“Like I always said, if I’m one of the top players in the game, pay me like I’m one of the top players in the game.”

– Terrell Owens

Former National Football League (NFL) wide receiver, Terrell Owens — who banked somewhere in the neighborhood of $100 million in salary, excluding sponsorship/endorsement deals, throughout his colorful 14-year career on the gridiron — recently rid himself of a $2 million condominium located in Dallas, Texas.

However, Owens — who played for the Dallas Cowboys from 2006 to 2008 — had to negotiate a short sale, accepting $1.6 million (about a $400,000 shortfall) rather than losing the property to foreclosure. FOXSports.com reports that this isn’t the first time that the outspoken and controversial wideout has made a short sale play, selling off another property at a $56,000 loss not too long ago.

The six-time Pro Bowl selection, who cracked into the league back in 1996 with the San Francisco 49ers where he played eight seasons, has experienced major financial problems since his involuntary exit from the sport last year because of a knee injury. In fact, he barely avoided jail time a few months for failing to pay child support for his young daughter in Atlanta, Georgia.

Owens, 38, who trails only NFL Hall of Famer Jerry Rice in all-time career touchdowns and receiving yards, recently held a highly-publicized workout for NFL teams in an attempt to keep his career alive. Not a single team attended and Owens remains a free agent.

What is adverse possession? We touched on it more than a year ago when it happened on Washington. To read the article click here.

Mortgage relief is on the way for some struggling homeowners in and around the Gulf Coast region who have been hit hard by the worst ecological disaster in the history of the United States.

Deepwater Horizon, a BP-run oil well that was once located about 40 miles off the Louisiana coast, exploded back in late April. Ever since it has been spewing about a quarter-million gallons (conservative estimate) of crude into the once-pristine Gulf of Mexico.

Fishing and tourism industries have ground to a screeching halt as a result, killing revenue for companies that rely on the Gulf and their ability to pay their employees.

And when people can’t make money, they typically can’t afford to pay their mortgages, among other important bills.

CitiGroup feels their pain and has suspended all foreclosure sales and evictions in the region for three months, starting June 17 to Sept. 17, 2010 in zip codes “within roughly 25 miles of the coastline.”

That includes about 515 counties in Alabama, Florida, Louisiana and Mississippi, according to REOInsider.

Here’s a snip from Vikram Pandi, CEO of Citi, on the foreclosure moratorium:

“In the midst of this crisis, we will continue to explore ways to help people avoid foreclosure so they and their families can remain in their homes and have one less thing to worry about.”

This is great news, considering the recent report we passed along that predicted this crisis could mean $4.3 billion in lost real estate values when all is said and done. A $20 billion (and possibly more) BP fund that will soon be set aside to compensate victims of the spill is also welcome news.

Perhaps more lenders will soon follow Citi’s lead and suspend foreclosures … the more the merrier.

The hits just keep on coming for those in and around the Gulf of Mexico.

Business Week reports that the disastrous uncontrolled BP oil spill one mile underwater, which continues to spew millions of gallons of crude into the ecologically-sensitive waters, will likely significantly impact shore-area property values.

To the tune of $4.3 billion — as much as 10 percent — over the next three years for a 600-mile stretch of prime waterfront real estate.

Alabama, Florida, Louisiana, Mississippi and Texas all border the Gulf of Mexico, which also happens to be a way of life for many residents near the water’s edge.

Indeed, tourism, fishing and other big-time industries have already been hit hard because of the crisis. And now its deleterious affects appear to be on their way toward trickling down to innocent homeowners.

In fact, Don Epley, director of the center for Real Estate at the University of South Alabama in Mobile, Ala., predicts foreclosures are likely right around the corner:

“The defaults will start happening in early fall. You can directly attribute those to the oil spill.”

The report, which references a recent study from CoStar Group Inc., hotels and restaurants are also in major jeopardy of falling into default. Without tourists and other visitors, it will be hard for these establishments to make ends meet.

BP PLC — the massive oil-producing giant responsible for the disaster — has already earmarked funds to help offset the losses in the tourism and fishing industries. Whether or not the company will also put funds aside to assist struggling home/business owners affected by the spill remains to be seen.

Hakeem Seriki, or the rapper also known as “Chamillionaire,” may have been caught “Ridin Dirty;” however, not by the police … it’s his mortgage lender.

Chamillionaire has made a “business decision” to walkaway from a $2 million mansion that he purchased in Houston, Texas, in 2006, according to TMZ.com.

The Grammy award-winning hip hopper claims that his constant tour schedule and demanding lifestyle in front of the microphone kept him away from the 7,583 sq. ft. house. In essence, he was paying a large amount of money for a home he never lived in.

Or, in this case, not paying — the Houston house has already been repossessed by the lender.

The good news is Seriki is still “Ridin Dirty.” He claims that he still has all his cars, as well as whatever other properties in his real estate portfolio.

He made a point (numerous times) to clarify that he currently “does not have money problems.” On the contrary, the house was so underwater, and so underused, that he decided to cut his losses.

Everything is bigger in Texas … even the foreclosures.

The Dallas Morning News reports today that the Four Seasons Resort and Club Dallas at Las Colinas (Four Seasons) — a 400-acre hotel, spa and golf club — is possibly headed to a public foreclosure auction on Feb. 2, 2010, if a $183 million loan on the property is not brought current and/or repaid.

It’s the largest foreclosure in the “Lone Star State” in more than two decades, according to George Roddy:

“I don’t think we’ve seen one this large in the business cycle. That’s a very big complex.”

The good news is that resort ownership was expecting the notice as it negotiates a debt restructure deal with the lender. And it is confident that a deal will be struck soon that resolves “the challenges of the current situation.”

Regardless of the outcome, the 2010 HP Byron Nelson Championship will go on as planned from May 17-23, 2010, giving 2009 winner Rory Sabbatini the opportunity to secure back-to-back titles.

Four Seasons has been the home of the annual Byron Nelson Championship since 1994.

It seems as though Herrera’s “painted public plea” worked … at least for now.

After eight months her mortgage loan was eventually modified to a lower amount; however, she’s still having trouble making ends meet because of the debt she racked up while in financial dire straits.

Hopefully, she can negotiate a more affordable rate with her lender through the “Making Home Affordable” program before losing the house to foreclosure.

Everything is bigger in Texas … even the huge savings on foreclosure homes about to hit the auction block!

REDC, one of the nation’s most reputable and successful real estate auction companies, is gearing up for another big weekend (Sat., Nov. 14 and Sun., Nov. 15) with several major public foreclosure sales in the “Lone Star State.”

In fact, nearly 150 properties — condominiums and townhomes, as well as single- and multi-family properties — must be sold.

Everything must go, which is the reason bids can start as low as $500!

Here is where REDC will hold its upcoming foreclosure auctions in Texas (For complete details click here):

• November 14 — Hilton Anatole-Khmer Pavilion in Dallas, Texas (2201 Stemmons Freeway)
• November 15 — Hilton Americas-Houston in Houston, Texas (1600 Lamar)
• November 15 — Hilton Garden Inn Austin Downtown – Sabine in Austin, Texas (500 North IH-35)

Remember that you can bid in-person or online. If you plan to attend the foreclosure sale keep in mind that registration starts promptly at 8 a.m. local time and the auctions begin at 9:30 a.m. sharp.

The process is safe, easy and compliant with all legal regulations. And you don’t have to be an experienced real estate expert to purchase a property.

In fact, all you need to register are W-2 forms from the last two years, as well as a cashier’s check and/or check book for the Earnest Money Deposit(s).

To check out the homes for sale at the upcoming foreclosure auctions in Texas, as well as to download a digital auction brochure, click here.

Good luck!

Ray Nagin — the passionate and often controversial 60th Mayor of New Orleans, La. — is in danger of losing his “vacation home,” which is located in a Dallas, Texas, suburb, to foreclosure, according to the Wall Street Journal.

Nagin — who is perhaps best known for his handling of the epic Hurricane Katrina disaster in 2005 — purchased the property, valued at $182,000, as a “hurricane home.”

Court records indicate, however, that Nagin has failed to pay the Homeowner’s Association (HOA) fees on his 1,700-square-foot home in Frisco. It is expected to be put up for sale at a public auction on April 7, 2009, if the lien issued by the HOA is not resolved in the next few days.

The good news is that the report indicates Nagin intends to resolve the matter “shortly.” The clock is ticking … the auction is little more than three days from now.