Kosar faces foreclosure on home

The financial woes continue for former Cleveland Browns quarterback Bernie Kosar Jr. as a Miami bank filed a $2 million foreclosure lawsuit targeting his home in Weston, Fla.

The Ocean Bank filed a lawsuit Jan. 7 in Broward County (Fla.) Circuit Court, seeking to seize the 9,901-square-foot house where Kosar resides.

After getting hit with several foreclosure lawsuits on real estate developments in 2008, Kosar filed for Chapter 11 reorganization in June. The bankruptcy was converted last week to a Chapter 7 liquidation of assets.

Among the $18.9 million in debt facing Kosar, Ocean Bank is listed as a secured creditor with a $2 million claim on his house. He listed assets of $9.2 million, including a minority ownership stake in the Florida Panthers professional hockey team.

Attorney Louis Nicholas II said the Ocean Bank got a stay from the bankruptcy case so it could foreclose on Kosar’s house. While it can take the property, it can’t hold the former University of Miami player personally liable for a deficiency judgment, which occurs if the bank can’t recover the full value of the mortgage when it disposes of the house. Nicholas said it’s possible the deficiency judgment could become an unsecured claim in the bankruptcy case.

Attorney Julianne Frank, who represents Kosar in the Chapter 7 case, did not immediately return a call seeking comment.

After his stint with the Browns, Kosar played for the Dallas Cowboys and Miami Dolphins.



(bizjournals.com)