Houston Rockets guard Kevin Martin has defaulted on mortgage payments on a house in California. He owes $44,000 in late payments on a 5,000-square-foot home he purchased in the city of Rocklin in July 2007 while he was still a member of the Sacramento Kings.Martin originally purchased the property for $1.9 million, including a $1.5 million mortgage. But home values have plummeted in his neighborhood over the last few years, and Martin's attorney Michael Hackard told the Sacramento Bee that his client is attempting to negotiate a short-sale with his bank for $1.1 million.
Even though Martin has been served with a notice of default, the first step toward a potential foreclosure, Hackard indicated that a foreclosure is not likely to happen.
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