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Allen Iverson

Atlanta Mansion to Hit

Foreclosure Auction

12/1/2012 2:25 AM PST BY TMZ STAFF
EXCLUSIVE

1130_allen_iverson_house_launch
Former NBA star Allen Iverson's about to lose his massive Atlanta mansion -- because the bank is gearing up to sell the house at auction next week, TMZ has learned.

Iverson purchased the home back in 2010 for $4.5 million -- but according to official records, he defaulted on his mortgage and the bank foreclosed. Now, the home is set to be sold at auction on December 4th ... along with all the crap inside.

Iverson's currently going through a nasty divorce with his estranged wife, and he's famously been dealing with money problems ... including a nearly-million-dollar debt to a Georgia jeweler.

A.I. still has a chance to save it if he comes up with the cash before auction time ... but the clock's ticking ... fast.

Calls to Iverson's camp weren't returned.

48 COMMENTS

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31.

Scamuel Jones    

Who would even want live in the house that trashy ghetto thug lived in?

592 days ago
32.

Melissa    

Allen Iverson is just like the rest of these dudes who were brought up in the hood. He made it big and wanted to take everyone along for the ride and they drained him dry and as soon as the money was gone all of his so called friends were gone. Him not having money has nothing to do with how well he paid attention in college but it has everything to do with the guidance that he received once he got his contracts. Give the man a break, it's amazing how people can point fingers and talk about the bones in the closet of celebrities but have you looked at your closet lately??? SMH

592 days ago
33.

Miller Cerasuolo    

Foreclosure proceedings have been filed against Allen Iverson for his Atlanta mansion. Iverson has filed suit to stop the foreclosure claiming that he never consented to the mortgage. Instead he claims that his estranged wife signed the mortgage. When a house is purchased by a married couple it is owned as tenants by the entirety. This means that each spouse owns a 100% undivided interest in the house. In order for a lender to foreclose on a house that is owned as tenants by the entirety both husband and wife must have signed the mortgage agreement. Therefore, if Alvin Iverson did not sign the mortgage it is likely that he should be able to stop the foreclosure. Additionally, there are many procedural defenses to foreclosure proceedings which may apply and prevent the foreclosure.

571 days ago
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