foreclosure notice. According to George's accountant, Larry Goodman, the home is scheduled to be auctioned on June 7.
Goodman had been negotiating a loan modification with IndyMac Mortgage Services over the past seven months.
The Georges bought the 8,550-square-foot home in the gated Brentwood, Tenn., community of Hampton Reserve at the height of the market. They currently owe more than what the house is worth. They bought it for $1.675 million in September 2007 and recently listed the home for sale for $1.1 million.
"Because the loan and equity is not in balance where it should be, we want to go through a loan modification process," Goodman said.
IndyMac hasn't discussed modifying the terms when the payments were current so George has intentionally missed four or five payments to get the ball rolling on negotiations. The Georges love living in the home and are surprised by the foreclosure.
"We're not trying to walk away from anything," Goodman said. "They love living there. It's a great house. Like anybody else who buys an expensive house, it flipped on him."
Don't confuse the foreclosure with George being broke. Goodman says George and his family are financially stable and are in no danger of going broke. They're just like any other American homeowner who is trying to get out from under some bad terms regarding their house.
George has a landscaping business with offices in Ohio and Nashville. He also appeared on sports related television shows.
Tamara George was part of the singing group Sisters With Voices, or SWV, during the 1990s and recently released a new cd. She later appeared on a season of the television reality series Survivor.