Evander Holyfield: Latest Foreclosure Victim

24 October 2008

Author: admin Posted under Foreclosure Crisis

Everyday thousands of homes enter some stage of foreclosure due to different reasons. This clearly shows that no one is immune to the foreclosure crisis that is currently affecting the entire nation. Take for instance Evander Holyfield, a former heavyweight boxing champion.

Evander Holyfield: Latest Foreclosure Victim

A news report from the Real Estate Channel revealed that the celebrity is on the brink of losing his home to foreclosure. The 253-acre estate, named Villa Vittoriosa, has 109 rooms, 3 kitchens, a bowling alley and 17 bathrooms. It was believe to have cost over $30 million to build but now has a market value of $20 million.

Just like Holyfield, millions of homeowners have found themselves facing foreclosure. Reasons that brought about such unfortunate situation may include mismanagement of finances, job loss, medical emergency, divorce and death in the family.

On the other hand, there are those who became victims of predatory lending practices, perpetrated by mortgage brokers, servicers and lenders who are simply after their commission. These poor homeowners are having a tough time understanding why they are losing their home.

Anther group of individuals affected by the mess in the housing industry is the renters. Without being given notice that the homes they are staying at have been repossessed, they find themselves getting evicted suddenly despite paying the rent religiously.

The answer to this foreclosure crisis remains elusive to this day and both federal and local governments have been working round the clock to provide assistance to the millions of troubled borrowers. Lenders are even being urged to work with the borrowers so that the latter can avoid foreclosure.

Options to stop foreclosure include loan modification, repayment, re-instatement, forbearance, refinancing, deed in lieu of foreclosure, short sale and even a bankruptcy. Experts recommend for distressed homeowners to explore all these options and not give up their homes without a fight.