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Keeps getting worse for Russell

M

manchild24

Kyle got fired
Just Passing this along

FOX SPORTS

Things keep getting worse for former NFL quarterback JaMarcus Russell, who is considered the biggest bust in NFL draft history.

According to documents obtained by TMZ.com, foreclosure proceedings have begun on Russell’s mansion because he allegedly failed to make $195,512.05 in mortgage payments. Russell bought the house for $2.4 million in 2007 after the Raiders made him the No. 1 overall pick in that year’s draft.

The Louisiana State University product has three months to make the payments or the mansion will be auctioned off, the TMZ report says.

According to TMZ, Russell’s agent said he had not spoken with the former QB about the situation.

Russell, 25, played 31 games over three seasons with the Raiders, completing 52.1 percent of his passes and compiling a 65.2 passer rating. He threw 18 touchdown passes and 23 interceptions, and the Raiders went 7-18 with him under center.
 
Warner2BruceTD said:
$2.4 million home.

What was his signing bonus? Why even make mortgage payments? Why didn't he just buy the fucking thing outright?

And he really doesn't have $200k laying around to take care of this?

And why do these stories keep surprising me every time I hear them?
Click to expand...

I was thinking the same thing. Why does the guy even have a mortgage? He must have got his real estate and financial advice from The Locker Room.
 
having a mortgage is financially better than spending a 2.4 million on a house. Making payments will help your credit score and minimize your risk of the real estate market sinking even further.

You can put 1 million down and mortgage the rest. Take 1.4 million and invest it in wide array of investments. If you do it right you will make much more than the interest you are paying on the mortgage.

Ask any accountant.

My guess is that house is probably worth 1.4 million now or even less. Depending on how much he put down he is probably looking to walk away.

I mean think about it...if he did buy it for 2.4M and it is now worth 1.4. If he sells it is a 1 million loss. IF he only put 400K down on the house and he walks away......he only loses 400K.
 
The question is besides Al Davis, did anyone actually think this guy would be a good NFL QB? I mean it seemed pretty evident that he was not PRO material. I don't even consider him a bust IMO. I would consider it one of the biggest financial mistakes in the history of the NFL.
 
jms493 said:
The question is besides Al Davis, did anyone actually think this guy would be a good NFL QB? I mean it seemed pretty evident that he was not PRO material. I don't even consider him a bust IMO. I would consider it one of the biggest financial mistakes in the history of the NFL.
Click to expand...

Heisman. Lol.
 
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