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Celebrities Not Immune to Foreclosure Crisis

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By Stephanie Rabiner

We, the little people, are not alone. Or so say the gossip rags.

The country is riddled with houses in foreclosure—people from all walks of life have been hit hard, regardless of whether they are paid millions to throw a ball around or prance around on TV while spending money and acting catty. Celebrity foreclosures are out there.

The number of celebrity foreclosures is astonishing. You’d think that people who have enough money to pay someone to manage that money wouldn’t lose their homes. Brings them down a peg, no?

There are some interesting trends among celebrity foreclosures:

Sports Stars
• Plaxico Burress (Former NY Giant)
• Antoine Walker (Former NBA player)
• Sergei Federov (Former NHL player)
• Jose Conseco (Former MLB slugger)
• Luther Elliss (NFL player)
• Lenny Dykstra (Former MLB manager & player)
• Julius Erving (“Dr. J” of NBA fame)

Rap, Hip Hop and R&B Stars
• Chamillionaire
• Fantasia
• Toni Braxton
• Xzibit
• Damon Das (Roc-A-Fella Records co-founder)

Former Child Stars
• Erin Moran (Joanie Cunningham)
• Dustin Diamond (Screech on “Saved by the Bell”)
• Willie Aames (Buddy Lembeck on “Charles in Charge”)
• Taran Noah Smith (Mark on “Home Improvement”)

And in a category all to their own, The Real Housewives
• Teresa Giudice (Real Housewives of New Jersey)
• Lisa Wu-Hartwell (Real Housewives of Atlanta)
• Alexis Bellino (Real Housewives of Orange County)
• Lynne Curtin (Real Housewives of Orange County)

Fear not, though. If you end up with a house (or houses) in foreclosure, you’re not necessarily destined to lose your castle like Nicolas Cage did. And you don’t even need a lot of money, like one Mrs. Veronica Hearst, to accomplish this. Instead of freaking out, take matters into your own hands. I’m talking about loan modification—not vigilante justice against your bank.

The minute you receive a notice from your bank, call them. If you can’t negotiate a loan modification (or find someone to talk to), take advantage of the Department of Housing and Urban Development’s free loan modification counseling. Local counselors are trained in foreclosure avoidance and often have relationships with local lenders. They’ll help you take that next step, and if need be, point you in the direction of local assistance.

Source: www.findlaw.com.

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