"It's because of my poor judgment that I deserve everything bad that is coming my way," James, 40, said in a statement obtained by TVGuide.com. The former Monster Garage star also called a majority of the reports "untrue and unfounded."
"This has caused my wife and kids pain and embarrassment beyond comprehension and I am extremely saddened to have brought this on them," he said. "I am truly very sorry for the grief I have caused them. I hope one day they can find it in their hearts to forgive me."
James' statement comes one day after In Touch printed a cover story featuring an interview with tattoo model Michelle "Bombshell" McGee, who claims to have had an 11-month affair with James while Bullock was filming The Blind Side. Bullock won the Academy Award for best actress earlier this month for the film and thanked James extensively in many of her awards season acceptance speeches.
Bullock, 45, abruptly canceled an appearance at the film's London premiere due "to unforeseen personal reasons" Wednesday. According to People, has left the Southern California home she shares with James and his three children.
Bullock and James — whose children are from previous marriages — met in 2004 and have been married since 2005.