Eddie George surprised to learn house is up for auction

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Former Titans running back Eddie George has run into a real estate mess involving his home in Tennessee.

George was taken by surprise this week when he found out that a foreclosure auction of his house was set for June 7th. George’s accountant told the Tennessean that he has been trying to modify the mortgage on the house, which was purchased in 2007 for $1.645 million and is listed for $1.1 million at auction, but never received notice that a foreclosure was underway.

“I was on the phone (Thursday) with IndyMac and was not told our loan was in immediate foreclosure, nor have we received any additional information from the lender indicating such,” Larry Goodman, George’s accountant said. “The loan modification process in our country is difficult at best, and this is another example of it. … We’re not trying to walk away from anything. They love living there, it’s a great house. Like anybody else who buys an expensive house, it flipped on him.”

Goodman said that George deliberately missed several payments because the mortgage company wouldn’t discuss a modification while the account was up to date. He wouldn’t discuss how much George owed, but said that George is financially stable.

34 responses to “Eddie George surprised to learn house is up for auction

  1. Pay your bills people!
    Whats next? Buy a new car and because it depreciates as soon as you drive off the lot you tell the bank you dont want to pay?

  2. Deliberately missing payments that you can afford to make to give the appearance of being unable to pay your loan is bank fraud.

  3. Admitting Stratigic default? Wow Eddie, you have a great people working for you. You will be crushed in court and sued for deficiency. This is why our economy is in the shape it’s in

  4. “Deliberately missing payments that you can afford to make to give the appearance of being unable to pay your loan is bank fraud.”

    It’s called “strategic default” when rich people do it.

  5. You know not of what you speak, HHits2. I know many people who have tried to modify their mortgages and in every instance they were told the same thing as Eddie – we won’t modify a loan that is current. They were also advised to stop a few payments to get the banks attention.

  6. On the one hand I agree that you should pay your bills if you can afford to pay them.

    On the other I partly blame banks because the reason why people skip payments is because they know it’s the only way to have a chance at modifying their mortgages. So maybe if banks would do more to work with people that pay on time instead of rewarding those who skip out on payments than maybe you wouldn’t have people skip out on payments.

  7. All of you Middle Class Americans shilling for banks should demand that your mortgage lender pay back their TARP loans to the taxpayers. Don’t do business with any bank that hasn’t paid us back!

  8. I could honestly say that if I had Eddie George money I’d live in a house that cost a fraction of $1.6mil. Seriously, who needs to live like that. ~$400k is a pretty darn nice pad.

  9. Its startling to read about the number of former NFL players who have had to sell Super Bowl rings, are bankrupt, have financial problems, owe back taxes and other off-field issues.

    Are their their financial problems our business?

  10. You know?

    If all these athletes were questioned about their purchases during their careers they would at least be warned about being strapped financially!!!

    If someone would just ask “how many of those do you need or when are you gonna sell that???” when excesses of anything are extremely visible the athlete might change his mind!!!

  11. So stop making mortgage payments to get the banks attention and jeopardize losing the home. Sounds like biting off your nose to spite your face to me

  12. “George was taken by surprise this week when he found out that a foreclosure auction of his house was set for June 7th”.

    Not as surprised as I was to see a headline with the name “Eddie George”. Anything going on with Priest Holmes we should know about?

  13. If he’s “financially stable”, why should the bank modify his loan? It is still a debt even if the house depreciates in value – if George can afford it, he should pony up the dough and live up to what he agreed to repay when he signed the contract.

  14. It sounds like someone wanted the house and played George.

    Never, Never miss a payment if you can make it.

    The correct way in most cases is to find another loan, pay off the current loan with the money and then make the reduced payments. I am sure the issue is the reduction in value since he purchased it.

    George’s Credit ratimg took a beating and the missed payments may preclude him getting another loan for a few years. Another reason to consider legally going after whomever gave him the advise to skip payments.

  15. Alot of people have done this. Usually the bank won’t let you do anything unless your in default. So you miss payments and they will work with you cuz they don’t really want the house back (especially in this market), they want the money so they refinance. I guess they don’t want the money in this case, they want the house more.

  16. Beware of accountants hanging outside of the Walmart entrance.

    Accounting 101: If ever a dispute with a company over payments, make on-time payments into an escrow account until mortgage company ‘plays ball’. Legally your butt is covered.

  17. Why do you have a loan? You should have been able to pay cash with the money you made.

    Dont go blaming the bank here, they gave you a loan on the promise to pay, evidently a promise is no good anymore.

  18. “Like anybody else who buys an expensive house, it flipped on him.”

    Wait … what? It’s not a given when you buy an expensive house that you’re going to wind up with something worth less than your mortgage. That didn’t happen to everybody else when the housing market collapsed. It happened to people who’d bought property at speculator’s prices. And you don’t convince a lender to adjust your mortgage by withholding payments. Eddie, you need a new accountant before you wind up financially unstable.

  19. What? Eddie is falling ? Let’s all give him a hefty kick in the nuts.

  20. Uh oh! The Titans are in trouble. Their staring running back Eddie George’s house is in forclosure. He might be too upset to run for a lot of yards this season.

  21. Can I do one of these so-called “strategic defaults” if my highly drafted QB doesn’t pan out?
    Dan Snyder

  22. All of these homebuyers think that just because the homes around them are selling for less cash they deserve to change the terms of their purchase. I didn’t see any of them asking for the mortgages to go UP during the bubble.

    Look, eff all banks, but when you agree to buy a thing for X dollars you get that thing and you give up X dollars. Perceived value after the fact doesn’t figure.

  23. My father gave me this simple advice a long time ago, and by following it, stayed out of financial trouble. Spend money like you make half of what you truly earn. I wish these professional athletes would show some fiscal sense. you don’t have to have the biggest house, the flashiest cars or all that bs they spend money on. Save your money so you have something to pass on to your grand kids than stories..

  24. “Goodman said that George deliberately missed several payments because the mortgage company wouldn’t discuss a modification while the account was up to date.”

    Bad advice, Eddie. You play with fire, expect to get burned.

  25. Read closer, the servicer told him to miss the payments not his accountant. This is a common tactic by servicers. Eddie’s lawyer and not his accountant should be handling this. 75% of mortgage loans originated in 2002 to 2007 involved some form of trick, artifice, fraud or excess fee structure. There was no honor among the theiving mortgage brokers and lenders then, why should you feel honor bound today to continue to add to their riches if there exist opportunities to restructure debt to a more equitable deal? Lenders get paid and folks keep there homes. Fight them Eddie!

  26. Its simple, the bank lends 1.5 million on a house, they want there money back, they care less about you ability to sell or to make payments, that is your bad luck, a lot of people are under water and can’t sell, bad luck for them, that’s life, the bank cares less, they want there money back, pay what you agree to pay, or just walk away. Bill

  27. Will backup runningbacks Rodney Thomas
    and Spencer George be able to fill in for Eddie George’s starting runningback role with the Tennesee Titans this season while Eddie George deals with this forclosure ordeal?

  28. Morons.
    It is NOT fraud! He bought a house and now it’s worth 1/2 as much as when he bought it! He cannot sell it and it makes financial sense for the lender to restructure the terms of the loan. However, banks will NOT restructure when a loan is current. This advise is given to homeowners all the time in the same situation!
    He is making a smart financial
    Move! So before you idiots pass judgement and make idiotic statements , get your facts straight!

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