Yep, O.J. Simpson is getting the Big ‘F’ while serving his prison sentence – Foreclosure. Stuck living in one ‘Big House’, he’s unable to continue paying for his other big house.
O.J Simpson is just 22 years away from paying off his 4,200 square foot 4 bed / 4 bath house in Kendall, Florida, a suburb just outside of downtown Miami. Unfortunately, he’s about 33 years away from being able to enjoy his home. The 67 year old Simpson, who is serving a prison sentence of up to 33 years for a 2007 armed robbery and kidnapping in Nevada, has not made a mortgage payment since 2010, according to CNN Money.
His original loan was for $545,000 but he refinanced for $592,000 in 2003. Due to fees and penalties, he now owes about $700,000. To make matters worse, his house appraises for only $478,000. Rumor has it, Simpson is inclined to just let the house go to foreclosure.
That’s probably a pretty good guess. Though I’m surprised that he’d want to tarnish his otherwise stellar reputation by defaulting on a loan.
O.J Simpson | Strategic Default?
Of course, a clawback lawsuit against the Juice probably lead to this being a strategic default:
Simpson received $750,000 in 2007 for a book ghostwritten under his name titled “If I Did It,” Cook said. A Florida bankruptcy judge eventually awarded rights to the book to Goldman, who released it. Cook said it sold some 150,000 copies. About $350,000 of Simpson’s money went to pay down a line of credit had tied to his Miami-area home. The bankruptcy trustee, however, filed a so-called clawback lawsuit against the bank that sought return of the money as ill-gotten gains. Cook said when the bank paid the money, Simpson’s mortgage amount was raised to offset the cost.
Learn How I'm Making TONS Of Money With My AMPS Investment Strategy!
My 100% FREE video training series shows you the Investment Strategy that I use to Make Money with "worthless leads that have no equity... Basically How to Sell Un-Sellable Houses to Un-Loanable Buyers." You owe it to yourself to check this out!
“I’m not surprised at all. It was just a matter of time before he would lose the house,” Cook said. http://www.huffingtonpost.com/2012/01/16/oj-simpson-bank-foreclosing-florida-home-prison_n_1208778.html
But really, why bother paying for an empty house when he’s in prison anyways?
Chase, who acquired the loan when they purchased Wells Fargo, waited until last November to finally initiate foreclosure proceedings against the former Heisman winner and less than esteemed actor. Maybe they waited over a year because they thought he’d get an early parole that no one else thought was possible.
How a man with a $33 million judgment against him was able to get a half million dollar plus loan in the first place is shocking; how he qualified for a refinance is more astonishing, but I am even more amazed, quite frankly, that Chase Bank waited over a year to initiate the foreclosure process for a guy serving what will most likely be the rest of his life in jail. Especially since Chase doesn’t hesitate to throw people out of there houses much quicker who aren’t in jail.
Simpson’s attorney, Leonardo Starke, filed a motion to dismiss the foreclosure. Chase is now proceeding with the foreclosure anyways. In Florida, lenders must offer borrowers in default the chance to save their homes through a Residential Mortgage Foreclosure Mediation Program but, as Simpson was unavoidably detained, he was unable to submit his case for the procedure.
Somewhere, Johnny Cochran is saying ‘if you do not submit, then you must evict.’
Other than the motion to dismiss, Simpson does not seem to have taken any other steps to keep the home. Simpson’s attorney in Nevada released a comment stating that Simpson was ‘Absolutely 100% not paying’- okay, he didn’t say that. Actually, his attorney has not responded to a request for comment. But if history has any chance of repeating itself, Starke is probably busy preparing his daughters for a Reality TV show in the next 15 years. After all, it worked out well for the Kardashians.
If you liked ‘O.J. Simpson Getting the Big ‘F’ in Prison’, then you may also enjoy other articles written by Phill Grove, the REI Maverick.
