Thanks to the "Fickle Finger of Fate," (Rowan and Martin's Laugh-in) celebrity is fleeting and so is homeownership. While multitudes of Generation Y are fascinated with fame and are convinced it will provide them with the best quality of life, the reality is the condition is no way an indicator of financial health and general well being. That is why it should not come as a shock that several famous folks are experiencing the woes of foreclosure just like the average Jane or Joe is throughout the nation.
Thanks to the state of economic affairs, economic and real estate industry experts have predicted that the foreclosure statistics of 2010 are going to be dismal. There are a multitude of factors contributing to the trend and preventing a full recovery of the housing market and these celebrities are just the most recent victims of the trend.
Erin Moran's Happy Days Are Over
From 1974 through 1984, Americans were able to travel back to the innocent time of the 50s and 60s courtesy of a the sitcom, "Happy Days." The plot of the show focused around the fake family life of the Cunninghams who lived in Milwaukee, Wisconsin. Like any family sitcom of the time period, a sassy daughter character was essential and actress Erin Moran handled the role of Joanie like a pro.
Although Erin certainly made a name for herself as both an actress and a producer, the notoriety has not been enough to keep the money flowing and Moran recently lost her home in Palmdale, California to foreclosure after reportedly not being able to handle the $315k on the property. According to TMZ.com, the house became real estate owned and was sold at public auction July 2010 for $291k. Despite that, Moran has be reported as refusing to leave the house and was recently provided with eviction papers from the local sheriff's department.
Dustin Diamond Not Saved by the Bell
Unlike other children going through an awkward stage, Dustin Diamond embraced his geekiness and used it to parlay the attributes into a lead roll on teen friendly TV show "Saved by the Bell." While critics mostly panned the show, devoted fans helped keep the show on air from 1989-1993 and even provided additional acting opportunities for Diamond, courtesy of his character "Screech." All that mainstream work was not enough to help financially strapped Diamond and currently his Wisconsin based home is facing foreclosure for the third time in five years.
Diamond's first brush with home repossession first occurred in 2006 as the actor allegedly fell behind on his mortgage monthly payments to the tune of $250k. The debt has now grown to around $290k and the bank is now aggressively pursuing the money. Diamond previously made some unusual moves to rake in the cash needed to halt the proceedings by dabbling in reality shows, the adult entertainment industry and even selling t-shirts embellished with "Save My House." No word on what strategies Diamond will implore to avoid foreclosure this time round.
Octomom to Wash That Debt Right Out of Her Hair
Unlike her talented counterparts, Natalie Denise Suleman became infamous for delivering 8 babies, courtesy of an artificial insemination gone array. Suleman eventually earned the unfortunate nickname of "Octomom", as the unemployed, single mother gave birth to the 8 children in addition to the 6 she already had. During the height of the media coverage surrounding her delivery, Suleman's father helped finance the purchase of a home in La Habra, California. Presently Suleman is $7,500 past due on the $450k financial obligation.
Paying the loan debt is the only way to prevent the property from entering into default and Suleman is being presented with a rare opportunity to earn some cash quickly. The notorious breeder has been offered $20k to wash her hair on camera for an adult entertainment website. No word on if she has accepted the deal yet.
Across the nation the current fate of celebrity homes is as uncertain as the economy as a whole. While many of the famous folks are scrambling to come up with the cash, mortgage refinancing, short sales and even forbearance are smarter alternatives than acts of desperation. Mortgage Marvel is the mortgage industry's leader in providing mortgage rate information to consumers, making it easy to find refinancing or first home loan opportunities.
