Celebrity foreclosures - The Finance Forums: Financial planning, debt help, loans, mortgages, retirement and 401k, investment, and general finance discussion forums

brian · #1 (**permalink**) 06-19-2008, 01:33 PM

It's not just normal Americans feeling the pinch - MSNBC lists a few "celebrity foreclosures" which includes Michael Jackson, Evander Holyfield, and Aretha Franklin:
MSNBC - Fallen Stars: Celebrity Foreclosures Front Page

spencer24 · #2 (**permalink**) 06-19-2008, 09:41 PM

When most people hear the word foreclosure, they usually associate it with low-income families and poor people in general. The truth is that anybody can be in financial trouble no matter how high their income is.

brian · #3 (**permalink**) 06-19-2008, 10:18 PM

Indeed - it seems surprising when high income earners appear to struggle as well.

Was really surprised to see Aretha Franklin on there - and even more surprised to see one of the sports players simply decide it wasn't worth paying the mortgage on his home. I can only presume its value had plummeted to well below the real estate value as prices sink.

rachael24 · #4 (**permalink**) 07-14-2008, 01:33 PM

Well most athletes have no regard for money, like Mike Tyson. He owned 3 tigers and paid cell phone bills for 1,000 of his friends. The money runs dry fast when your career slips.

david007 · #5 (**permalink**) 07-23-2008, 01:21 PM

Quote:

Originally Posted by spencer24

When most people hear the word foreclosure, they usually associate it with low-income families and poor people in general. The truth is that anybody can be in financial trouble no matter how high their income is.

Absolutely right.

It is all about managing your own finance.

patriotsrock · #6 (**permalink**) 09-09-2008, 07:46 AM

Quote:

Originally Posted by david007

Absolutely right.

It is all about managing your own finance.

very true.

40 oz. To Freedom · #7 (**permalink**) 09-12-2008, 05:07 PM

Quote:

Originally Posted by patriotsrock

very true.

I totally agree...

How about some genuine discussion here guys? I mean the thread I assume was meant to be a commentary on foreclosure, but I may be wrong.

Coop · #8 (**permalink**) 09-14-2008, 12:06 AM

It amazes me how people with such high incomes can be so stupid and go into financial trouble. All they have to do is save SOME of that income and they would be fine for the rest of their lives.

jadalan · #9 (**permalink**) 10-17-2008, 11:35 PM

Quote:

Originally Posted by 40 oz. To Freedom

I totally agree...

How about some genuine discussion here guys? I mean the thread I assume was meant to be a commentary on foreclosure, but I may be wrong.

I agree with you

- ha i was just noticing that same thing.

It is pretty scary when you also have Peter Schiff telling people to stop paying their mortgages (albeit in a somewhat biting, sarcastic manner - i would post a link but im a newbie and can't yet, so search for it). It would be great to see some statistics and be able to measure the influence that these stories have on people's willingness to walk away, and to do so with a bit less shame.