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Foreclosures Bring Celebrities and Stars Down to Earth

The trouble of foreclosures is harassing the celebrities as well, capturing the entire real estate market, discouraging the investors and businessmen in making new investments. What one needs to end up in a foreclosure is a property on loan and default mortgage payments. It does not really matter who you are or what is the cost of your property. There are 739,714 foreclosure homes in the second quarter this year typically signifying the mismanaged finances and a poor understanding of one’s own capabilities. Money lenders or banks alone cannot be blamed for the foreclosure trouble, borrowers are to be blamed equally since they are not able to see the future and end up putting their own hard earned money and precious time at stake.

Celebrities in the United States like Michael Jackson have accumulated fortunes worth of millions of dollars over years by gaining popularity all over the world through their talent are not able to save themselves losing out to foreclosures. According to Rick Sharga, the Vice President of Marketing Department in a real estate data collection company, celebrities are no different from regular Americans who earn their living receiving pay checks every month. The heavy weight Boxing Champion Evander Holyfield has defaulted on a 750,000 loan and is about to lose his mansion in Georgia to a public auction within 3 weeks.

Ed McMahon, the famous television personality fears losing his home to foreclosures after not being able to pay 644,000 on a 4.8 million loan. His public speaker may say that the house is still not sold or is in the market or looked up by people; we know that the foreclosure has hit him as well.

Michael Jackson had a near miss with foreclosure when he was saved by an investment firm that paid 24 million to save his ranch in Neverland. There are other celebrities like Jose Canseco who had the cash crunch due to ever costly continuing divorces and lost his home in California. According to RealEstalker it’s very difficult for a common to have sympathy for a celebrity who has made millions of dollars in the industry now losing properties to foreclosures. David believes that the basic reason for celebrities losing their homes is their love for showing off their status and money. They end up purchasing properties that are far costlier than their paychecks leading to a foreclosure disaster. He also feels that Ellen DeGeneres, the famous actress and comedian is going to meet with the same fate of a common man, falling prey to foreclosures. She has spent 40 million as the total amount which she won’t be able to recover ever.

It is at times difficult to understand how people with so much of wits end up losing up like this. Denise Richards the Reality TV star is in a process of buying and selling every year hoping to make some profit. If dug into it, it will be found she has lost money in a couple of deals during her regular transactions.

Aretha Franklin the famous singer who was about to lose her house to foreclosures due to back taxes passed on the buck to her attorney saying it was his mistake. We all know what could have been the reality.

Related Posts:

• What Homeowners Should Know About Foreclosure and Title Companies
• Foreclosures Crisis also Affecting Real Estate Agents
• Former Owners of Foreclosed Homes: Where Are They Now?
• HUD Nominee Donovan Expected to Lead the Obama Administration’s Foreclosure Prevention Campaign
• Problems Facing Owners of Foreclosed Homes