In the latest sign our nation's economic crisis doesn't limit itself to the type of people who show up in Bruce Springsteen songs about factories, Eddie George is dealing with an ugly real-estate mess.
George, the former NFL running back and Heisman Trophy winner, was surprised to learn of a notice that said the Nashville-area home he shares with his family was scheduled to be auctioned off on June 7.
According to The Tennessean, the Georges bought the 8,550-square-foot home in the gated Brentwood community of Hampton Reserve at the height of the market. Family accountant Larry Goodman said the Georges find themselves upside down and owe more than the home is worth.
"Because the loan and equity is not in balance where it should be, we want to go through a loan modification process," Goodman said.
When the bank wouldn't work with the couple, the Georges deliberately missed "four or five payments" to kick-start talks with the bank. In response, Johnny Foreclosure came calling.
"We're not trying to walk away from anything," Goodman said. "They love living there, it's a great house. Like anybody else who buys an expensive house, it flipped on him."
Goodman said George is financially stable. Public records indicate that the home sold for $1.675 million in September 2007. Earlier this year, the home was listed for sale at $1.1 million.
