Explain to me how this is possible:
by Quisp on May 17, 2011 10:30 PM PDT
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PrintNHL notes: Robitaille could lose house | Hockey | Sports | Toronto Sun
Hockey Hall of Famer Luc Robitaille is in danger of losing his L.A. home now that a bank has begun to foreclose on the property, TMZ reported Tuesday. [...] Robitaille and his wife stopped paying the $975,000 mortgage on their home in Santa Monica. [...] Robitaille, 45, made a total of more than $34 million in salary during his NHL career from 1989 to 2006.
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ARM
whe the hell knows…why did he even have a mortgage….i woulda paid the damn thing off….
"It's not illegal. It's frowned upon, like masturbating on an airplane."-Alan Garner
I don't know any facts, but could this be another case of an athlete blowing his money?
With all these examples nowadays, you’d think people would learn by now…
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Didn’t he lose a few Mil’s with di Biaggio, the guy who wanted to buy the Preds and is now in jail (or was)?
by Passemoilapuck on May 18, 2011 1:54 AM PDT via mobile reply actions
del Biaggio
http://www.thestar.com/Sports/Hockey/article/501182
This is 3 years ago, and I don’t know if he ever got any of that money back, but losing $2MM of after-tax money wouldn’t help.
by Passemoilapuck on May 18, 2011 7:03 AM PDT up reply actions
According to Helene, this is indeed fallout from his involvement with Boots del Biaggio. Apparently, Luc got stuck with a $2 mil line of credit on that house when the scheme fell apart.
"Prepare your bladder for imminent release!" — Invader Zim
yeah, I caught something on twitter from a French radio show where Lappy in an interview said it was probably linked to the Boots thing.
by Passemoilapuck on May 18, 2011 8:27 PM PDT up reply actions
Explain to me how this is possible:
The only thing I can see being plausible, is he wants out of the current mortgage he is in and the best way to get the bank to have that conversation is fail to pay the mortgage in a distressed housing market?
This happens a lot nowadays
That makes the most sense Kevin. I know a couple other people that, as you say, wants out of the current mortgage- if you bought a property in Southern California at the peak of the housing market, then this is the only option for some people who are convinced the market will never come back to where it was in 2006.
When your home’s value is only 60% of what the mortgage is, it’s a pretty hopeless endeavor to continue to pay down the principal on the schedule of a 30-year fixed mortgage.
In effort to refinance, some bankers have actually told the people that I know to not make payments for a few months, in effort to show inability to do so. Then the bank says, ‘Nope. You can’t re-finance. Now pay us the 5 months of mortgage payments you owe us or we’re taking your house.’
In most cases, they are willing to take the hit on their credit to be rid of the mortgage. Yay financial industry!
In effort to refinance, some bankers have actually told the people that I know to not make payments for a few months, in effort to show inability to do so. Then the bank says, ‘Nope. You can’t re-finance. Now pay us the 5 months of mortgage payments you owe us or we’re taking your house.’
Except that to do this you have to be able to demonstrate a significant change in your economic circumstances that is actually preventing you from being able to pay your mortgage.
It is in fact becoming a common tactic to get out from bad mortgages but the government has strict rules about who can and who can’t take advantage of it.
Except that to do this you have to be able to demonstrate a significant change in your economic circumstances that is actually preventing you from being able to pay your mortgage.
And that’s why the bank then takes their house, even though they were doing what their banker told them to do.
Who Cares!
Just because their private affairs are a matter of public record, doesn’t mean it’s newsworthy.
Whatever.
by Cirtes on May 18, 2011 3:03 PM PDT via mobile reply actions
Any one of a 100 reasons
The family lives in Park City (Heber City to be exact) and Park City built a nice rink in Park City four years ago…the high school (3A) won the independent championship. I’d dump Santa Monica, too.
Are Teemu Selanne and Melanie Griffith Twins?
If it’s not their primary residence, then I can easily see them walking away from an underwater mortgage. That was my first thought.
"Prepare your bladder for imminent release!" — Invader Zim
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