Ex-Red Wings star facing foreclosure

[Travis 576]

DETROIT -- Ex-Detroit Red Wings star Sergei Fedorov is facing foreclosure on two sprawling homes in Bloomfield Hills.

The PrivateBank and Trust Co. says Fedorov owes more than US$2 million. The Oakland County Treasurer's Office says he also owes more than $51,000 in property taxes.

The Detroit News reports Friday that Fedorov owes nearly $1.2 million on a 390-square-metre home that he bought in 1999 for $1.25 million.

Legal notices published in the Detroit Legal News indicate that Fedorov also owes $915,623 for a 492-square-metre home that he acquired in 2003 from his parents in the affluent suburb about two kilometres northwest of Detroit. Records say it's assessed at more than $1 million.

Fedorov plays hockey in Russia and spent 13 years with the Red Wings.

per TSN

[puckloo39 5,686]

no sympathy here. I live within my means and pay my bills. And I don't and won't ever make millions of dollar. He won't be living under a bridge, regardless. Oh, well.

[NeverForgetMac25 483]

no sympathy here. I live within my means and pay my bills. And I don't and won't ever make millions of dollar. He won't be living under a bridge, regardless. Oh, well.

Have you not heard about what *actually* happened to his finances?

Fedorov Sues Ex-Business Partner for $43 million in Losses

[McAwesome 754]

Considering that he lost $43 million to a crooked financial advisor, I'm not surprised that he owes money.

I'm not saying I have sympathy, I'll never understand why people who make millions of dollars a year don't just pay cash outright for their house, but whether its a multimillion dollar mansion or a 50,000 dollar single-wide trailer, it sucks to be facing foreclosure.

I just hope his parents don't end up on the street because of this.

[NeverForgetMac25 483]

Considering that he lost $43 million to a crooked financial advisor, I'm not surprised that he owes money.

I'm not saying I have sympathy, I'll never understand why people who make millions of dollars a year don't just pay cash outright for their house, but whether its a multimillion dollar mansion or a 50,000 dollar single-wide trailer, it sucks to be facing foreclosure.

I just hope his parents don't end up on the street because of this.

And for the most part (let it be known) nor am I. The thing is though, he may have been living on what he had made and was banking on the $43 million to be his investment future. When that nest egg went away and given the lifestyle he was living, its a recipe for what's happened.

[puckloo39 5,686]

the entire concept of ever having or needing $43M to "survive" on in retirement is so hilarious to me, that it doesn't even compute. I am sure he will survive this.

Sergei could do what the rest of us do: scale back, do without, and start over.

[13dangledangle 968]

why doesnt he just sign a 2 year 15 mill contract with the KHL

[eva unit zero 271]

When I was younger, my parents' lawyer stole over $100,000 from an insurance settlement.

While you can make the argument that Fedorov should have just paid cash for his house, the fact that he was cheated out of $43m is not something to say "Yeah, but look how much he was making" or "It's ridiculous for him to be banking on that as his retirement" because you don't know how much or how little money he had after that.

Fedorov being in such debt is surprising, and he should be able to pay his way out. But not only feeling no sympathy, but acting as if he deserves to face foreclosure is absolutely atrocious, hideous, inhuman behavior. I don't care if you don't like that he left the Wings. You should feel ashamed of yourselves.

Regardless, it is ridiculous that this is a news story.

[NeverForgetMac25 483]

the entire concept of ever having or needing $43M to "survive" on in retirement is so hilarious to me, that it doesn't even compute. I am sure he will survive this.

Sergei could do what the rest of us do: scale back, do without, and start over.

You live within the means available to you and who's to say he didn't do the same? As I said, that $43 million could've just as easily been half his money that he was banking for his retirement. Can you (or anyone) honestly say they bank/invest half their salary for the future? I can honestly say I bank/invest around 20% on top of our 401(k)'s which is likely around 20-30% less than what Sergei was putting away.

[LeftWinger 5,130]

Have you guys ever heard the term Strategic Default? If not, that's when you purposely stop paying payments in order to go into foreclosure ON PURPOSE to get out of your house. The reason vary, some people owe more than what the house is now worth (thanks to the government and banks) that's called an upside-down mortgage. Some folks just cannot sell their home and either cannot afford to live there anymore (I doubt this is Sergei's problem) or they have already living somewhere else and cannot sell the house(s.) (This I think is Sergei's situation) I cannot know for sure what his situation is, but if he plans to not ever come back from the KHL, he has no need for two homes over here. Even if he does plan to come back, it is not illegal to default on your loan's. The bank gives you money to purchase a house, you agree to pay them the money back plus interest, or give them back their property. That is probably what Sergei is doing, I cannot afford to live here anymore, so here is your house. Foreclosure is not illegal, it is not unethical or it is not wrong and Sergei (or anyone) should feel NO shame, or have the need for sympathy. Sergei has enough cash that if and when he comes back to the states he will have no problem buying a house that he can afford. The only negative foreclosure has is on your credit, whoopee ******* doo! You shouldn't buy anything unless you have the cash anyhow, f*** the banks and the federal reserve! I say good for you Sergei! Let them have the homes! Problem is, the banks don't want them, so in the end they will either sit empty or resell for penny's on the dollar or they will give Fedorov a hell of a deal to settle. WE CONTROL THE BANKS, THEY DON'T CONTROL US!

The banks have insurance money to cover their loses, they also got the bailout, so they don't care about us, so I say f*** them! I will not be controlled! I am not Sheeple or a debt slave, the revolution will NOT be televised. Your heard the term, "hell hath no fury like a women scorned" well the People are scorned, soon hell be brought to the elitist! When it comes, which side will you be on?

[McAwesome 754]

Have you guys ever heard the term Strategic Default? If not, that's when you purposely stop paying payments in order to go into foreclosure ON PURPOSE to get out of your house. The reason vary, some people owe more than what the house is now worth (thanks to the government and banks) that's called an upside-down mortgage. Some folks just cannot sell their home and either cannot afford to live there anymore (I doubt this is Sergei's problem) or they have already living somewhere else and cannot sell the house(s.) (This I think is Sergei's situation) I cannot know for sure what his situation is, but if he plans to not ever come back from the KHL, he has no need for two homes over here. Even if he does plan to come back, it is not illegal to default on your loan's. The bank gives you money to purchase a house, you agree to pay them the money back plus interest, or give them back their property. That is probably what Sergei is doing, I cannot afford to live here anymore, so here is your house. Foreclosure is not illegal, it is not unethical or it is not wrong and Sergei (or anyone) should feel NO shame, or have the need for sympathy. Sergei has enough cash that if and when he comes back to the states he will have no problem buying a house that he can afford. The only negative foreclosure has is on your credit, whoopee ******* doo! You shouldn't buy anything unless you have the cash anyhow, f*** the banks and the federal reserve! I say good for you Sergei! Let them have the homes! Problem is, the banks don't want them, so in the end they will either sit empty or resell for penny's on the dollar or they will give Fedorov a hell of a deal to settle. WE CONTROL THE BANKS, THEY DON'T CONTROL US!

The banks have insurance money to cover their loses, they also got the bailout, so they don't care about us, so I say f*** them! I will not be controlled! I am not Sheeple or a debt slave, the revolution will NOT be televised. Your heard the term, "hell hath no fury like a women scorned" well the People are scorned, soon hell be brought to the elitist! When it comes, which side will you be on?

Agreed, and regarding the bolded part, you're probably right, the revolution will not be televised, but it will be Twittered, Facebooked, and YouTubed to death.

[WMUCarGuy 8]

He could sell his Ferrari Enzo, which is still in the Detroit area, and that'd cover at least half of it.

[Marty Barry 230]

Two properties in MI and one in FLA (Anna's old place) all in 2003. Sounds like a drunk night of writing checks to me. JK, but for real, WTF was he doing that year? Doesn't matter, I still love Feds.

[Yzermania19 1]

Agreed, and regarding the bolded part, you're probably right, the revolution will not be televised, but it will be Twittered, Facebooked, and YouTubed to death.

This.

[crotty99 302]

Have you guys ever heard the term Strategic Default? If not, that's when you purposely stop paying payments in order to go into foreclosure ON PURPOSE to get out of your house. The reason vary, some people owe more than what the house is now worth (thanks to the government and banks) that's called an upside-down mortgage. Some folks just cannot sell their home and either cannot afford to live there anymore (I doubt this is Sergei's problem) or they have already living somewhere else and cannot sell the house(s.) (This I think is Sergei's situation) I cannot know for sure what his situation is, but if he plans to not ever come back from the KHL, he has no need for two homes over here. Even if he does plan to come back, it is not illegal to default on your loan's. The bank gives you money to purchase a house, you agree to pay them the money back plus interest, or give them back their property. That is probably what Sergei is doing, I cannot afford to live here anymore, so here is your house. Foreclosure is not illegal, it is not unethical or it is not wrong and Sergei (or anyone) should feel NO shame, or have the need for sympathy. Sergei has enough cash that if and when he comes back to the states he will have no problem buying a house that he can afford. The only negative foreclosure has is on your credit, whoopee ******* doo! You shouldn't buy anything unless you have the cash anyhow, f*** the banks and the federal reserve! I say good for you Sergei! Let them have the homes! Problem is, the banks don't want them, so in the end they will either sit empty or resell for penny's on the dollar or they will give Fedorov a hell of a deal to settle. WE CONTROL THE BANKS, THEY DON'T CONTROL US!

The banks have insurance money to cover their loses, they also got the bailout, so they don't care about us, so I say f*** them! I will not be controlled! I am not Sheeple or a debt slave, the revolution will NOT be televised. Your heard the term, "hell hath no fury like a women scorned" well the People are scorned, soon hell be brought to the elitist! When it comes, which side will you be on?

It IS one of the major reasons for the GFC though, so it's not like it's of no concequence to anyone. It's a dangerous way of thinking. Having said that, the banks caused their own problems by granting loans to people with poor credit.

Edited June 19, 2010 by crotty99