Miami Foreclosures Continue to Hit the Rich and Famous, Not Just the “Average Joe”

OJs-home1.jpgThe foreclosure crisis has caused many people to lose their homes. The crisis has caused millions of people to pack up and move out of the places they called home. Most believe that foreclosure usually only happens to the “average Joe.” This is not the case as many who are considered to be rich and famous have also lost their homes to foreclosure. Among the stars who have lost their homes is Rihanna, Burt Reynolds, OJ Simpson, Chris Tucker, and Daunte Culpepper just to name a few.

Simpson is currently incarcerated in Nevada. He purchased his home for $570,000 in 2000. He stopped making payments on the home about two years after going to jail. The 4,233-square-foot home near Miami has been in foreclosure proceedings for about two years. A foreclosure judgment was entered against Simpson recently, and an online auction of the house is set for Oct. 29.

Another prominent former NFL player, Culpepper, also recently lost his 3.6 million dollar home located in Weston, Fla. The 10,000 square foot home was purchased back in 2006 when Culpepper was traded to the Miami Dolphins. At the time Culpepper inked an eight year 60 million dollar deal with the Dolphins, but failed to stay with the team longer than one season. Although Culpepper could not continue his career because he was plagued with injuries he previously made millions of dollars with the Minnesota Vikings.

These are recent examples that home buyers/owners should always be prepared for the worst. Foreclosure is something that could affect anyone at anytime, unless your home is paid off. This process of foreclosure is usually costly, confusing, and time consuming. Contact us today if you need assistance navigating the foreclosure process.