What a lot of people don’t know is it is very expensive financing an Olympic dream. There are also a lot of restrictions placed on how much money they can make without losing their amateur status.
So, while this will be shocking to some, it shouldn’t be.
According to a lawsuit filed in Volusia County, FL … CitiMortgage claims Steven and Ileane Lochte took out a mortgage loan for $258,000 back in 2007 and they were to pay $1,609.58/month.
But according to the bank, the Lochtes stopped making payments in February 2011 — and now owe $242,239 (plus interest) on the home. The bank is suing to foreclose on the house in order to get its money back.
But there’s a lot on the line — according to the lawsuit, if the sale of the Lochtes’ home doesn’t satisfy the couple’s entire debt … the bank wants the Lochtes to pay the difference.
Lochte is now a superstar now, so he will be able to parlay a lot of money out of these Olympics, but will need to do it soon if his parents want to keep their home.