We all know times are tough right now, but there are few things more telling than when a well-known celebrity faces foreclosure. That’s exactly what’s happening to Burt Reynolds, now that his Hobe Sound home in Florida has become a target for foreclosure.

Reynolds obtained his home, along with a $1.5 million mortgage, when he was married to fellow entertainer Loni Anderson. The two of them later divorced, and Reynolds kept the Florida home in the settlement.

The mortgage was reportedly to get paid by off by 2019, but the bank apparently realized that Reynolds wasn’t living up to the mortgage contract. Sources report that the celeb hasn’t made a mortgage payment since last September. Reynolds had tried to sell his 12,500 square-foot house in 2009, but was unable to let it go in the tough housing market.

Although Reynolds certainly had his day in the sun as a heartthrob and award winning actor known for his high-profile roles in “Smoky and the Bandit,” “Boogie Nights” and more, now at the age of 75 years old, he’s no longer drawing the income he once did. While Reynolds is able to take on some roles, not every person his age has the capacity to work. This isn’t Reynolds’ first run-in with financial hardship. In 1996, he filed for bankruptcy.

Of course, Reynolds isn’t the only one in Florida facing foreclosure. The economy and an unethical lending system have put many in trouble. A celebrity case just provides a high-profile, extreme example of the widespread problem.

Source

ABC News: “Burt Reynolds On His Money Woes,” Luchina Fisher, Aug. 18, 2011