mortgage

They're rich and famous and in foreclosure

Mortgage » They're Rich And Famous And In Foreclosure

How does a Toni Braxton, Allison Janney or Kiss guitarist Ace Frehley fall behind on house payments?

The same way ordinary people do: They get squeezed by an adjustable-rate mortgage, trapped by a down economy or hung out to dry when prices refuse to rise sufficiently to cover their debt. Here are six celebrities whose fame and fortune couldn't forestall a real-life foreclosure.

The star: Emmy-winning "West Wing" actress Allison Janney

The house: A five-bedroom, five-bath, 6,657-square-foot mansion in Palm Springs, Calif.

The details: Janney purchased the former home of late actor William Holden in 2006 for $3.95 million but was unable to unload the property throughout the foreclosure process, even for an asking price of $2.25 million. The bank took possession in October 2012.

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