Foreclosures hurt all of us. In a 2005 Chicago case study, researchers William C. Apgar, Mark Duda, and Rochelle Nawrocki Gorey found that a single foreclosure can cost local governments up to $34,000 for inspections, court actions, police and fire department efforts, potential demolition, unpaid water and sewage, and trash removal. Additionally, the foreclosure can have a negative impact of $220,000 on the equity and property values of nearby homes. Communities and regulators have begun to realize that getting you the help you deserve is in everyone’s best interest. Foreclosure can happen to anyone if the circumstances for it are present. It’s a misconception — and it’s incredibly unfair — to judge anyone’s success based on their foreclosure experience. Often, the more success you have, the more likely you are to buy an expensive house, to invest in a wide range of assets, or to participate in blockbuster deals with other participants. For those reasons, these “successful” people are often vulnerable to a downturn in the economy or housing market; a personal financial setback; and/or a complication arising from the actions of a partner, spouse, or co-investor. What do music entertainers Paul McCartney, Rihanna, Billy Joel, and R. Kelly have in common with actors Kim Basinger, Nicholas Cage, and Kristen Bell and athletes such as Evander Holyfield, Terrell Owens, and Allen Iverson? You guessed it; these are only a few of the famous personalities who have faced foreclosure at some point during their careers.
Some managed to save their houses because of a turnaround in their luck or the last-minute intercession of a friend. Some lost
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