Former NBA star Allen Iverson is learning this fact the hard way – his home in Atlanta has just been sold in a foreclosure auction.
The foreclosure process started a few months ago when Iverson’s bank alleged that he defaulted on his $1.2 million mortgage. Iverson attempted to stop the process by suing the bank – claiming that he never consented to the loan! A.I. alleged that the mortgage was a setup orchestrated by his estranged ex-wife Tawanna - who intentionally signed the house right out from under him by agreeing to financial terms she knew he couldn’t meet!
Although Iverson’s lawsuit stalled the process, ultimately it didn’t work. Sources close to the sale say that the bank purchased A.I.’s home yesterday for $2.5 million (it’s worth $4.5 million).
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