Celebrity Foreclosures – Here’s a list of 2011 foreclosures that are tracked by a celebrity realtor. According to RealtyTrac, almost 3 million residential properties received foreclosure notices in 2010. That figure will rise by as much as 20% this year for a number of different reasons.
Foreclosures generally begins after 90 days of nonpayment. Parties are able to bid on the property as part of the sale, and the title will be transferred to the successful bidder, subject to any applicable redemption period. If you find yourself in this situation, we recommend getting foreclosure help.
Toni Braxton – The singer purchased Sugarloaf Country Club community, Duluth, Ga. in 2004. The bank says she still owes the full value of the property $1.5 million. The court ruled to let the lender file foreclosure suit January 2011.
Timothy Busfield – The West Wing actor, who bought 24757 Rotunda Mesa Road, Malibu Calif. in October 2003, had his property repossessed in January 2011. He bought it for $1.25 million and listed it for sale in 2008 for $2. A mortgage loan default was announced in November 2010.
JaMarcus Russell Remember him? Russell, the No. 1 pick in the 2007 NFL Draft, played three seasons with the Raiders before he was released in May 2010. Russell’s $2.47 million mansion is also set for release after he allegedly failed to pay nearly $200,000 in mortgage payments.
Nicolas Cage – That’s right, even Actor Nicolas Cage! The house he purchased in 1998 from singer Tom Jones was repossessed in 2010. Originally bought for $6.5 million, the property — 363 Copa De Oro Road, Los Angeles, Calif. — was listed for sale in 2006 for a whopping $35 million. It was finally sold in November by Citibank, after a failed attempt to sell in an April auction, for $10.5 million.