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Baseball star Canseco loses home to foreclosure
stevek
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Baseball star Canseco loses home to foreclosure
Thu May 1, 4:27 PM ET
LOS ANGELES (Reuters) - Former U.S. baseball star 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.
Canseco, 43, one of the most flamboyant U.S. baseball players until his retirement from the major leagues in 2001, told the celebrity TV show "Inside Edition" that it did not make financial sense to keep his 7,300 square-foot (678.2 sq-metro) home in the Los Angeles suburb of Encino.
"Inside Edition" said it had foreclosure documents showing Canseco owed a bank more than $2.5 million on the house.
"I've been out of the game for about eight or nine years and obviously this issue with the foreclosure on my home," he told "Inside Edition."
"I do have a judgment on my home and it to me is very strange because it didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else," he said.
Canseco said the foreclosure was not a difficult issue emotionally. But he sympathized with the millions of other Americans who have already lost, or face losing their homes, because of soaring interest rates on sub-prime loans.
"I decided to just let it go, but in most cases and most families, they have nowhere else to go," he said.
It was not clear from the "Inside Edition" report where Canseco was now living.
U.S. home foreclosure filings jumped 23 percent in the first quarter of 2008 from the prior quarter and more than doubled from a year earlier, real estate data firm RealtyTrac reported this week.
Canseco was one of the first Major League Baseball players to admit using steroids in his tell-all 2005 book "Juiced." His personal life has also been controversial with two divorces and several run-ins with the law for violence.
Canseco said a good portion of the money he earned in his heyday went to pay for his divorces. "I had a couple of divorces that cost me $7 or $8 million," he said.
Thu May 1, 4:27 PM ET
LOS ANGELES (Reuters) - Former U.S. baseball star 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.
Canseco, 43, one of the most flamboyant U.S. baseball players until his retirement from the major leagues in 2001, told the celebrity TV show "Inside Edition" that it did not make financial sense to keep his 7,300 square-foot (678.2 sq-metro) home in the Los Angeles suburb of Encino.
"Inside Edition" said it had foreclosure documents showing Canseco owed a bank more than $2.5 million on the house.
"I've been out of the game for about eight or nine years and obviously this issue with the foreclosure on my home," he told "Inside Edition."
"I do have a judgment on my home and it to me is very strange because it didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else," he said.
Canseco said the foreclosure was not a difficult issue emotionally. But he sympathized with the millions of other Americans who have already lost, or face losing their homes, because of soaring interest rates on sub-prime loans.
"I decided to just let it go, but in most cases and most families, they have nowhere else to go," he said.
It was not clear from the "Inside Edition" report where Canseco was now living.
U.S. home foreclosure filings jumped 23 percent in the first quarter of 2008 from the prior quarter and more than doubled from a year earlier, real estate data firm RealtyTrac reported this week.
Canseco was one of the first Major League Baseball players to admit using steroids in his tell-all 2005 book "Juiced." His personal life has also been controversial with two divorces and several run-ins with the law for violence.
Canseco said a good portion of the money he earned in his heyday went to pay for his divorces. "I had a couple of divorces that cost me $7 or $8 million," he said.
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Comments
<< <i>Must have been one of those corrupt mortgage brokers and adjustable rate mortgages >>
are there any other kinds?
Celebrities and athletes have bad luck and they can be foreclosed upon and evicted just like anyone else. I did an eviction case in LA in the 1980s where the owner of the condo was Joe Jackson (the father of the Jackson Five and Michael Jackson). He had bought a condo, paid the mortgage payments and let one of his girlfriends live in the condo for free (well in exchange for some lovin on the side). The romnace died, he dumped her and stopped paying the mortgage. The bank foreclosed and the girlfriend (mean and nasty) fought the eviction tooth and nail, publicizing to anyone and everyone who she met that she was done wrong by Joe Jackson and my bank client.
In the SF Bay Area good old MC Hammer (he of the parachute pants, "Hammer Time" and "You Can't Touch This" fame) owned and lived in a mansion in the hills above Fremont. When his fame and fortune waned, he was foreclosed upon and thereafter evicted from the Mansion. A client of mine thought about bidding on the property at the sale, but passed. He did however have a chance to look at the mansion after the eviction took place. The place had been stripped of all of the fancy trappings.
I suspect that Jose will do just fine without his Encino home and will probabaly get hooked up with another MTV worthy "Crib" in the coming weeks.
Steve
I've handled a couple of unlawful detainer matters, but none so glamourous. But thankfully, the same rules of law apply. Still though, it would be fun just one time to boot someone rich and famous out of their house; lawfully, of course. It'll be interesting to see how much the home is ultimately sold for, especially in today's [poor] economy.
/s/ JackWESQ
He was signing his books there
I guess he didn't make enuff to cover the last months mortgage payment
It's just amazing how foolish how some people are when they make big $$$$
they spend like the cash will keep coming forever
It doesn't