He Owes That!: Terrell Owens’ Miami Condo Faces Foreclosure

Is frugal the new black for Terrell Owens?

T.O.’s bank is claiming that the ex-NFL wide receiver is over $1 million dollars behind on a condo on Miami beach.

According to mortgage papers obtained by TMZ, Terrell initially took out a loan worth $1.55 million in 2006 from Deutsche National Bank. Owens maintained good standing, timely fulfilling his monthly payments of $5,126. Things then took a turn for the broke last November and the stalled payments have apparently gotten so outstanding that the bank is now wishing to foreclose.

T.O. reportedly hasn’t even made a dent in the loan with a revolving balance totaling $1.47 million on the property.

In his defense, Terrell has responded to impending lawsuit by refusing to admit to the delinquency. Terrell even takes it a step further claiming that the bank “lacks standing” to foreclose on the property.

Though no longer playing for the NFL, Terrell currently plays for the IFL’s Allen Wranglers, acts in his spare time and has a plethora of other ventures which should surely be bringing in the dough. Still, with payments due of over $5,000 a month, child support for several kids and no pro-athlete salary, it’s not hard to understand why T.O. may be in need of a little assistance…or at least a forbearance.

VH1, care to give the man another season of The T.O. Show?

JWilliams is an animated media personality wielding pop culture commentary with no filter and a dash of pettiness for that extra flavor. Every week, he takes to the "innanet" to lend his opinions to what's happening on the blogs and in the tabloids with your favorite celebrities. Oh! And he still uses a Blackberry. It's the Kardashian in him. Don't Judge.