NBA star Dwayne Wade’s former suburban Chicago home is facing foreclosure. According to TMZ, the Miami Heat guard is worth approximately $100 million, and brings in roughly $30 million a year. So you are probably wondering, why the foreclosure? Wade lived in the 7,800 square foot home with his wife and children until 2007, when the couple divorced. Just last year Wade settled with his ex-wife for $5 million and relinquished ownership of the home.
His wife receives $25,000 a month in spousal support. After being awarded the house last year, Wade’s ex-wife stopped making payments on the mortgage and this month the bank filed a foreclosure notice for the $225,000 balance. Since Wade’s signature was on the original mortgage papers, the bank is asking him to pay up, but the NBA star’s attorney has stated that his client has no further payment obligations on the home.
The six bedroom, seven bathroom home is currently listed at $1.2 million. The South Holland home sits on a 3.2 acre lot, has a sports theater room, exercise room, a sauna, a pool and includes a two bedroom guest house. The listing also mentions that “some custom furniture may be for sale by the owner.”
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.