Allen Iverson foreclosure: Former NBA MVP tries to save Mansion from foreclosureBy Alex Jusi Madlangbayan on Dec 10, 2012 in Basketball, Sports •
Allen Iverson is reportedly trying to fight the foreclosure of his Atlanta Mansion. The former NBA MVP was able to stop a scheduled auction of his home last December 4, 2012.
The 11-time NBA All Star player reportedly bought the mansion in 2010 for about $4.5 million.
A Vibe Magazine report said that Iverson filed a lawsuit against the lender, arguing that he never agreed to the terms of the loan.
Iverson currently plays in the professional Chinese basketball league where he earns about $60,000 a month. However, he reportedly spends about $350,000 on mortgage payments, paying back creditors and other expenses that include clothes, restaurants and entertainment.
The basketball player is also fighting off a divorce with his wife Tawanna. Iverson said that his wife is asking for financial support that she knew he couldn’t meet.
A report by TMZ said that “Iverson claims his estranged wife — with whom he’s going through a nasty divorce — signed for the mortgage in order to screw him … by agreeing to financial terms he couldn’t meet. The lawsuit has since put a hold on the foreclosure proceedings … buying Iverson some extra time.”
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