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Former No. 1 Pick JaMarcus Russell's Mansion to be Foreclosed

By James Norwood on March 08, 2011 5:52 AM

Oh, how the mighty have fallen

Once upon a time, JaMarcus Russell was the No. 1 overall NFL draft pick in 2007. Today his Oakland mansion is facing foreclosure, reports Fox Sports.

JaMarcus Russell is the size of a lineman. He's 6ft 6in, 300 pounds and has the speed of a running back. He can launch a football nearly the length of a football field. Why can't he pay for his home? After all, he had a guaranteed contract worth $32 million with the Oakland Raiders. The home cost $2 million.

Russell's problems may be because he's out of a job. The Raiders cut him after 3 seasons and 23 interceptions.

According to documents obtained by TMZ.com, foreclosure proceedings have begun on Russell's mansion because he allegedly failed to make $195,512.05 in mortgage payments.

Foreclosure of a home occurs when the borrower fails to make a payment and the lender goes to court to get a court order to take possession of the home. This is because the home was used as collateral or a security interest for the loan.

Once the lender forecloses on the home, they generally sell it at auction to recoup the money they lent to the borrower. It can get worse. If the home is sold for less than the borrower owes, the lender may report that loss to the IRS as if it were income for the borrower.

At this point, Russell will be able to keep his home if pays $195,512.05 in back payments within three months.

Alas, Russell is not under current contract with any NFL team. Plus, the league is on the verge of a lockout. Yahoo Sports reports that JaMarcus Russell doesn't want to play for any football team not in the NFL. We may see Russell's beautiful home on the market in the near future.

Anyone in the market for a 6-bedroom, 8-bath, 4-car-garage home with a bay view?

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