Loan Modification: Even Celebrities Need It

There really isn't any doubt that a lot of people are suffering from foreclosure these days. The minorities, the lower and middle classes have been greatly affected by it, and others have resorted to loan modification, refinancing, and other options that can help homeowners save their homes. Yet despite this, are you aware that even rich people are also having problems keeping their houses safe from foreclosure? Here are some well-known celebrities that have been (and are in) boiling water right now.

Ed McMahon
This former celebrity pitchman has a $6 million dream house in Beverly Hills, although there is a great chance that he might lose it. The reason: He is $644,000 in arrears to this date. It's quite strange that a six-bedroom mansion that is on the market for quite some time is not being swarmed by a lot of buyers. Maybe they're scared that the paparazzi will squat on their lawns waiting for Britney Spears to make a mess of herself again.

Rep. Laura Richardson
Like everyone else, she was lured by the real estate boom a couple of eons ago. And like most of them, Laura Richardson also went down big time. Currently, she has had three houses in foreclosure proceedings in the last couple of months. Her Sacramento house was sold in March, while her other properties in San Pedro and Long Beach went swirling into default. However, she was able to keep up with her payments for her Long Beach house and was able to get a loan modification for her San Pedro property.

Michael Jackson
One of the life lessons Michael Jackson should remember is that he can't be Peter Pan all his life.  Eventually, Peter Pan has to grow up and earn his lettuce for his family. That said, will he now grow up and tearfully say goodbye to his "Neverland" Ranch in Santa Barbara County? Or will he allow an investment company to rescue him and buy his loan? Fortunately for him, he chose the latter one. Reports now say that the company wants him to pay it back by doing a comeback in Las Vegas like what Elvis did in his after-glory days.

Aretha Franklin
The singer owed back taxes on her brick mansion overlooking the Detroit Golf worth $714,000 Club and a condo in Bloomfield Township worth $2 million. However, Franklin said that it's the fault of her attorney, and that she will immediately pay off her debts as soon as she finishes belting out her "Say A Little Prayer" song to the public.

So, now you see that even the high and mighty ones fall from their glass thrones from time to time. Therefore, you shouldn’t feel bad when you get a foreclosure notice and decide to apply for a loan modification or refinancing to save your home. Everyone’s equal when it comes to economic recession, you know.