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.