Why Did Bank Take Over Florida Home Of Daunte Culpeppper and Dismiss the Foreclosure?

As noted in an blog earlier this week, Daunte Culpepper officially lost one of his homes to foreclosure. The former National Football League quarterback first bought the nearly 10,000-square-foot South Florida home in 2006. However, Culpepper gave up his home to SunTrust Bank in April in lieu of foreclosure. The bank dropped a lawsuit against the quarterback earlier this month. He currently owes $3 million on the house, thought he still owns another place in Weston, Fla.

Culpepper bought his mansion after being signed by the Miami Dolphins that same year. However, his career floundered in Miami, where he was signed the year after he suffered a devastating knee injury with the Minnesota Vikings. Miami put Culpepper on season-ending injured reserve after just four games and traded for his replacement, Trent Green, that offseason. Culpepper later played for the Oakland Raiders and Detroit Lions, appearing in just 20 games over the next three seasons before retiring in 2010. He then joined the Sacramento Mountain Lions of the United Football League for a year, and has not played professional football since.

Culpepper signed a $102 million deal with the Dolphins in 2006, so it is a bit odd that he is facing foreclosure. However, NFL contracts are not fully guaranteed, and he reportedly received just $19 million from that contract.

Daunte Culpepper is not the first famous athlete to face foreclosure following his playing career. Earlier this year, former Philadelphia 76ers star Allen Iverson defaulted on a $1.2 million mortgage on his $4.5 million home. His bank then bought the home for $2.5 million.

Also this year, former Tennessee Titans defensive end Jevon Kearse lost his 6,064-square foot home in Pompano Beach, Florida. He signed a $5.25 million mortgage for the home in 2006, but his bank foreclosed on that loan in February.

But perhaps the most bizarre case of athlete foreclosure came from former Major League Baseball star Lenny Dykstra. Dykstra bought a mansion in Thousand Oaks, Calif. from hockey legend Wayne Gretzky in 2005. However, when he could not sell the home a few years later, he decided to trash it before defaulting on the loan.

Dykstra left behind dog feces, beer bottles and raw sewage in the home, which the JPMorgan Chase & Co. eventually remodeled. The home was later put back on the market for $15 million.

 

The Law Offices of Aaron Resnick, P.A. is positioned to help homeowners with short sales, loan modifications and foreclosure defense throughout the State of Florida.