Chad "Ochocinco" Johnson Is Headed For Foreclosure
Just when we thought the "struggle life" couldn't get any worse for Chad "Ochocinco" Johnson, he's facing foreclosure. After a week that effectively crumbled his personal and professional life in one swoop, Ocho's finances have now been made public.
The 34-year-old skipped out on an $863 maintenance fee on his $400,000 Miami condo, and owes $28,703 in back pay. Now the building is threatening to put the unit in foreclosure if he doesn't pay up.
Ocho's money situation was in dire straits, so he sought a $150,000 mortgage loan from private investors, Michael Pomerantz, and Patrick McPoland. He put up a $350,000 Miami Springs home, purchased for one of his baby's mothers as collateral.
According to the agreement, the wide-receiver has until June 2015 to pay back the loan. However, given his steep fall since being arrested for allegedly head-butting wife Evelyn Lozada, life has gotten pretty awkward, so his funds may be drained. The couple wed one month ago, but after the altercation, Lozada filed for divorce, their reality show Ev & Ocho was cut, and he was let go from the Miami Dolphins.
In the aftermath, the Miami native released a statement apologizing to the public, and vowing to maintain a positive outlook as he navigates through the tough time .
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