If you are facing home foreclosure right now, you are certainly not alone... even the big celebrities and movie stars are facing worse cases of foreclosure than you are going through right now. The particular celebrity I am referring to here is Nicolas Cage. This article looks at some of the mistakes he made that led him to lose several of his homes to foreclosure and provides 3 tips that can help you prevent making the same mistakes he made.
According to CNNMoney.com "Debt-ridden movie star Nicolas Cage lost his Bel Air mansion to foreclosure... The courthouse auction was a flop, as no one was willing to make the minimum $10.4 million bid. Stephen Shapiro, realtor and owner of Westside Estate Agency, said this clears out speculators and most lenders with stakes in the property, leaving Citibank as the sole owner."
The following tips can help you prevent losing your home the way Mr. Cage lost his:
1 - Don't spend too much money on a home: Even if you have millions of dollars it's not wise to buy a home that is too expensive. This is exactly the big mistake Nicolas Cage did. He bought several homes that were just too expensive for him to maintain. You see, it's not just about buying a home, you should also think about the cost of maintaining and taking care of the home. So, the first tip is - you should avoid spending more than you can afford to on a home. This is a very important tip to preventing foreclosure.
2 - Have "other sources" of income beyond your present source of income: One of the ways that celebrities can stop foreclosure is to have other sources of income which could come handy in providing money during crisis periods or periods of financial drought. If you have millions to buy a home, it's wise to also invest money in a good business or series of businesses that can be your "extra" sources of income, especially in moments of financial drought. This tip will also help you prevent the foreclosure of your home.
3 - Buy a home that can be easy to sell: The biggest problem with Nicolas Cage's house was that no one was willing to buy it for what it was worth, partly because it was just too expensive for them. The house was on sale for nearly a year but was still unable to get a buyer. So, you should avoid this mistake by buying a home that can be easy to sell later on. No need to stock the home with items that cost millions which end up increasing the overall cost of the home when you want to sell; this is exactly what happened to Nicolas Cage. Avoiding this mistake can help you prevent foreclosure.
If you adhere to the three simple tips above, they can help you prevent foreclosure. But of course, that's if you adhere to them. Many will read such tips and shrug their shoulders saying "I know all that stuff", but they still end up making similar mistakes that end up costing them their homes.
Don't be like those people who treat foreclosure with kid gloves. They think it won't happen to them, until it finally does. If Nicolas Cage, with all his money, could have his house foreclosed on, why do you think it can't happen to you?
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