04-05-2011, 12:23 PM
Local High School Star
Join Date: Jul 2006
Bank repossesses former Kings star Kevin Martin's home
Bank repossesses former Kings star Kevin Martin's Rocklin home
By Phillip Reese
Published: Monday, Apr. 4, 2011 - 3:05 pm
Last Modified: Monday, Apr. 4, 2011 - 4:11 pm
A bank has repossessed a Rocklin home belonging to former Kings basketball star Kevin Martin after failing to reach an agreement with him on a short sale.
Martin, who will earn $10 million this year playing for the Houston Rockets, has been in default on his $1.5 million home loan since June, according to Foreclosures.com.
Aurora Loan Services took possession of the 5,000-square-foot home last week, property records show.
When the bank first issued a default notice on the home, Martin's attorney, Michael Hackard, said a foreclosure was unlikely and his client "wants to do the right thing. ... He's not walking away. We've got a certain dispute with the lender."
Hackard said Monday that Martin's lender refused to approve a $941,000 short sale on the property, though Martin offered to pay an additional $50,000 to bridge part of the difference between the sale price and his outstanding loan.
"I thought that absolutely the bank would be rational," Hackard said.
Martin's fame and well-known income likely worked against him with the bank, and short sale approvals can seem arbitrary, Hackard said. Aurora wanted Martin to kick in $500,000 on top of the short sale offer, Hackard added.
A representative from Aurora did not immediately respond to an email requesting comment Monday afternoon.
The home has four bedrooms and four bathrooms, property records show. Martin paid about $1.9 million for the home in the gated Whitney Oaks subdivision in July 2007. The Kings traded Martin last year.
Local real estate broker Patrick Hake of RE/MAX Gold said Martin's personal credit will be hurt by the foreclosure and that it will be tough for him to get a home loan for the next few years. Martin's large salary could take the sting out of those facts, Hake added.
"A larger question that remains unanswered, is whether we can expect to see similar foreclosures and short sales from other Kings players, coaches, staff and employees, if the team leaves for Anaheim next year,." Hake wrote on his blog at www.placercountyhomesandland.net. "Let's hope not."
Read more: http://www.sacbee.com/2011/04/04/352...#ixzz1IfNsx5hP