Celebrities are seemingly untouchable when it comes to money. But for a few, their homes and their fortunes have been lost to foreclosure after they’ve filed for bankruptcy. Celebrity foreclosed homes are a thing of fascination for many and looking through their real estate is always a treat!
Nicholas Cage
He’s long been on the scene as one of the premier action heroes of the era but his home life and ownership hasn’t always been smooth sailing. Nicholas Cage is one of the biggest names in Hollywood that has filed for chapter 11 bankruptcy and lost his mansion to foreclosure.
Even though Cage is worth nearly 25 million dollars, his two homes located in New Orleans were auctioned off in foreclosure auctions. Cage claimed this was due to bad management from his business manager and filed a lawsuit who counter filed. Both suits were thrown out of court in 2010.
Evander Holyfield
While he may have been able to hold his own in the ring, Evander Holyfield had to let one thing go among his financial and legal troubles: his suburban Atlanta mansion. Among the claims that led to him being numbered among the celebrities who faced foreclosure was his child’s mother suing for child support.
In addition to the child support payments, a Utah landscaping company has also pushed Holyfield to the brink by taking him to court over nearly half a million in missed compensation. Celebrity foreclosed homes often have a much darker tale to tell!
Madonna
As part of a tumultuous divorce settlement, famed singer Madonna gave up her English countryside home in order to pay out the settlement. After acquiring the home for only $12 million, she sold it for $60 million at a later foreclosure auction.
In addition to giving up the mansion, she reportedly also foreclosed on her pub in England. Madonna left the property to her ex husband who now lives there with his current girlfriend.
Ryan Reynolds and Scarlett Johansson
This home was considered one of the jewels of the California valley and was the staging ground for Ryan Reynolds and Scarlett Johansson’s short-lived relationship. The two snapped up the mansion in Los Feliz near Bel Air for $2.9 million and renovated the entire thing before separating.
Only months after moving into the mansion and completing the renovation, the two divorced. As they divided their possessions, they put the house on the market with an asking price of $3.7 million. Before they could get it sold, they did reduce the price to $3.5 million, a bargain!
Chris Tucker
Florida remains one of the hotspots for celebrities looking to get away from it all and enjoy the warmth and sunshine. Chris Tucker held the title to multiple homes in Florida but his several thousand square foot home went into foreclosure in 2011. While Tucker owed $4.4 million on the home, he sold it for a mere $2 million and the bank accepted the offer.
How to Save a House from Foreclosure
While you may not have a Georgia mansion or have to face foreclosure like Nicholas Cage or Toni Braxton, there are several things you can do to protect your home from foreclosure. No matter how much money you have or how well connected you feel you are, there’s a chance you too could be like the celebrities who faced foreclosure and celebrities home lost.
Make Monthly Payments on Time
A mortgage and rent seem like very different concepts but they both have dire consequences if you start to miss payments. One of the easiest ways to keep from becoming someone who lost their homes to foreclosure is to prioritize your mortgage payments. Build up your emergency fund in case you hit a rough patch and you can fall back on this money to make your payments.
Work with your Lender
Your lender is on your side and many understand that hard times happen. Start by opening up a conversation with them so they understand the issue at hand. They will be able to work with you to determine a repayment plan that can get you back on track and keep your home off the market.
Loan Modification
Refinancing your loan is one way to lower your interest rates, payments, or change some other aspect of your loan. If you’ve hit a rough patch, you may not quite be eligible for refinancing but could request a loan modification which would change the terms enough to get you back on the right path. The most common way that loans are modified is by extending the loan term so you have more time to pay it off and thus lowers your payments each month.
Contact a Foreclosure Attorney Before it’s too Late
If you feel on the verge of losing your home to foreclosure or you’ve hit a rough patch in payments, contact a foreclosure prevention attorney right now! They can help you in the rush hour of your trouble to get back on track and save your home.