Celebrity foreclosure: Jose Canseco loses Encino home

[Liberal_in_LA]

Celebrity foreclosure: Jose Canseco loses Encino home

http://latimesblogs.latimes.com/laland/2008/05/celebrity-forec.html

You can't make this stuff up: Former major league baseball player Jose Canseco, pictured, "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," the Associated Press said.

In comments to the TV show "Inside Edition," Canseco says, "It didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else."

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Comment: Isn't that how mortgages (and payments on other types of property such as cars) work? You are paying on something someone else owns so that you'll be the owner one day. I assume Canseco didn't like the value to mortgage ratio so he walked away from the obligation.

[NMDemDist2]

1. exactly, he dumped the house willfully n/t

[high density]

2. Didn't make "financial sense?" Erm, I pay rent to live in a house owned by something else

It does afford me a place to sleep, a place to park my car, a place to cook food... These things do have a value. Is Jose Canseco going to live in a homeless shelter now or what?

Edit: Why does a guy who has made so much money have a $2.5 million mortgage anyway? I guess some people just have no clue how to manage money.

[bluestateguy]

3. Has he made a presidential endorsement, though?

That's what I want to know.

[Binka]

4. Carrot Top

[KamaAina]

5. I'd even take Carrot Top over McCake

Note: No flag pin on McCake, though there do seem to be a couple of small flags sticking out of his... oh never mind. :P