Famous in Foreclosure-Is Foreclosure Right For You?

0
1885
Rating :
(0 Votes )

If you are facing or considering foreclosure, you are not alone. No matter what the circumstances are that brought you to this point, you can’t change the past. What you do from this point on can affect the outcome and alter your ultimate financial destination.

If you are facing or considering foreclosure, you are not alone. No matter what the circumstances are that brought you to this point, you can’t change the past. What you do from this point on can affect the outcome and alter your ultimate financial destination.

Even those who may seem like they have all the money in the world have come to the realization, or surprising truth that the country is in an economic downturn and the value of their home has dramatically decreased. Celebrities, even the S.F. Giants’ AT&T Park is in foreclosure and like some of you, they have reached a point where they have decided to or are considering their home doesn’t make financial sense any longer. However, it does make sense to take care of your family and make sure that you, as a single dad, can provide for those you care about most even if that means walking away from an expensive mortgage and living to fight another day.

The latest sports hero in this trend of celebrity foreclosures is former NBA player Vin Baker, who played for the Bucks, SuperSonics and the Boston Celtics. In late June, his home went to auction listing at $2.3 million. Mr. Baker also owned a seafood restaurant, which was foreclosed on in February.

You may have heard of NFL’s “Pacman” Jones, former Tennessee Titans cornerback who was recently traded to the Dallas Cowboys. His Tennessee home is now set to be auctioned on the Williamson County steps on July 28, 2008. The home sits on 30 acres just north of Nashville.

Before these sports stars were caught up in the foreclosure storm, the media frenzy swirled around long-time Johnny Carson sidekick Ed McMahon. Mr. McMahon once had an estimated $200 million fortune and has been trying to sell his Beverly Hills, Calif. home for two years. In February 2008, McMahon was served a notice of default by Countrywide, stating he was late on $644,000 in payments on his $4.8 million mortgage.

Mr. McMahon, like many others in this unfortunate circumstance, is not alone. The King of Pop himself, Michael Jackson, narrowly avoided foreclosure on his Neverland Ranch. He was “saved” when Colony Capital LLC of Los Angeles purchased the extravagant property’s loan for $23.5 million on May 11, 2008.

One of the Oakland Athletics’ Bash Brothers, Jose Canseco, walked away from his San Fernando Valley home. Canseco walked away from 7,300-square-feet, and owed $2.5 million. Boxing great Evander Holyfield, also famous for losing part of his ear when Mike Tyson bit it off, recently found his $10 million dollar Atlanta palace in foreclosure. Retired NBA star, the controversial Latrell Sprewell, also lost his home to foreclosure.

Between April 2008 and May 2008, foreclosures rose 7% and in one year, from May 2007 to May 2008, foreclosure filings rose 48% according to foreclosure tracking company RealtyTrac. We waanted to share this with you for two reasons. First, is to show you that you are not alone in this intimidating, life-disrupting time. Second, is to illustrate to those of you who might be caught in this dilemma, that even celebrities, who were once worth millions of dollars, are facing similar financial hardship.

This may be a hard time for you, and there are resources here to support and educate you through this stressful time. You can learn to use the law to your advantage and make the best out of a bad situation. Maybe you couldn’t control the circumstances that brought you to this point, but now is the time to take charge of your financial future. You don’t have to let an overpriced home lead you into bankruptcy.

You Walk Away, LLC is located in San Diego and run by a team with over 50 years of combined real estate and legal experience. It is the objective of You Walk Away, LLC to empower homeowners who purchased their homes at the peak of the real estate market to take control of their financial future. We strive to help people understand their rights and know their options so they do not feel helpless.Our advocates are here to help you throughout the entire process. Visit www.youwalkaway.com or call us toll free at (877) 878-9255 for a free consultation with a walk away professional.

Richard JaramilloRichard “RJ” Jaramillo, is the Founder of SingleDad.com,
a website and social media resource dedicated to single parenting and specifically for the newly divorced, re-married, widowed and single Father with children.
RJ is self employed, entrepreneur living in San Diego and a father of three children. The mission of SingleDad is to help the community of Single Parents
“Make Life Happen…Again!”

SHARE
Previous articleSpend Time, Not A Lot Of Money!
Next articleSchool's Open – Drive Carefully
Richard “RJ” Jaramillo, is the Founder of SingleDad.com, a website and social media resource dedicated to single parenting and specifically for the newly divorced, re-married, widowed and single Father with children. RJ is self employed, entrepreneur living in San Diego and a father of three children. The mission of SingleDad is to help the community of Single Parents “Make Life Happen…Again!”