Many of you reading the title above will assume this is just yet another joke about former NBA star Latrell Sprewell, who made many millions of dollars playing in the NBA yet insisted he needed money to feed his family. But he actually does have economic problems. The AP reports:

Former NBA star Latrell Sprewell’s home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million he owes on the boat, according to court filings. Sprewell, who once turned down a three-year, $21 million contract extension from the Timberwolves, saying, “I’ve got my family to feed,” apparently has fallen on tough times.

RBS Citizens NA, or Citizens Bank, filed a foreclosure suit last week in Milwaukee County for the $405,000 home Sprewell bought in the Milwaukee suburb of River Hills in 1994. In court documents, the bank said Sprewell owed $295,138 in outstanding payments plus interest. Sprewell failed to make his monthly mortgage payments of $2,593 from September 2007 to January 2008, the documents said.

I can tell you that when InsideHoops.com buys mansions and yachts, we pay cash, in full, with no mortgage. That’s just how we roll, son.