Is Whitney Houston in foreclosure?
So you think only the poor or down trodden get caught with a foreclosure? Think again. Have you seen Whitney Houston lately? She is finally coming out of a hole she has been in for as long as she has been married to Bobby Brown IMHO. Now it seems that she might be facing foreclosure on her New Jersey mansion if she cant catch up on the payments. Of course, her publicist denies the allegations and I hope they are right. Technically, her property is more than likely in pre-foreclosure. This option would make both accounts acceptable.
We have talked about pre-foreclosure before. Whitney Houston has until January 4, 2007 to catch up on her more than $1 million in back mortgage payments in order to keep her New Jersey home, according to Total Bankruptcy. She also has the option of selling it before then as well. If she chooses this option, someone can get a fabulous deal and a celebrity home to boot! This is when most of us come into the picture.
Most pre-foreclosure property owners want to save as much equity as they can and avoid complete foreclosure and a black mark on their credit score. So, if they cant catch up on payments, as I hope Whitney Houston does, then they will try their best to sell the property before they have to turn it over to the bank and loose what equity they might have. As a buyer, you usually hate to offer a lowball number to a seller. But in the case of a pre-foreclosure, you can feel ok about offering a decent amount to get the seller out of their jam and still get yourself a fabulous deal. Be fair and both buyer and seller will come away happy.
So, it will be interesting to see which option Whitney Houston chooses. If she wants a fresh start, then selling the home would be ideal. I cant imagine that it would be difficult to sell. If she wants to keep her home, then she has to come up with quite a bit of money in a short period of time. Thats how to play the foreclosure game.
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