The Lochte’s homeless?
The parents of U.S. Olympic swimmer Ryan Lochte may be losing their Volusia County, Florida, home to the bank.
According to TMZ, Steven and Ileana Lochte, Ryan’s parents, are “swimming in debt.” They apparently owe about $250,000 on the residence as detailed in a lawsuit filed by CitiMortgage which want to foreclose on the property. The couple reportedly stopped making payments back in February of last year.
AP reports that Steven and Ileane Lochte divorced in 2011, but presumably both their names are still on the mortgage note.
Many Americans in Florida and elsewhere around the country are trying to come to grips with a real estate market that has imploded and taken their home equity with it.
It’s not just the foreclosure judgment and losing their home that the Lochte’s have to worry about–it’s the potential deficiency balance too, which could be sizable considering the country’s dismal economic conditions: “According to the lawsuit, if the sale of the Lochtes’ home doesn’t satisfy the couple’s entire debt … the bank wants the Lochtes to pay the difference.”
Both TMZ and AP report that Ileana Lochte–who”made waves” recently with a comment about Ryan Lochte’s one-night stands–filed a legal motion to get the foreclosure case dismissed, but the court has yet to rule.
Conceivably, once the London Olympics have officially concluded, Ryan Lochte will have endorsement deals presented to him that can help bail out his parents.