Allen Iverson isn’t just refusing to practice playing basketball, but the tattooed sharp shooter is also refusing to practice paying his mortgage on time.

Denver Post reports that the 11-time NBA All Star walked away from a 6,848 sq. ft. six-bedroom, nine-bathroom mansion in Denver, Colo., which he purchased for $3.875 million in Jan. 2008.

“The Answer,” who played for the Denver Nuggets for two seasons, “let the property in the Buell Mansion subdivision slip into foreclosure on an outstanding balance of $2,572,914.”

He apparently had a buyer lined up, too, who was “close” to paying the asking price of $2.85 million.

The good news is that the sale can still go through as planned; however, Iverson — who signed a blockbuster $70 million contract before the 2000 season — will likely have to pay around $10,000 in attorney’s fees when all is said and done.

Sounds like a “strategic” financial crossover on the part of the prolific point guard, who is currently a member of Besiktas Cola Turka of the Turkish pro league.

That’s because he recently told Philadelphia Magazine that he still has money … “a lot.”

Hmmm …

“People aren’t angular. So why should they live in rectangles?”

– Charles Deaton, architect

It was Deaton’s unique three-story mountain home design, which “curves unpredictably,” that likely attracted acclaimed director, Woody Allen, to use it as the scene for one of his most successful feature films, “Sleeper,” in 1973.

Today, the five-bedroom, five-bathroom piece of architectural art — one that also boasts a four-car garage and media room, among other cushy amenities — is in jeopardy of being repossessed and sold to the highest bidder at a foreclosure auction.

Denver Business Journal (the home is perched in the Genesee Mountains just outside “Mile High City”) reports that the current owner, Michael Dunahay, has defaulted on a $2.77 million mortgage loan.  Dunahay, a Denver businessman, purchased the iconic 7,000 sq. ft. home for $3.43 million in 2006.

It’s not the first time this has happened — the lender initiated foreclosure proceedings in early 2009, “but withdrew it” last May. Apparently, whatever problems affected the mortgage a year ago were never completely resolved.

And if Dunahay and his lender can’t hammer out a deal, the “Sleeper” house will soon be put to bed up on the block.

Stay tuned.

So says Colorado Springs, Colo., real estate agent Shawn Jardine in a recent article from the Christian Science Monitor:

“It’s a feeding frenzy right now. On one property listed for $65,000, I had 15 offers. The best offer won at $20,000 over asking price.”

Wholesalers, which are basically investors with lots of money who can buy in bulk, are “snapping up” a healthy chunk of the best distressed property deals currently available on the market.

It’s common these days for wholesalers to swoop in and make all-cash offers, making it difficult for first-time homebuyers and other “small-time” investors to land their deals.

With the nationwide housing market riddled with bargains, and a volatile stock market, wholesalers are literally banking on the notion that the market will eventually rebound. Perhaps not to pre-collapse levels anytime soon, but nonetheless, it’s bound to happen.

When and where is still a huge question mark. In the meantime, opportunistic wholesalers have the ability to buy low now, renovate their homes (if necessary) and then hang onto them for however long it takes to rent or re-sell at later time for huge profits.

To beat wholeslaers, investors and other buyers to the punch, we always recommend that you consider our FREE email alerts. We send you the hottest deals in your area the moment they hit the market.

Timing is everything … now more than ever!

Another city, more happy homeowners.

REDC — one of the nation’s most reputable and successful real estate auction companies — unloaded more than three dozen homes this weekend at a foreclosure auction in Golden, Colo., according to CBS4Denver.com.

All in a day’s work for the auctioneer, which is among the best at getting distressed homes off the market and occupied at a remarkable rate, selling more than 13,000 properties so far this year worth about $675 million.

Impressive to say the least … and we’re not even at the half-way point of 2010.

It’s an efficient process that gets families into homes, eliminates vacancies and takes a financial burden off banks.

So it’s not surprising that all parties — and communities — embrace REDC wherever and whenever it rolls into a new town, says company spokesperson Brad Fields:

“It’s taking a process that is traditionally a little slower and being able to very quickly get buyers into the property and revitalize those neighborhoods and create homes. It’s a little bit different of a process, but one that buyers shouldn’t be afraid of.”

REDC allows buyers and/or their representatives to place bids in-person or online. The process is safe, easy, and compliant with all legal regulations.

To check out the homes for sale at the upcoming foreclosure auctions, as well as to see when REDC will be coming to a city near you, click here.

Location

Note: Other comparable listings in the area range from $1,876,981 to almost $3 million. For more property details or to talk to a local real estate agent/broker about this listing CLICK HERE.

Don’t get sticker shock! This gorgeous 5,224 sq. ft. five bedroom home is the epitome of what real estate investing is all about. It possesses instant equity to the tune of almost one million dollars.

Unbelievable.

To check out some of the other “Deals of the Day” feel free to visit our archive.

What’s the deal of the day? We comb through our nationwide database of more than 1.2 million distressed real estate listings to showcase some of the best investments available on our Web site each morning. These listings represent just a small fraction of the amazing investment opportunities available at Foreclosure.com. To find more bargains like the one pictured above search Foreclosure.com or sign-up for FREE Email Listing Alerts.

With about 4,743 active foreclosures on its books in March 2007, Colorado is near the top of the national list when it comes to homeowners defaulting on their mortgages.

To help distressed homeowners in the Centennial State keep their homes, the Colorado Division of Housing established a foreclosure hotline in December 2006 that offers free advice and counseling.

And, according to a recent article from the Denver Business Journal, at least four out of five people who have called [the hotline] over the past five months have avoided foreclosure.

Here’s a snip:

“Specifically, 7 percent of callers who received counseling later lost their homes to foreclosure. Another 12 percent may have lost their homes, but this group includes people in bankruptcy, people who could not later be located, and people who later chose to work with for-profit foreclosure consultants, officials said.

Twenty-two percent of callers sold their home before foreclosure, 15 percent initiated a repayment plan, 13 percent modified their mortgage, 6 percent brought their mortgage current and 5 percent deeded the property to the lender.”

The Colorado foreclosure hotline, which connects nonprofit counseling agencies across Colorado to callers trying to avoid foreclosure, can be reached at 1-877-601-HOPE.