Joey Porter faces foreclosure on Miami home

Getty Images

Joey Porter, a former NFL linebacker who made tens of millions of dollars in his career, is once again facing financial problems.

Porter is facing a foreclosure lawsuit on a home he bought in Broward County shortly after signing with the Dolphins in 2007, according to the South Florida Business Journal. Porter got a $12 million signing bonus when he joined the Dolphins and could have used the money to buy the home outright, but he instead took out a $2.8 million mortgage. Boca Raton-based 1st United Bank says Porter hasn’t been making payments on that mortgage.

The home is in a gated community, and the homeowners’ association says Porter hasn’t been paying his dues. It’s the same gated community where former Dolphins quarterback Daunte Culpepper also bought a home that is now in foreclosure.

This is the second indication in the last few months that Porter is having financial difficulties. Just before Christmas he was arrested for writing bad checks to a Vegas casino, although he was released when he came up with the money he owed.

Porter played 13 seasons in the NFL, eight with the Steelers, three with the Dolphins and two with the Cardinals.

48 responses to “Joey Porter faces foreclosure on Miami home

  1. Porter and Culpepper BOTH lost their houses in the same community? Yikes.

    If the players union really cared about the players, there’d something in the next CBA putting some portion of salaries into a trust or something that would collect interest and wouldn’t be paid out until the guy had been retired for a couple of years. It wouldn’t keep guys from going broke on its own, but it couldn’t hurt. So many of these guys seem to live like that huge salary is never going to go away.

  2. Are these guys just that plain immature and stupid to squander all their money? Maybe instead of buying bling, they should concentrate on being a bit more modest with their spending. Just a thought.

  3. You can call it mortgage fraud, but financial advisors would recommend this to most multi-million dollar home owners who wants out because there is no market for these. Especially in cities where it’s more geared towards retirement and vacation than tech central.

  4. I’m no expert, but when money is no longer flowing in, hanging out in Vegas is a bad idea.

  5. Typical Stealer. World class criminal organization is now infecting the troubled housing market. Its clear that they all cant be trusted. Who exactly believes in the immaculate reception? Its all fabricated nonsense. Santonio was out of bounds. Cardinals were robbed. Thats what they do. They steal. I wont even get into “Big” Ben. Just a bunch crooks

  6. If your house will be underwater for several years, then foreclosure may make perfect sense (if your mortgage is a non-recourse obligation). Foreclosure does not necessarily mean that the mortgagee is broke.

  7. Just another athlete that cant live with in his means. I will never feel sorry for these guys as long as I live. Amazing! Blow through Millions like it is nothing, live in a gated community and now your most likely headed to Bankruptcy court…Idiot!

  8. How can you even be in debt? After taxes and everything he probably kept 7 million out of that signing bonus. Why not pay off your house? Not to count the millions he should already have from his first contract…. I about to make a career change to being a financial advisor cause with dumb people like this I’d never be laid off like I am now.

  9. Couldn’t happen to a nicer guy ! Porter has always been a low life and this doesn’t surprise anyone.

  10. 2007 was a real bad time to buy property in FL. That was the height of the housing bubble. Probably worth 1/2 of what he financed. Not a bad decision to walk away. Not saying he isn’t broke, he may very well be. But he could be saving himself a lot of money.

  11. navyeoddavee9 says:
    Mar 18, 2013 11:12 AM
    What can u say, just sad, don’t understand how they go thru that kind of money

    Poor parenting, no care about the future. They get caught up in this “celebrity lifestyle” as they are cashing 50 mil worth of checks in a very short time, and don’t have the common sense to realize that the 50 mil has to last you till you die. These players live in a universe in their head where they think they will be continuing to make this kind of money after their playing days. But they don’t, and then you end up with joey porter and VY. Can’t cure stupid. It’s a shame to see these idiots get scholarships to good schools, while deserving low income kids get laughed at a good percentage of the time. This my friends is part of the American condition.

  12. I’ll never be accused of being a millionaire, but it seems to me that if I was going to sign a million dollar contract and go buy a house, I’d be able to pay cash for that house. It amazes me how many people have earned 10s of millions yet get foreclosed on. How are these guys not paying cash for their homes and toys?

  13. Typical kid making wayyyy more dough than he knows how to handle. Unfortunately, it seems we read these stories all too often on…..

    If only they could learn to manage it right, they could play like him 13 seasons and NEVER work again, their kids and even grandkids would be set up for decades. Alas……..

  14. It easily be a strategic default. Florida is a non-recourse state. He can walk away from the house if he can’t sell it and the bank gets it. It is an easy way to get out of Florida.

    His credit would take a hit, but *if* he still has cash, having crappy credit won’t hurt him in the least.

  15. How can anyone feel sorry for this guys, they go through millions of dollars like it was nothing, and then go broke. I call that immaturity is time for this boys to become men.

  16. Glad none of you are my financial advisors. For starters, you should never buy a home outright. Even if you have the money.

    Obviously the people in his ear were smart enough to tell him to take out a loan, but since Joey Porter is an idiot all of his subsequent finacial moves were poor so now..well..Here we are.

  17. We need more people spending to help the economy. He’s no different from the average American. He’s just doing it at a higher scale.

  18. I’ll put a spin on this even though I think it’s ridiculous these guys spend out of their means. Maybe it’s damage control, it was going to cost him too much to keep so dump it and move on?

  19. 1st order of business, get a scholarship and get out of the hood. 2nd order, get NFL contract. 3rd order, buy tons of bling, pay all my homies from the hood to hang out and drag me down. 4th order (optional), go back to hood to drive around and show off said bling until shot, robbed, or arrested. If 4th order is pursued then 5th order shall be do whatever it takes to secure more bling.

  20. Just goes to show you what a bunch of idiots these guys are! If you just put ONE of those millions aside you should be set for a good portion of your life.

  21. Hawaiifunfnull…Not paying the mortgage may not mean Joey is broke but writing bad checks to a casino in Vegas may indicate some financial issues…if he was a good guy its one thing but this guy has been a knuckle head forever good for him.

  22. I understand the concept of walking away from a debt owed on something worth far less than the debt. We need to go back, see how so many (mostly working class folks, but including millionaires) got into this fix in the first place: banks pushing loans to sell more and more to a larger number who did not have the wherewithal to pay for the mortgage. How could we as a culture possibly believe the bubble would never burst. So people are now encouraged to legally walk away from legal debt. The one thing overlooked in this is the fact that the debt doesn’t magically disappear. The common citizen pays, both through more taxes, higher mortgage rates, and depressed prices of their own homes. There is no “away”, there is no free lunch. Somebody has to pay.

  23. Just out of curiosity, How is this football news? Can we please dispense with such an obvious rumor mill about football players lives. It would be different if you were telling us that he got arrested. At least an arrest could potentially impact his ability to play. Forclosure and bankruptcy news does not belong here, and it is not our business…

  24. I get that most people who got that kind of once-in-a-lifetime money would probably bank it and spend their lives living a three-star lifestyle, with the occasional four-star weekend or vacation.

    But if such a person wants to live a five-star lifestyle for a few years, and then finish their days living a two-star lifestyle like the rest of us, is that really so terrible a decision?

    All of these players are going to be able to get jobs and earn a living, some a very good living, after football. Is it really THAT bad a thing that they got to live the high life (hopefully not literally) at a time in their life when they could really enjoy it?

  25. I suspect many of these guys did pay cash for their house but ended up borrowing against the equity when their career was done. Instead of changing their lifestyle by curbing the exhorbent spending they continued on and now it has all caught up to them. Bankruptcy shouldnt even be allowed for people like this.

  26. thats why u dont buy multi million dollar homes in a ritzy area of town, 100k sq ft, 30 rooms,10 bathrooms,so many rooms that u dont use 90% of them, and then they buy multiple houses and cars and then get into financial trouble later

  27. superfuzz1000 says: Mar 18, 2013 12:31 PM

    Just out of curiosity, How is this football news? Can we please dispense with such an obvious rumor mill about football players lives. It would be different if you were telling us that he got arrested. At least an arrest could potentially impact his ability to play. Forclosure and bankruptcy news does not belong here, and it is not our business…
    OK, follow along here. He’s a football player. It’s the offseason. Got it so far? He also got caught writing bad checks in Vegas. He’s a football player. It’s offseason. Still with me? He’s made millions and still behaves like a child when people expect some kind of role model thing. He’s a football player. It’s the offseason….. DERP!

  28. @flavordave

    You are a pathetic troll. You have a QB that tortured innocent animals for FUN for 6 years. Went to prison for funding an illegal gambling ring. Failed numerous drug tests. Gave an innocent woman a disease she will carry for life after being treated under an assumed name. Lied to anyone & everyone over & over & over. Gave his home fans the finger when his play was so putrid any fans would have booed him. Received a 130M contact then went bankrupt & hid millions in family members names…and you call other teams players names?

    Admit it, you are just jealous that they have 6 rings & your team hasn’t won anything in 53 years. Go throw batteries at opposing fans & snowballs at Santa Claus. Go root for your dream team/dynasty/shocking the world POS team!

    flavordave=basement dwelling troll.

  29. Oh, the judges are out in full force today railing about the irresponsibility and stupidity of professional athletes. Nevermind that most lottery winners are average Joes and Janes like themselves and they usually wind up broke, too. Handling large amounts of money is a skill few untrained people can manage, yet somehow all these wannabes imagine they’d do it soooo much better. Right.

    Football rivalries are one thing, but there’s something fundamentally wrong with people like jimmymcnultysbottleofjameson who delight in the misfortune of others–whether it’s financial ruin or injury. Sad.

    Good luck, Joey.

  30. I am a teacher of some forty years and will retire next year. Our pension is far from extravagant, however there are two parts to it. There is a defined benefit part which has to do with number of years in the pension system and the highest three years of your salary. There is ALSO a defined contribution, which is completely separate from the first part. Each and every paycheck, at your choice, a low of 7% to a high of 10% comes out of your monthly check and the teacher has numerous choices from stocks, bonds and cash into which one can direct the funds. ALL teachers participate in both parts and it is mandatory. The money goes DIRECTLY into your account, you never have it in your possession and you can’t invade the money as it accrues. You can change where it goes and how much goes to stocks, bonds, etc. When a teacher retires, along with Social Security, this is your nest egg. All the above is in addition to any other investments you have participated in. Can’t the Player’s Association , in conjunction with the NFL offer something along these lines? I realize the number of years is less, however there must be a way to vest the players and have a percentage of their outrageous salaries also go to a defined contribution part . I honestly didn’t miss the monthly amount deducted from my paycheck, and as for the years building up, I never thought about it, and here it is forty years later. This ongoing story of millions and millions made turning into zilch can’t continue forever. It is clear to me, however SOMETHING has to be done to help these players and protect them from themselves.

Leave a Reply

You must be logged in to leave a comment. Not a member? Register now!

This site uses Akismet to reduce spam. Learn how your comment data is processed.