Jose Canseco is not your typical foreclosure scenario by a long shot. However, he does represent what others like him are doing in increasing numbers these days, no matter how much money they make, even the wealthy.
Jose Conseco was born in Cuba and raised in Miami, Florida. During his famous baseball career, he was the American League MVP and made millions. His peak earnings during the baseball season was about $6 million, and retired in 2001. Eventually he bought a $2.5 million dollar, 7,300 square foot home in Encino, a suburb of Los Angeles. Even he admits his situation is different than most others facing foreclosure.
Like I said, my situation was a little more different than most. I decided to just let it (the house) go, but in most cases and most families, they have nowhere else to go. (Source: Sun Sentinel)
In the latest phenomenon, Americans have been heard simply walking away from their mortgages, and Jose Canseco is one of them. While he admits to making millions, mentioning a couple of divorces that cost him millions, even putting out two books on drug use in baseball and trying to get out a movie on them.
One would think that despite his setbacks, he still would be financially responsible and pay his mortgage and other debt obligations. So, why is he walking away from his own mortgage commitments?
I do have a judgment on my home and it to me is very strange because it didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else. (Source: Sun Sentinel)
For whatever reason, homeowners like Jose Canseco are walking away from their mortgages. Though most are likely not in as good financial shape as Canseco, they come to the belief that it just doesn’t make financial sense to keep paying their mortgages.
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