Fremont Bankruptcy Attorney Talks About Celebrity Financial Woes
Fremont Bankruptcy Attorney Talks About Celebrity Financial Woes
Ever watch those people on Extreme Makeover: Home Edition and think "they are so lucky?" Well, getting an extreme makeover does not mean their problems go away. There is quietly growing number of people who were lucky enough to get the extreme makeover finding themselves in financial troubles which may lead to foreclosure of their homes or bankruptcy. The Vardons with the blind, autistic son are having problems for a refinance they took, Sadie Holmes who ran a charity from her home office is facing foreclosure for code fines for code violations, and the Harpers faced foreclosure for defaulting on a loan (as a reminder, they also got enough money to pay property taxes for 25 years). How is this possible?
As any non-Extreme Makeover: Home Edition person can attest, one still has to live within their means. A person cannot take on more monthly debt than they can handle, even if they live in a 7,000 square foot mansion. For example, the Harper's took out a $450,000.00 loan with their house as collateral which meant a monthly payment of about $2,700.00 per month. Assuming they were not doing well in the first place (in order to qualify for Extreme Makeover: Home edition) that monthly payment easily exceeding their income after living expenses. If the monthly payments cannot be made then default and eventual foreclosure will soon arise.
Each of the now unlucky winners could file for bankruptcy relief. If done correctly, then the debtors may be to keep their homes. But if that happens, it won't be because Ty Pennington showed up to save them.
If you have a question regarding Bankruptcy please contact Sagaria Law at 1-800-941-6730 for a free consultation or visit us at www.sagarialaw.com. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 13 bankruptcy, lien stripping, discharging debt, etc. we can help! We have bankruptcy attorneys in San Mateo, Fremont, Sacramento and San Jose.
