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Eddie George shocked to learn his house is in foreclosure

Former Ohio State and NFL standout Eddie George was reportedly surprised to find a notice of foreclosure for his home was published in the newspaper. The 1995 Heisman trophy winner went to the NFL after attending Ohio State.

In the NFL, the running back continued his fame. After retiring from football, George appeared in cameos on television and in the movies. He also runs a business that operates in Ohio and Tennessee. He and his wife reportedly bought a house that soon fell underwater when the housing market imploded.

Records indicate that George's house was sold in 2007 for $1.675 million, but recently was valued at roughly $1.1 million. George and his wife were proactive on the status of their dream home. They sought to qualify for a loan modification due to the huge loss in value on the market. Bank officials reportedly refused to negotiate with the couple on modifying the terms of the underwater home, stating that the Georges were current on their mortgage.

The couple decided to miss "four or five payments" on their home loan, hoping that the resulting delinquency might encourage the bank to negotiate a loan modification. In the meantime, they say that they worked with an accountant in seeking a loan modification.

Suddenly, the dreaded notice of foreclosure sale was published, shocking the Georges. Sources say that the Georges never received any personal notice that foreclosure was coming until the foreclosure notice hit the paper. The George's accountant says that he submitted new paperwork on the loan modification just three weeks ago, and heard nothing about potential foreclosure at that time.

The George's seek to fight the foreclosure, now that they know about it. George is reportedly financially stable, but the underwater mortgage has put a new blip into his story. He and his wife reportedly love the home, but in the market collapse the home fell underwater.

USA Today reports the house is scheduled for the auction block June 7 in Tennessee.

Home loan modifications, foreclosure and other issues keep hitting the news. Many people are struggling in the aftermath of the economic recession. Many Ohio residents remain curious about what options may exist to get back on track after the financial and economic troubles that have gripped the country.

For some, bankruptcy is a viable option that can provide financially distressed Ohio residents with a fresh start. An experienced Cincinnati bankruptcy lawyer can help answer questions about what bankruptcy protection can offer in individual circumstances.

Source: USA Today, "Eddie George surprised by foreclosure auction notice," Josh Adams, The (Nashville) Tennessean, June 2, 2012

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