| With 1 in every 483 households in the U.S. facing | | | | champion is facing foreclosure on his Atlanta, Georgia |
| foreclosure, it only stands to reason that us common | | | | estate. This 104-room, 54,000 square-foot home |
| folk aren't the only ones affected by the housing | | | | worth approximately $10 million, goes up for auction |
| crisis. It's just as easy to create a mountain of debt | | | | on July 1. |
| by borrowing against a multi-million dollar estate, as it | | | | Jose Canseco, former major league baseball player |
| is for a moderately priced home. Here are some of | | | | recently lost his 7,300 square foot home in Encino to |
| the celebrities added to the country's growing list of | | | | foreclosure. As he stated, "It didn't make financial |
| foreclosures. | | | | sense for me to keep paying a mortgage on a home |
| Sadly Ed McMahon, former Tonight Show announcer, | | | | that was basically owned by someone else." He didn't |
| is facing foreclosure for $4.8 million dollars of | | | | mention how much the home was actually worth, but |
| mortgage loans on his Beverly Hills estate. Plagued | | | | he owed the bank $2.5 million on the house. |
| with bad press, this luxury home overlooking | | | | Michael Jackson - In 2007 after borrowing against it, |
| Coldwater Canyon and Mulholland Drive has been up | | | | to the tune of $23 million, the ranch valued at only $6 |
| for sale for $6.25 million for the last two years. | | | | million faced foreclosure. Recently, however, a private |
| Initially McMahon faced problems due to mold | | | | equity group bought the loan on Neverland Ranch and |
| infestation which he claimed killed his dog and | | | | is discussing the option of a Las Vegas casino gig as |
| affected the health of both him and his wife. Then | | | | repayment. |
| he fell and broke his neck and was out of work for | | | | In May of 2008, the $600,000 home of NBA star |
| 18 months. How would any of us deal with a back | | | | Latrell Sprewell went into foreclosure. This came only |
| mortgage and loans totaling $4.8 million after being | | | | months after his 70-foot yacht, "Milwaukee's Best" |
| unemployed that long? Ed, take this as a sign, maybe | | | | was also repossessed. Sorry Latrell, maybe you |
| it's time to down size and retire. | | | | shouldn't have turned down the $21 million contract |
| Evander Holyfield, former heavyweight boxing | | | | extension Minnesota offered you. |