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Report: Chad Johnson Facing Foreclosure On Miami Condo And Borrows Loan From Investors; Also Loses Endorsement Deal!

Like we said before, sometimes when it rains, it pours.

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We are not going to say or speculate that NFL star Chad Johnson is having any financial hardship because we do not know anything about his finances, but here’s what is being reported around the celebrity blogosphere.

THEYBF.com reports:

Former NFL star Chad Johnson may be close to rock bottom now that Evelyn Lozada left him, he lost his NFL gig and he’s facing foreclosure. Get the deets on his latest woes inside……

In addition to all the other bad news, Chad Johnson has learned that his Miami condo is being foreclosed on. What happened? It turns out that he hasn’t paid the $863-maintenance fees on his $400,000-16th floor crib at Two Midtown Miami since June 2009!

That puts him at a balance of $28,703…but it gets worse. Chad just took out a $150,000-mortgage from two private Palm Beach County investors, Michael Pomerantz and well-known dermatologist Patrick McPoland. He has until June 2015 to pay the principal back.

For collateral, he used a $350,000-Miami Springs house he bought for one of his baby mamas!

Also, it has been reported that Johnson was dropped by the coconut water brand Zico as a celebrity spokesperson.

Alwaysalist.com reports:

The beverage company had just signed their deal with Johnson on July 25, the company confirmed to ESPN.com.

Zico released a statement saying:

“The Zico brand is about supporting naturally powered athletes. We partnered with Chad Johnson because of our great respect for what he has achieved on the playing field. However, in light of recent events involving Mr. Johnson, we have decided to terminate our relationship. The values we espouse, through our employees, our customers and our brand, are central to our mission. We have taken this proactive step to demonstrate just how important those values are,” their statement read.”

The company did not disclose whether their contract with wide receiver had a morality clause that gave them the right to terminate his contract immediately or whether he will be compensated despite them distancing themselves from him.

We do not condone domestic violence, but we are still rooting for you Chad. You are innocent until proven guilty. Keep your head up!

Photo Credit: Alwaysalist.com

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