Blog Assignment Five

Not all home foreclosures happen to the less fortunate; in fact, the foreclosure of million dollar homes has become more of a common occurrence after the economy took a turn for the worse. I read an article about a former basketball player Robert Smith. He was injured and eventually ended his basketball career in 2011. After quitting basketball and losing that source of income, he suffered from some financial woes which resulted in him being unable to pay the mortgage on the 1.3 million dollar home in Seattle that he had purchased when playing for the Sonics. For these reasons his house for foreclosed upon. The home sold for around half of what he purchased it for, and he was unwilling to leave the premises at first. This was a form of judicial foreclosure, or foreclosure that is settled through the court system. The bank sold his home when it was foreclosed on, and when he was unwilling to leave his home, the new owners claimed that they would simply let the courts deal with it.

http://offthebench.nbcsports.com/2013/02/22/former-seattle-supersonic-loses-20-million-home-to-foreclosure-refuses-to-leave-video/

http://realestate.aol.com/blog/2013/02/24/robert-swift-seattle-supersonics-foreclosure-eviction/