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: Jacqueline Laurita

The house: A 5,600-square-foot New Jersey mansion

The details: It seems the terms of Laurita's $1.6 million mortgage with Hudson City Savings Bank allows the lender to foreclose if the owner misses even a single $10,175 monthly payment. In February 2012, she did -- so they did.

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