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RB Eddie George - (1995 Heisman winner, CFB HOF, 4x Pro Bowl, HC Tenn St)

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Ex-NFL star Eddie George tries to save home from foreclosure
By The Sports Xchange | The SportsXchange ? Sat, Jun 2, 2012

Former Pro Bowl and Tennessee Titans running back Eddie George and wife Tamara are trying all they can to keep their million-dollar home off the auction block.

George just learned recently that the house in Nashville is set for auction on Thursday, June 7.

According to the Tennessean newspaper, the Georges had been seeking a mortgage modification for several months, with their house no longer having the value of what they paid for it.

Accountant Larry Goodman told the newspaper that he had been negotiating on behalf of the George's with IndyMac Mortgage Service and thought there was agreement on a new mortgage with new terms that would help the Georges.

Instead, he just learned that the house is set for auction, which may lead him to file for emergency judicial relief to prevent the auction from going forward.

However, one thing not in the George's favor, Goodman admitted, is that they stopped making mortgage payments several months ago because the mortgage company refused to consider altering the mortgage because the couple was current on its payments at that time.

"We're not trying to walk away from anything," Goodman said. "They love living there, it's a great house. Like anybody else who buys an expensive house, it flipped on him."

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http://sports.yahoo.com/news/ex-nfl-star-eddie-george-230015765--nfl.html
 
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However, one thing not in the George's favor, Goodman admitted, is that they stopped making mortgage payments several months ago because the mortgage company refused to consider altering the mortgage because the couple was current on its payments at that time.
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Could they no longer afford the payments or did they feel they shouldn't be paying the same mortgage payment because the house was worth less than before?
 
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MililaniBuckeye;2162734; said:
Could they no longer afford the payments or did they feel they shouldn't be paying the same mortgage payment because the house was worth less than before?
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I am not saying I know anything about the George's situation, but most likely they just stopped paying so that they would go into arrears in order for them to coax the mortgage company to work with them on a loan modification.

I have known several people that got caught up in this same mess that could afford the payments, but were completely upside down due to the market collapse (one guy had actually put 30% down when he purchased, and was still upside down on his mortgage the value dropped so low. This is why I did not buy when I first moved down here right before the begiinning of the housing collapse). Many attorneys were telling these people to just stop paying so that it would force the bank to consider a loan mod. It worked in almost all of these cases but one. That one was not far enough "under water" (according to the bank) for a loan mod to be considered.
 
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MililaniBuckeye;2162734; said:
Could they no longer afford the payments or did they feel they shouldn't be paying the same mortgage payment because the house was worth less than before?
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Part of qualifying for these loan mod's is being late on payments.. so, Eddie had to intentionally miss payments in order to get enrolled in the program.

Having said that.. loan mod's only take the amount you have missed, and move it to the back of the mortgage.. they don't "adjust" to a new, lower value.. everyone is kind of S.O.L. when it comes to lower values..
 
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MililaniBuckeye;2163105; said:
Uh, why not simply refinance? Mortgage rates are low as [censored] right now...
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If he owe's $100,000

and now the house is now only worth $50,000

He would need to have $50,000 cash to pay off the first mortgage

(obviously these numbers are off, just to illustrate)

He can't refi to the value owed, if the value is no longer there..
 
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[ame="http://www.youtube.com/watch?v=XAiBbzigRMo"]Eddie George: Realizing Your Dreams (LIFE Today) - YouTube[/ame]

[ame="http://www.youtube.com/watch?v=JC-oMQP9z2Q"]Eddie George: Married For Real (LIFE Today / James Robison) - YouTube[/ame]
 
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George personifies life after pro football
Former Titans' star conducts running backs camp
Jul 23, 2012
Written by
Michael Murphy
Gallatin News Examiner

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Former Tennessee Titans running back Eddie George speaks to campers on Tuesday morning at Baptist Sports Medicine's running back camp at Pope John Paul II High School. / Michael Murphy/Gallatin news examiner

HENDERSONVILLE ? The Baptist Sports Medicine football camp at Pope John Paul II High School concluded on Tuesday morning, and former Tennessee Titans running back Eddie George was there to instruct.

?It?s cool to come back and give some of the knowledge that I?ve learned through the years and to help these guys be the best that they can be on and off the football field,? George said. ?It?s only one day so you can?t teach them everything, but you can try to give them little gems that they can hold onto as they continue their careers.?

While George, who played nine seasons with the Houston Oilers, Tennessee Titans and Dallas Cowboys, retired following the 2004 season, the former Heisman Trophy winner and four-time National Football League Pro Bowler has stayed plenty busy since he hung up his pads.

Between his career as a commentator, actor, and running his business EDGE Planning ? a land planning, landscape architecture and graphic design firm ? George is a shining example of what it means to have a life after football, and that was one of the messages he tried to convey to campers on Tuesday.

?We?re teaching them all the components of taking care of their bodies, proper hydration, eating right and letting them know that being a football player is a craft, but also, in life, football is not the end all be all,? George said. ?There is more out there that you can do and will do in life, you?re not just born to be a jock and that?s it.?
Finishing up

George recently earned his Masters of Business Administration from the Kellogg School of Management at Northwestern University, and said that he tries to ?truly make a difference with things that I know and the things that I?ve experienced, and I try to be a huge asset to my university (Ohio State) and my corporation.?

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http://www.tennessean.com/article/2...39/George-personifies-life-after-pro-football

College football: George thinks athletes should be paid
July 22, 2012|By CURT RALLO | South Bend Tribune

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Eddie George grins as his 6-year-old son, Eric, plays with his face during a media interview at the Enshrinement ceremonies for the College Football Hall of Fame on Saturday at the Century Center in South Bend.

South Bend Tribune/ROBERT FRANKLIN

SOUTH BEND ? Ohio State Heisman Trophy winner Eddie George ached as much as anyone when the Scarlet and Gray fell from grace.

Ohio State is banned from a bowl game and faces other penalties after a scandal in which players traded jerseys and other memorabilia for cash and tattoos.

George said on Saturday before the College Football Hall of Fame Enshrinement dinner that he doesn?t know if paying college athletes would have prevented the Buckeyes? scandal, but that the time has come for student-athletes to receive stipends.

?I don?t know the culture of their locker room, what they were thinking about,? George said of the Buckeye players from two seasons ago who committed the violations. ?I don?t know if a stipend would have helped. But I do know that things have got to change as far as how athletes are being compensated.

?They need to have more money to do more things off the field. There?s definitely a need for kids to get paid more to live a quality of life like a regular student, who can have a job, because (a football player) can?t have a job, except in the summer, and that?s heavily regulated. It makes a quality life very difficult.?

George, the 1995 Heisman Trophy winner, said that one of the biggest problems in creating a culture where athletes feel privileged and entitled and above the law is the recruiting process.

?I think the recruiting process breeds that sense of entitlement,? George said. ?You have these 18, 17-year-old kids making their decisions on television, switching their hats. They?re now even demanding that if you want to sign me, you have to sign three of my teammates.

?It?s not about that. You haven?t done anything on a college campus. You haven?t touched a football. They feel like they?ve arrived. It isn?t like that. I was talking with a college football coach, and said these guys are coming in and saying, ?Do you know who I am?? This four-star and five-star recruiting stuff, it tends to inflate an athlete?s head.?
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http://articles.southbendtribune.co..._college-football-lloyd-carr-college-athletes

THE FOOTBALL FEVER: Eddie George on his College Football Hall of Fame Induction

THE FOOTBALL FEVER: Hall of Famer Eddie George in the Zone

THE FOOTBALL FEVER: Eddie George, Matt Finkes on Impending Penn State Sanctions
 
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