Ryan Lochte's Parents on Verge of Losing Home After Supporting Son?

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By Brittney R. Villalva , Christian Post Reporter
August 4, 2012|3:27 pm
  • K. Michelle
    (PHOTO) Twitter: K. Michelle
    Reality star K. Michelle and Olympic swimmer Ryan Lochte are rumored to be dating

Ryan Lochte's parents are allegedly in debt and on the brink of losing their Florida home.

Ryan Lochte, who for years has swam in the shadow of record holding Michael Phelps, finally earned his moment in the spotlight and a gold medal to boot while at the 2012 Summer Olympics.

When not featuring the actual competitions, networks have spent much of their downtime giving the low down on the parents of various Olympians, many of whom have made major sacrifices in order to help their children achieve greatness. But Lochte's parents may have given too much and now could now lose their home as a result.

A new report alleges that Ryan Lochte's parents are facing a large debt. A lawsuit, obtained by TMZ, reports the Steven and Ileane Lochte took out a mortgage loan thorough Citi bank for $258,000 in 2007 with payments set at $1,600 a month.

As of 2011, Locthe's parents still owed over $240,000 and had stopped making payments prompting the bank to threaten foreclosure. The bank also allegedly expects Lochte to pay the remaining difference on the loan if the home itself is not enough to cover the full amount due to falling house prices.

While the report also stated that Lochte's mother has made a motion to dismiss the lawsuit, neither parent could be contacted for more information.

Many have shown sympathy for Lochte's parents, believing that they spent their funds on trying to give Lochte the best opportunity to succeed.

"The downside to decades of training a child to be great," West Coast Baby wrote on the TMZ blog.

Others however, felt sorry that the parent's finances were being made public.

"Like this is any of our right to know!" Ogmandy stated.

 

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