While Olympic swimmer Ryan Locthe is winning gold in London his parents are facing challenges of their own as they struggle to save their Florida home from foreclosure, according to TMZ who broke the story.
Lotche’s parents, Steven and Ileana, who divorced last year, took out the $250,000 mortgage in 2007, but they stopped making payments in February of 2011, so Citibank decided to begin the foreclosure process.
Court documents show that Ileana filed to have the case dismissed. But she won’t be asking her now famous and soon to be wealthy son for help. Ryan told USA Today that his mother didn’t want his help with the impending foreclosure.
Steve and Ileana Lochte, both swimming coaches, have been in London to watch their son win five Olympic medals, including two gold medals.
Unfortunately, foreclosure can be an issue for divorcing couples. One spouse generally takes possession of the home with the burden of covering mortgage payments on one salary. Refinancing is one option, but if the spouse in possession of the home doesn’t qualify for refinancing they could face foreclosure.
Preventing foreclosure is possible but it often takes the legal expertise of a foreclosure attorney. In some instances, a short sale is a good alternative to foreclosure. But often people want to remain in their home so a mortgage modification or personal bankruptcies are viable options.