Eddy Curry's suburban mansion in foreclosure

[PC521]

Eddy Curry's suburban mansion in foreclosure
The multi-million dollar home of former Chicago Bulls player Eddy Curry in southwest suburban Burr Ridge is in foreclosure, according to a filing Monday in Cook County Circuit Court.

Bayview Loan Servicing filed a foreclosure notice against Curry, his wife, Patrice, Morgan Stanley Credit Corp., the People of Illinois and Kay Bros. Enterprises Inc.

According to the filing, Curry and his wife took out a $3,719,316 mortgage on the home at 6655 Lee Court on July 3, 2006. The mortgagee named on the filing is Eddy Curry.

At the time Curry and his wife took out the mortgage for the home, there was an initial monthly payment due of $28,675 with an interest rate of 9.25 percent, the filing said. During the repayment period, the interest rate could drop to no lower than 3.25 percent, and could not go higher than 15.25 percent.

If the Curry's made their monthly payments on time, their final mortgage payment would be due in August 2036.

As of June 26, 2009, the amount due is $217,502.82, the filing said.

The Burr Ridge home was the site where several men broke into the residence, restrained Curry and his family, and robbed them in July 2007.

Curry--who attended Thornwood High School and was drafted by the Chicago Bulls in 2001--currently plays for the New York Knicks.

The filing seeks the house to be foreclosed, and put up for sale.

Source

Eddy Curry's terrible year just keeps getting worse

[TurKnicK]

Well the house prices went down and if its value is actually less than the amount owed for the mortgage it is just better to let it go to foreclosure... They also had someone breaking in so they may just prefer to move elsewhere anyway...

Anyway this will have nothing to do with the team...

[Hustla23]

This guy's life is just a wreck.

Well, looks like he's not going anywhere this season either.

[KnicksR4Real]

its the market, no one can afford that right now. Yeah just like Turknicks what have to do with the knicks, not really important, what does this do?

[BelieveTheDream]

well close the other thread saying for him to opt out cause we know he wont...

[PC521]

I feel bad for Curry and everything, but how do you go broke with an annual salary of over 9 million?He's probably made close to 50 million in his NBA career already

[Transientimage]

If they havent the nba needs to implement some sort of financial advise during the rookie symposium. Cause **** like this will continue to happen.

[Hustla23]

Originally Posted by PC521

I feel bad for Curry and everything, but how do you go broke with an annual salary of over 9 million?He's probably made close to 50 million in his NBA career already

lol The more money you have, the more you spend.

It's kind of surprising more athletes don't go broke with the fancy lifestyle they live.

[Trouble87]

I feel bad for him cause of all the **** that has happened to him in the last few years but this one is something he's done to himself... damn Eddy

[Giaps]

I don't get it. He has the money, it's just a matter of paying it. I don't feel sorry for him because this is something that can be controlled. He must be spending money on some dumb **** (ex. heard he recently dared friends to touch a cop car and he would give them $1,000... just dumb).

[29$jersey]

All I'll say is if I had even 1 million dollars I'll be set for the next 20 years at least.
I guess its different when you have so much money to spend but living in luxury is not all that its cracked up to be imo. I rather have a house with a family then spend it on unnecessary luxuries. However that's the mindset of a humble person who treasures whatever is given to me, can't say the same for Eddy. I do not feel bad for him because this is a controllable situation and this economy didn't hurt him; his spending did.

[carlo]

Curry must be in some deep doo-doo in his financial life. Why would you go into foreclosure for $217,500 when you have $20 mil coming to you ? Makes no sense. My guess is there's many more debts we're not privy to right now. nor should we be. This story is truly another sad tale after all the other stuff.

[aNYer]

his last payment was due 2036? he prolly put like $20 down on it, what a dumb ***. I get it, he has had rough luck and bad turns but he is broke and asking for advances on money when he should have more money then the average town. I can't feel sorry for him.

[Giaps]

Originally Posted by aNYer

his last payment was due 2036? he prolly put like $20 down on it, what a dumb ***. I get it, he has had rough luck and bad turns but he is broke and asking for advances on money when he should have more money then the average town. I can't feel sorry for him.

Well, most mortgages are for 30 years so if he just bought this house about 3 years ago then that seems about right.

As for Eddy, it was also reported during the season that he owed thousands ($50k+... don't remember) on designer suits. He also asked the Knicks to advance him his salary. I think the Knicks agreed to give him $4 mill up front. The guy seriously needs a good financial adviser + accountant. He has no idea what he is doing with his money.

[carlo]

Curry bought that house at the tippy tippy top of the real estate market.... not a good thing.

Curry is getting charged 9.25% interest ? Even sub-prime borrowers get a cheaper rate on their loans when they reset. I'm sure Curry's financial condition was nowhere near as serious in 2006, when he signed that mortgage, as it is today ...... why the high rate ? Somebody pulled one over on him most likely.

Curry's name on the mortgage ? I could see foreclosure if the house was in a shell company's name, but why foreclose when your name is on the paper ? Why is he shattering his credit ? He has no other options as a current NBA star ? WTF ?

I would assume Curry did some real stupid things on his own, but whoever is advising him financially should be shot. He probably lost alot of wealth in real estate and stocks like many people have lately, but it seems as though those losses and his irrespnsible personal spending habits have caught up with him. I hope he's got alot cash buried somewhere...... he's gonna be needing it.