Ex-Baseball Star Jose Canseco Loses Home to Foreclosure
The latest victim in the foreclosure crisis proves that it isn’t just lower income families or subprime mortgage borrowers losing their homes to foreclosure. Jose Canseco, the former baseball superstar turned scandal-maker for his exposure of sterois use in major league baseball, announced Thursday that he had given up his 7,500 square foot Los Angeles mansion to bank debt seekers due to foreclosure.
Canseco is one of several celebrities that have now lost homes or properties to foreclosure proceedings, as earlier this year international pop star Michael Jackson lost his Neverland Ranch due to late mortgage payments and eventual foreclosure.
Canseco owed more than $2.5 million in back payments on his home. This just goes to show how widespread the foreclosure crisis really is. Home foreclosure filings in the United States are up more than 23% in the first quarter of 2008 over the last quarter of 2007, and with experts predicting many more foreclosures to come onto the books in 2008, we probably haven’t seen the last of celebrities losing their homes to foreclosure.
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