When people think about those who struggle with home foreclosure, they may picture the downtrodden or someone who has struggled to make ends meet for a significant amount of time. However, it must be noted that the threat of home foreclosure can happen to almost anyone, including the once rich and famous. In fact, Burt Reynolds’ Florida home is currently stuck in the home foreclosure process.
The home is attracting news, and not just because it is on the market due to non-payment. The house has been on the market for years, and the price has been reduced drastically. It was initially listed years ago for $15 million and steadily dropped to just over $4 million in 2012. The foreclosure process started in 2011, as the famous star reportedly stopped paying his mortgage altogether in 2010.
Another reason the foreclosure and sale of the home is making news is because it is becoming a draw for tourists and fans. People are apparently simply touring the home for the purpose of seeing the home and the star, rather than having a real interest in buying the property. Burt Reynolds apparently insisted on being present when realtors bring people in, and this has been a distraction as the visitors would rather talk to him than discuss buying the house.
The attraction of people to the home based on his celebrity can be a blessing or a curse as the house sits on the market and the home foreclosure process looms. As the price steadily drops on a home, the homeowner may still be trying to save it from a home foreclosure. If a Florida homeowner has a home on the market and they have stopped paying the mortgage, as Burt Reynolds has, they may benefit from exploring other options as a means of protecting their financial future.
Source: gossipextra.com, “EXCLUSIVE Fake Buyers, New Foreclosure Rule Plague Burt Reynolds Home Sale!“, Jose Lambiet, April 30, 2014