Foreclosure is no longer something that only the fringes of society are faced with. Many regular homeowners who had always been current on their home mortgages have had to face the consequences of overwhelming debt during the recession. And the rich and famous are not immune either.
Actor and comedian, Chris Tucker, well known for his role in the hit movie series Rush Hour, is among the Florida homeowners currently facing foreclosure.
Sun Trust Bank recently filed foreclosure papers on his multi-million dollar mansion in Central Florida. The 39-year-old Tucker purchased the home in August of 2007 for $6 million, just before signing a movie deal for Rush Hour 3.
According to property appraisers, the 10,000 square foot home is now only currently worth approximately $1.6 million. Meanwhile, Tucker owes more than $4.4 million to the bank on the home.
This means that the home was substantially underwater. Many of the homes that were purchased in this development, Bella Collina, were in similar circumstances. This is because they were purchased at the height of the market, just before the recession began.
In addition to his more than $25,000 per month mortgage payment, Tucker owes millions to the Internal Revenue for federal income taxes. As a result, an $11.5 million lien exists on the property.
Despite the fact that Tucker has earned millions during his acting career, he is now struggling with difficult financial decisions and overwhelming debt, just as many of Florida’s residents are dealing with.
If you are facing similar issues concerning your debt, it is a good idea to consider all of your options before simply giving up your home to foreclosure. Bankruptcy is one such option and can allow Florida homeowners to remain in their homes and possibly avoid foreclosure.
Source: The Orlando Sentinel, “Foreclosure papers filed on Central Florida mansion of ‘Rush Hour’ star Chris Tucker,” Stephen Hudak, Oct. 12, 2011