Mortgage trends » They're rich and famous and in foreclosureFamous, fabulous and homeless?1 of 7How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do."They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.Here are five of the biggest names on the list of homeowners falling to foreclosure. We've included a bit of info about the current markets where these stars once lived. You know, in case you'd like to hunt for a foreclosure deal in one of those tony neighborhoods.<< Back to Housing and mortgage trends in early 2011. Related Articles:Foreclosure or walk away?4 options to foreclosureForeclosure pain lastsLoan modification tipsRelated Links:How auction tipsIs a vacant home a value?4 novice homebuyer errorsTough to claim vacant homeadvertisement
Mortgage trends » They're rich and famous and in foreclosure
How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.
Here are five of the biggest names on the list of homeowners falling to foreclosure. We've included a bit of info about the current markets where these stars once lived. You know, in case you'd like to hunt for a foreclosure deal in one of those tony neighborhoods.
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