Because no matter who you are, if you've filed bankruptcy as Yvette did in 2002, you're not gonna be able to buy much even if your co-borrower is Michael Jordan. Here's the details from the Chicago Tribune:
Yvette Prieto, 30, and Michael Jordan, 46, co-own a three-bedroom home that property-appraisal records list as having three bedrooms and 5,500 square feet, according to Miami-Dade County records.
None of the neighbors called by the Palm Beach Post realized that the six-time NBA champion is on the deed of the two-story villa. Said the sexy-voiced Prieto: "I can't talk about the house just yet. Sorry."
The couple, last spotted together at the NBA All-Star Game, paid $281,000 for it in a down market. They took out a 30-year, $196,000 mortgage. Why did one of the best-paid NBA players take out a mortgage? Probably because Prieto, who's also a mortgage holder, filed for Chapter 7 bankruptcy in 2002. It took her two years to straighten out her finances.
Article Source: ChicagoTribune.com