Allen Iverson sues to stop foreclosure of home

Former NBA All-Star and Scoring leader Allen Iverson has sued the lender who has foreclosed on his Atlanta based mansion.

Iverson claims that he did not agree to the terms of the loans. Iverson is currently going through a divorce with his wife, Tawanna, reports TMZ.

TMZ writes: “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.”

He is stating that Tawanna agreed to the terms of the agreement, understanding that he would not be able to meet payments. According to the divorce paperwork, Iverson is currently making $60,000 per month but is spending over $350,000 per month.The home was supposed to go to auction on December 4th, but Iverson’s last minute law suit held up the process.

According to Bloomberg, Iverson ran into a similiar problem last year.

Iverson stopped paying the mortgage on his 6,848-square-foot house in Cherry Hills, Colorado.

Iverson, who purchased the property in 2008 for $3.88 million, let the six-bedroom, nine-bathroom home slip into foreclosure and owes more than $2.5 million to Wells Fargo Bank, the Post reported, citing a Notice of Election and Demand for Sale filed in Colorado’s Arapahoe County on Feb. 28.

Iverson has made over 150 million dollars during his NBA Career. He played for 14 seasons and had stints with The Philadelphia 76ers, Denver Nuggets, Detroit Pistons and Memphis Grizzlies. He was the 1996 NBA Rookie of the year and was named an All-Star 11 times. He is now playing in a professional league in China.

Iverson is currently earning an estimated $60,000 a month but is also spending more than $350,000. Most of that money is being used for mortgage payments and to pay back creditors but Iverson also spends a lot on clothes, restaurants and entertainment, reports Sports Illustrated.

SI writes:

“Allen says he blows a lot on OTHER expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.”