Foreclosures for the rich, and for the not-so-famous

On behalf of The Rollins Law Firm posted in Foreclosure on Friday, August 31, 2012.

When a person is struggling financially, it can be difficult to seek out help. People may be ashamed or they don't always understand their options and so they try to tackle mounting bills and debt alone. However, people across the country are fighting a daily battle to get finances in order and protect the assets that they have. In the wake of the recession, people from all walks of life have found themselves financially unstable and are reaching out for help.

One of the most common reasons that people are taking steps to get finances and debt under control is to avoid foreclosure of their home. Families across Mississippi are finding it difficult to make mortgage payments as they work to minimize other forms of debt. However, when mortgages go unpaid, a foreclosure may be eminent.

Foreclosures are not just a concern for typical families. All kinds of people may be facing a foreclosure. For a variety of reasons, even very successful and wealthy people end up with a foreclosed house.

Professional athletes, for example, are among those who commonly face foreclosure. Their earning potential can vary greatly when you consider the length of their careers, the extraordinary paychecks and their post-retirement futures. From Terrell Owens to Evander Holyfield, athletes are among those who end up owing exorbitant amounts on their homes which they ultimately cannot afford.

Other celebrities, such as Burt Reynolds and comedian Chris Tucker, have also been hit with foreclosure filings. With the extremely high price tag that comes with mansions in Hollywood, keeping up with the payments after the height of success can prove to be impossible.

However, some successful figures are using foreclosure as a strategic way to limit their losses on a property. For some, it doesn't make sense financially to continue to make huge mortgage payments on properties that are underwater.

For these and all other types of people, foreclosures can be stressful and confusing. No person's situation is exactly the same, because no two people are the same. People from Hollywood to Jackson face foreclosure. And whether a person is buried under mounting medical bills or has poor spending habits, it can be possible to get finances under control and avoid foreclosure.

Source: Forbes, "Foreclosure Woes Of The Rich And Famous," Morgan Brennan, Aug. 15, 2012

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