Regardless of anyone’s status or lot in life, not paying what is owed for a property can all lead to the same conclusion. Anyone of any economic status can fall victim to home foreclosure for any number of reasons. Some may wrongfully associate home foreclosure rates in Florida with downtrodden neighborhoods or with those who have fallen into poverty due to the recession. However, a recent headline making foreclosure sale shows that even large-scale and valuable properties can become part of the home foreclosure scene.
The lavishly large home of ex-NFL star and convicted felon, O.J. Simpson was just sold at auction after being foreclosed upon. The home is 4,233 square feet and is located in south Florida. According to recent reports, Simpson owed in excess of $796,000 on the home, both in principal and interest. He also owed back taxes totaling $42,000, and back Insurance premiums that were unpaid totaled roughly $43,000.
After roughly two years in the foreclosure process, the home was finally sold on an online auction. It sold for $655,000. Simpson has been imprisoned since 2008 for robbery and kidnapping.
There is no mention of what Simpson originally paid for the home. However, it is not unusual for a house to sell for less than it is worth when it is part of a home foreclosure sale. For Florida residents who are either facing home foreclosure or fear they may find themselves having to sell their home for less than they owe, there are potentially helpful options to consider. Finding out about the current programs for loan modification may help shed some light on a homeowner’s options, as well as gaining an understanding of how bankruptcy protection may offer another avenue of financial relief.
Source: NBC Miami, O.J. Simpson’s Kendall Home Sold in Online Auction After Foreclosure, No author, Oct. 29, 2013