NFL Hall of Famer Marshall Faulk's Broward Condo Is in Foreclosure (We Got the Documents)

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Dodging defensive ends, debts.
(EDIT, 2:20 p.m.: Jose Lambiet is reporting Faulk doesn't even own the condo anymore because the condo association bought it from him after a deal in 2010.)

PNC Bank filed a foreclosure complaint late last month on the Pompano Beach condo of Marshall Faulk, the former St. Louis Rams running back who sits at number ten all-time for NFL rushing yards.

Several blogs have picked up the story from TMZ; the details were sitting in the Broward Courthouse -- here they are.

Though Faulk, currently a television football analyst, was charged only interest on the loan until 2014 with payments starting at $503 per month, the bank says he hasn't made a payment since September of last year,...
... and it is now attempting to collect the full value of the $112,000 loan. (Insert a cheesy "Madden hit stick" joke here.)

Faulk took out the mortgage in 2004 for the condo at Hillsboro Light Towers at 2639 N. Riverside Drive in Pompano Beach; he was forced to pay $25,000 to the complex in 2010 as part of a separate foreclosure deal.

Real estate listings put prices in the building at $230,000 to $330,000.

While Faulk's initial interest rate was 5.375 percent, he for some reason signed himself up for an adjustable rate mortgage that could have ratcheted his interest rate up as high as 11.375 percent. The last adjustment before Faulk allegedly stopped paying looks to be about 3.01 percent, based on historical index data.

Since there isn't any personally identifying information in the records, it's conceivable that there's another "Marshall Faulk" going delinquent on mortgage payments, but this apartment is in the same building as an apartment of Faulk's that the IRS placed a lien on in 2010 because they said Faulk owed more than $105,000 in back taxes associated with income from autograph signings and personal appearances, according to the Detroit News.

It's not his permanent home (and court records mention other, anonymous people living there), but if you're interested in the details, here are some of the more interesting documents from the case.


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2 comments
FinanceAintEasy
FinanceAintEasy

Jeeez, another case of sad money mismanagement by a former NFL'er.

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