Olympic Swimming Star Ryan Lochte’s Parents Foreclosed
The parents of Ryan Lochte, the Olympic swimming star, just took a nosedive into the foreclosure crisis. About two years ago, Steven and Ileana Lochte stopped paying their mortgage on the Port Orange, Fla. home. Even with the millions of dollars the Olympic star made in endorsements, he decided to not help his parents. At this point, the home has not been listed on the market yet.
According to reports, the Lochtes borrowed $258,000 in 2007 for the home. They still owe about $242,000 on the foreclosed property.
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Olympian Ryan Lochte’s Parents in Foreclosure
The swimming US Olympian, Ryan Lochte’s parents are drowning in debt and possibly losing their home.
Volusia County, Florida, a lawsuit has been files against Ileane and Steven Lochte. It is due to a mortgage loan that was original taken out in 2007 for $258,000. The monthly payments were $1,609.58.
According to reports, the Lochtes stopped paying the mortgage in February 2011. They currently owe $242,239 plus interest. The bank is suing to foreclosure in attempt to get their money back.
The lawsuit says if the sale of the home does not satisfy the debt, the bank will be pursuing the couple for the difference. Mrs. Lochte filed a motion last month to have the case dismissed. The judge has not yet ruled.
