories showed that the home had been placed on a "Short Sale Contingent" status on the 23rd of March, but according to MartinÂ’s attorney, Michael Hackard, the lender did not settle on the offer even though Martin proposed to add $50,000 to the $941,000 amount of expected proceeds of the sale.
Patrick Hake, owner of the PlacerCountyHomesandLand.com website and a real estate broker himself, has written his views on the issue and specifically stated, "Had his lender accepted the short sale, they stood to lose approximately $611,000 on the original $1,552,000 first loan, not counting any commissions, missed payments or other fees. What they will lose now will be determined by what the home can be sold for as a bank owned property. Because the loan was a purchase money loan, it is likely that Aurora will have no recourse against Martin."
The foreclosure may result to a poorer credit report for the basketball player. "Â…but with a reported $10 million a year contract, he will probably get by just fine," added Hake.
Attorney Services
Jim Silverstones
916-728-1981
jim@attorneydirectoryofamerica.com 
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