You can't make this stuff up. Former major league baseball player Jose Canseco, said on Thursday he had lost his California mansion to foreclosure -- one of the first celebrities to publicly admit being a statistic in the U.S. housing crisis.
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Canseco owed a bank more than $2.5 million on the house.
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I sincerely hope that just because a homeowner has gotten into a position that their house is worth less than the principal balance of their mortgage that they can just walk away without any other ramifications than a blemish on their credit. This guy Canseco, for instance, probably could afford to pay his debt, but chooses not to. The lender in this case probably didn't take unfair advantage of him, so where is it right that they be punished? Its no more right to walk away from a bonafide debt that you CAN afford to pay than it is for the lenders to have taken advantage of an uneducated buyer by putting him into something that he can't afford after the initial period.
ReplyDeleteTwo wrongs don't equal a right, as my mother used to say.
he should sell it & make up the difference. he 's probably one of the few who can afford to do that. if not he isn't the first to fritter away a bundle. look at mj & ali. they always traveled with several hundred of their dearest & closest friends, first class, i might add. & ali with what is probably a central nervous system venereal disease.
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