The economy not only effects us these days it seems.... While we all have struggled in one way or another in today's difficult economy, and have had to cut back on certain luxuries, or even necessities, the "other half" seems to be in a similar boat. Hopefully, not many of us have had lost our homes to foreclosure, or the option of selling short to get out from under our mortgages, some celebrities have.
Nicholas Cage is a rather large celebrity. He is well known for many successful movies, and has had "Holly Wood Status" for a while. Yet, he has felt the pinch of the housing market personally. In November of 2009, Cage lost 2 New Orleans homes with combined value of over 6.8 million. Also behind in over $150,000 in property taxes, a band reportedly bought the homes for 4.5 million. Even Elvis' former son-in-law can't hide behind his Oscar from the mortgage company!
Other celebrities, professional athletes, reality stars, and former child stars have succumbed to the downfall of the housing crisis. The bottom line according to mortgage professionals, don't bite off more that you can chew, and watch those adjustable rates. Even if you are famous.
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