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: Former Kiss guitarist Ace Frehley

The house: A three-bedroom, three-bath home in Westchester, N.Y.

The details: Nicknamed "The Spaceman," Frehley reportedly spaced on making his mortgage payments for two years. He now owes more than $700,000 on his $735,000 crib, as well as $20,000 in property taxes.

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