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: Singer Toni Braxton

The house: A six-bedroom, six-bath, 11,400-square-foot mansion in Duluth, Ga.

The details: It's another housing heartbreaker for the bankrupt Grammy winner, who lost her Nevada digs to foreclosure back in 2010. Although Braxton tried to hold onto the Georgia mansion that was featured in her reality TV show "Braxton Family Values," TMZ reports she fell behind on 10 months of payments between 2004 and 2010. Asking price: $1.1 million.

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