Jose Canseco Loses House to Foreclosure

Seems like the foreclosure "bug" is even hitting the wealthy.  Jose Canseco admitted today that he owes $2.5M on his California mansion and that, in his words, "it didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else." 

Now, I would like to assume that he is having financial difficulty, but he said he "just decided to let it go" and that he sympathized with other American who lost their homes due to soaring interest rates on sub-prime loans.  Was he dumb enough to have one of those loans?

Mansion

Which brings me to, what happened to all the money he earned?  Apparently, his two divorces cost about $7-8M, but what about the rest of it.  What a shame that he didn't spend more wisely.  This just proves that athletes who are making huge amounts of money had better plan for the day when the game is over.

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8 Comments on Jose Canseco Loses House to Foreclosure

Christine - It's just another case of an athlete who shows no personal accountability. I live in an area with 4 major leaque teams and we see it. It's amazing the money they throw at these athletes. I could probably live the rest of my life very well on one year of their salary. Just doesn't make sense.

05/01/2008 09:46 PM by Linda Scanlan ~Selling All of North Texas (Hall Team Homes)


For every newly minted athlete-millionaire who becomes a hoodlum--drunk-drug-addict-woman-beater-what have you there's a larger percentage of decent, hard working, educated ones with good people looking out for them. For example, take a look at fellow Realtor Ed Kaminsky.

05/01/2008 09:53 PM by Ron Domke of Casa Latino--San Pedro (Casa Latino Southern California)


Christine: This just goes to show that it can happen to anyone. Now there are personal choices to be made in each account.

05/01/2008 09:56 PM by Roland Woodworth "Ft. Campbell Area Realtor" (Exit Realty Clarksville)


 

Well he struck out again.  I am sure he just made a dumb decision to let it go or it might have been a dumb decision to buy it in the first place.

05/01/2008 10:04 PM by Don Eichler (Eichler Properties)


we should not judge that which we don't understand.  Agree or disagree, it's his life and his decisions.   I am sure we all wish him the best.   Thanks for the info. and have a great weekend :)

05/01/2008 10:07 PM by Maryland Mortgage Experts, The Elder Mortgage Team


Christine......To bad about the lack of personal responsibility. Thanks for the post.

05/01/2008 11:03 PM by Pam Winterbauer ~ 2006 REALTORĀ® of the Year (Windermere Welcome Home)


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Real Estate Agent: Christine Howlett - Lake County Ohio Real Estate (Howard Hanna Smythe Cramer)
Christine Howlett - Lake County Ohio Real Estate
Mentor, OH
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