Celebrity Short Sale Real Estate Woes

The image that forms in our minds these days when we hear the words foreclosure or bankruptcy, and of people in that predicament is different than in times past.  There was a time when we would roll our eyes upon  hearing of people that could be so foolish to let their finances get totally out of control  and  end up in that situation.

Today not a day goes by that we don’t hear those words mentioned, as well as many others like short sale real estate, Bank owned property, etc. The financial crisis and the collapse of the economy along with the job market have made words like short sale real estate common place.

As a matter of fact, you most likely know someone who has lost their house to foreclosure; heck you yourself may be what they call upside down on your mortgage, which means you owe more than your home is worth. A job loss, an accident or a serious illness and we can easily find ourselves there as well.

So are we surprised to find that even the rich and famous can end up in such a situation?… I was, but for much more different reasons, when you think about it, they can be even more susceptible to ending up in a bad situation since they can get very carried away when it comes to their spending… What having too much money can be a problem? Apparently, it can become pretty easy to spend money foolishly when you have lots of it flowing around you. Because, when that next gig doesn’t materialize at a just the right time, everything can come crashing down around them and their property becomes just one more piece of potential short sale real estate.

The following article talks about just a few of the latest casualties of this epidemic, I’m sure you’ll recognize some of the names.

Celebrity Home Foreclosures That Nobody Saw Coming

With the housing market in the pits, celebrities are in no way immune to homeowner woes. The rich and famous are losing their homes to foreclosure. In some cases, the loss occurs because of carelessness of funds. Celebrities seem to exhaust their fortunes on sports cars, live-in personal chefs, and opulent mansions. It is common for a great deal of their purchases to be acquired through borrowed money.

Read the whole article here –  http://www.homeinsurance.org

Filed under: Utah Short Sales

Like this post? Subscribe to my RSS feed and get loads more!