Sarasota Realtor Mike Payne cannot see why movie star has to experience foreclosure.
Do you really think Nicholas Cage views foreclosure as "Monopoly money"? image source: http://perezhilton.com/2009-08-02-broke-nicolas-cage-dumping-homes-owes-the-government-millions
Nicholas Cage knows foreclosure!
FORECLOSURE!
Apparently, Cage accuses partner of scamming him out of millions, forcing Cage to liquidate assets and face foreclosure.
Cage, 45, who filed a lawsuit blaming his financial collapse on his longtime business partner, had his two historic French Quarter homes purchased in a foreclosure auction.
Here’s what I don’t understand. How did Cage (or his entourage) allow his properties to hit the auction steps?
My understanding is that Louisiana is a “judicial foreclosure” state, meaning the foreclosure process compares to Florida.
The details I have make me question WHY Cage had to experience foreclosure. Click Read More below now for a few important details.
WHAT CAUSES CAGE’S FORECLOSURE?
In Florida, a “normal” 6-month foreclosure takes 18 (or more) months (simply due to volume).
Sarasota homes for sale face similar foreclosure laws as Louisiana.
With that said, I read that these two properties APPRAISED for 6.8 million.
The houses went for $4.5 million – about two-thirds the appraised value – to Cage’s lender, Regions bank, the lone bidder.
That’s a difference of $2.3 Million.
WHY?????
Why didn’t Cage try to sell these properties, even at a steep discount just to avoid foreclosure? Or did he?
Of course, I don’t know any details about how he held properties, though what the little I know begs the following questions:
- Did Cage NOT try to sell these properties, even at a distressed pricing just to cover the debt?
- Did Cage get more BAD advice about avoiding foreclosure?
At face value, I am baffled by what has happened to Nicholas Cage. I have no clue how celebrities run their business. All I know is that I should be able to sell a property for roughly 66% of its appraised value. I THINK I can find a buyer to keep Cage (or any seller) from facing foreclosure.
Sarasota homeowners NEED to know their options before banks foreclose and pursue collections on the difference. Dealing with aggressive debt collectors for years can be worse than foreclosure. If you know about Nicholas Cage’s foreclosures, please drop me a comment below. Even if you don’t know Cage’s situation, what question or comment do you have about foreclosure?
That’s a difference of $2.3 Million.
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