Sarasota Realtor questions movie star Nicholas Cage’s foreclosures, showing NO comparison between normal people facing foreclosure and movie stars.
Do you really think Nicholas Cage views foreclosure as "Monopoly money"? photo courtesy 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 filing takes 18 months (or longer).
Just yesterday, a neighbor informed my wife and me she’s losing her home. I admit, the news shocked me even though my wife and I saw serious issues.
You couldn’t miss the obvious….
I knew she and her husband (well, her estranged husband) had lost investment properties.
In the thick of despair is a little girl….
Apparently, finances destroyed their marriage, leaving a little girl as collateral damage.
I knew his business was failing.
I knew he never showed up any longer, not even to cut the grass.
I didn’t know she was losing the home. Turns out, the last time he/she/they paid the mortgage was July 2008. Strangely, she is on the mortgage and note but NOT the deed.
She’s never worked. She’s never had any income. On the mortgage but not the deed. Hmm, strange indeed.
Anyway, at the rate at which Sarasota Courts are processing backlogged filings she will have until May 2010 to live rent free. I don’t know what will happen then.
Pride exacerbates bad situation!
When she stopped over the other night to fax a few papers and to break this news, I asked her why she never talked to me about this. I expected the response…it’s a common response: She was embarrassed to talk about it.
So common….
I realize it’s very different to face foreclosure on investment properties versus one’s own home. I have no hesitation talking about the two investment properties I fought to short sell. I have faced foreclosure but I never chose foreclosure.
The husband made all the “business” decisions.
She couldn’t have short sold if she had wanted, because he REFUSED to face up to what was happening. Her divorce attorney had tried to talk with him about avoiding foreclosure; he refused (according to the wife).
She has no job; she has no income; she has no place to go; she has no child support or alimony. He apparently is stalling the divorce to avoid paying (according to the wife).
Somewhere in this discussion there’s a little girl….a little girl who knows a helluva LOT is not right. When life throws this kind of crap at a little kid, she won’t easily build a bridge & get over it.
Nicholas Cage will survive!
He’ll shoot another movie and make millions. He’ll pay the IRS, buy more mansions & live happily ever after…though he will reassess HOW and who he trusts with his business affairs.
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?????
I have to ask “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.
Are you or someone you know facing foreclosure or struggling to make the house payment? PLEASE don’t be embarrassed. MANY (and I mean many) good, successful people have been caught up in this economic collapse. You have to realize this is NOT your fault. I got caught up in it as well. At first I was horribly embarrassed, until I cleared my head. Now I’m angry at what THEY did to all of us. WE have been left holding the bag for greedy bastards called bankers and politicians! Call me now if you want a little help. PLEASE leave me a comment below. Share an experience. If you know more about Nicholas Cage’s situation, please share. I can’t figure out why he didn’t attempt short sales on these properties. I really hope you don’t tell me about someone you know whose life, marriage, career has been ripped apart by foreclosure or inability to pay a house payment. Bottom line in my head: it’s just a damn house. It’s not worth losing your health or family!
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.
That’s a difference of $2.3 Million.
