Famous In Foreclosure

NEW YORK – Actor Stephen Baldwin’s foreclosed home in the suburbs north of New York City will be publicly auctioned.

Baldwin paid $515,000 for the 1.4-acre home in Rockland County in 1997. In 2006, he tried unsuccessfully to sell it.

County filings show Baldwin and his wife Kennya defaulted on more than $824,000 in payments to mortgage holder Bankers Trust Co.

The auction is set for June 24.

A representative for Baldwin couldn’t be reached for comment.

The actor has starred in movies such as “Bio-Dome” and “The Usual Suspects.” Recently, he’s appeared on reality television shows “The Celebrity Apprentice” and “I’m a Celebrity…Get Me Out of Here!”

Famous In Foreclosure

If you are facing or considering foreclosure, you are not alone. No matter what the circumstances are that brought you to this point, you can’t change the past. What you do from this point on can affect the outcome and alter your ultimate financial destination.

Even those who may seem like they have all the money in the world have come to the realization, or surprising truth that the country is in an economic downturn and the value of their home has dramatically decreased. Celebrities, even the S.F. Giants’ AT&T Park is in foreclosure and like some of you, they have reached a point where they have decided to or are considering their home doesn’t make financial sense any longer. However, it does make sense to take care of your family and make sure that you can provide for those you care about most even if that means walking away from an expensive mortgage and living to fight another day.

The latest sports hero in this trend of celebrity foreclosures is former NBA player Vin Baker, who played for the Bucks, SuperSonics and the Boston Celtics. In late June, his home went to auction listing at $2.3 million. Mr. Baker also owned a seafood restaurant, which was foreclosed on in February.

You may have heard of NFL’s “Pacman” Jones, former Tennessee Titans cornerback who was recently traded to the Dallas Cowboys. His Tennessee home is now set to be auctioned on the Williamson County steps on July 28, 2008. The home sits on 30 acres just north of Nashville.

Before these sports stars were caught up in the foreclosure storm, the media frenzy swirled around long-time Johnny Carson sidekick Ed McMahon. Mr. McMahon once had an estimated $200 million fortune and has been trying to sell his Beverly Hills, Calif. home for two years. In February 2008, McMahon was served a notice of default by Countrywide, stating he was late on $644,000 in payments on his $4.8 million mortgage.

Mr. McMahon, like many others in this unfortunate circumstance, is not alone. The King of Pop himself, Michael Jackson, narrowly avoided foreclosure on his Neverland Ranch. He was “saved” when Colony Capital LLC of Los Angeles purchased the extravagant property’s loan for $23.5 million on May 11, 2008.

One of the Oakland Athletics’ Bash Brothers, Jose Canseco, walked away from his San Fernando Valley home. Canseco walked away from 7,300-square-feet, and owed $2.5 million. Boxing great Evander Holyfield, also famous for losing part of his ear when Mike Tyson bit it off, recently found his $10 million dollar Atlanta palace in foreclosure. Retired NBA star, the controversial Latrell Sprewell, also lost his home to foreclosure.

It’s important to know in this time of hardship, that you are not alone.

You Walk Away, LLC is located in San Diego and run by a team with over 50 years of combined real estate and legal experience. It is the objective of You Walk Away, LLC to empower homeowners who purchased their homes at the peak of the real estate market to take control of their financial future. We strive to help people understand their rights and know their options so they do not feel helpless. Our advocates are here to help you throughout the entire process. Visit www.youwalkaway.com or call us toll free at (877) 878-9255 for a free consultation with a walk away professional.