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Allen Iverson

I'm Fighting My

Atlanta Mansion Foreclosure

12/9/2012 5:00 AM PST BY TMZ STAFF

1207-allen-iverson-gettyFormer NBA star Allen Iverson isn't just gonna stand by and watch while his Atlanta mansion hits the foreclosure auction block -- TMZ has learned he's already filed legal docs to put a stop to the sale.

TMZ broke the story ... Iverson's $4.5 million mansion was scheduled to go up for auction on December 4th after he allegedly defaulted on a $1.2 million mortgage.

But before the sale took place, Iverson quickly filed a lawsuit against the lender that's trying to take the home, claiming he never consented to the loan.

Iverson claims his estranged wife -- with whom he's going through a nasty divorce -- signed for the mortgage in order to screw him ... by agreeing to financial terms he couldn't meet.

The lawsuit has since put a hold on the foreclosure proceedings ... buying Iverson some extra time.

Calls to Iverson's camp and the lender he's suing have not been returned.

For more sports stories, check out tmzsports.com!

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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.

631 days ago


It’s good that Allen is trying to get his home back but it can be too late. It’s necessary to pay bills in time to avoid such situations. I understand that probably celebs have lots of troubles but you always can hire a manager who would take care of your finances and paid bills in time. It’s sad to lose a home you’ve been paying for a couple years but at the same time it’s easy to understand the lender. Put yourself in a lender’s should and think if you were patient if your borrower wouldn’t pay you back? As for me, foreclosure is a scary thing, I’d rather take out online payday loan than miss a payment.

526 days ago
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