Bank Shot

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It’s hard not to feel for the blue collar worker who unexpectedly lost his job and has fallen behind on house payments during the recession.

With unemployment rates rising in 64 of 72 counties during March and the entire state well ahead of 2008 figures, bankruptcies and foreclosures are rampant.

But it is hard to conjure up any sympathy for one Milwaukee native whose area home is entering foreclosure for the second time in three years.

According to a story in the Milwaukee Journal Sentinel, former NBA player and Milwaukee Washington High School graduate Latrell Sprewell is five months behind on mortgage payments for his $667,000 River Hills home. RBS Citizens holds a $282,784 mortgage on the property. STORY LINK

This is the same Latrell Sprewell who famously turned down a three-year contract extension in 2004 that would have paid him upwards of $10 million annually, calling the offer “insulting” and noting that he “has a family to feed.”

He never played another game in the league and since 2007 has had six lawsuits filed against him in Milwaukee County Circuit Court by several financial institutions. STORY LINK

So the next time your boss offers you that multi-million dollar raise, it might be a good idea to accept it, or start looking for a good lawyer.