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06-04-2008, 10:20 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Posts: 2,032
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Ed McMahon in forclosure
I know we spend a lot of time discussing people with high incomes who get into financial trouble, but this one shocked me.
Countrywide is forcing a foreclosure on the house of Ed McMahon. Looks like he's about $600K behind on his payments and they say he also has an equity line out too.
Despite being good friends I guess Johnny never cut him in on the royalties?
TV's Ed McMahon in talks with lender amid foreclosure report - Jun. 4, 2008
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06-04-2008, 10:26 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Looks like Ed never won that Publisher's Clearinghouse Sweepstakes he talked about so much...
__________________
Numbers is hard
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06-04-2008, 10:29 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Posts: 2,032
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 Quote:
Originally Posted by REWahoo
Looks like Ed never won that Publisher's Clearinghouse Sweepstakes he talked about so much...
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I guess if he had known this was coming he would have run off with one of those checks.
Then again, it's got to be hard to forge one of those giant 5 foot wide checks.
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06-04-2008, 10:57 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Maybe he was way underwater on the loan and decided to cut his losses? And get to live in a place for free for a year or so? First lien holders can't sue for deficiencies in CA can they?
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06-04-2008, 11:06 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Shouldn't he be FI at 85 years old??
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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06-04-2008, 11:09 AM
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#6
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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According to the WSJ: "Mr. McMahon broke his neck in a fall about 18 months ago and hasn't been able to work, Mr. Bragman said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings."
85 years old and still needs to work.
__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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06-04-2008, 11:11 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Quote:
Originally Posted by FinanceDude
Shouldn't he be FI at 85 years old??
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I'm guessing he was FI when he retired but probably drew out more than 4% of his nest egg... 
__________________
Numbers is hard
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06-04-2008, 03:01 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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According to the article:
"Nationally, one of every 194 U.S. households received a foreclosure filing in the first three months of 2008, according to recent figures from RealtyTrac."
Can this be true?
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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06-04-2008, 03:05 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,708
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Quote:
Originally Posted by FUEGO
First lien holders can't sue for deficiencies in CA can they?
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If it is the 'purchase' mortgage, no. If it is a re-finance, yes.
__________________
learn, work, save, invest, fire
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06-04-2008, 03:07 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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I have no sympathy for multi-millionaires that get themselves in financial trouble.
Most of the time it's because they have lost respect for the value of money.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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06-04-2008, 03:09 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by retire@40
According to the article:
"Nationally, one of every 194 U.S. households received a foreclosure filing in the first three months of 2008, according to recent figures from RealtyTrac."
Can this be true?
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Why not? If you annualize it, it is something like 2% of loans out there getting some kind of notice. These notices generally start after you are 90 days late on your payments.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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06-04-2008, 03:10 PM
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#13
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Full time employment: Posting here.
Join Date: Aug 2007
Posts: 961
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Quote:
Originally Posted by Moemg
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In a strange way the poor devil is getting his just desserts.
Maybe now he has an idea of how it feels to lose one's home.
God Bless Us All 
__________________
War is a poor chisel to carve out tomorrow. - Martin Luther King Jr.
Seek peace, and pursue it. - Psalms 34:14
Be kind to unkind people - they need it the most - by Ashleigh Brilliant.
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06-04-2008, 05:03 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Still working as he was on a commercial this morning selling the portable upright bathtub. He must have some very large expenses - and I know the house he has costs a tad more than mine but the bank/lender let him get out $600,000 -- no wonder the banks all want a handout from the Government (also know as the US Taxpayer).
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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06-04-2008, 05:06 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 3,323
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Isn't this what they mean when they speak of kharma?
And Wesley Snipes is doing Nordic Trac ads on tv with Chuck Norris and Christie Brinkley now. Guess he's working to pay off those back taxes after all.
Now I know what Grandma meant by saying "every dog has his day."
__________________
Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
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06-04-2008, 05:56 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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Bo Diddley, David Letterman, Ed McMahon
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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06-04-2008, 07:29 PM
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#17
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Recycles dryer sheets
Join Date: Sep 2007
Posts: 464
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How much money did he really lose? He owes quite a bit on this propery ($4.85mm), perhaps a second as well. House listed at $6.25mm but also liste at $5.85mm on a different website, though the listing agent insisted it is still listed at $6.25mm. How much did he pay for it, any equity, does he care? House has been on the market for 2 years, he won an insurance claim for $7mm claiming mold in this house caused him and his wife to get sick, also killed one of his dogs.
I am wondering if he just wanted to get rid of the house or just let it go into foreclosure if no buyer intentionally. With nothing to lose (no equity) he might as well just let it go.
mP
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06-05-2008, 05:37 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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So this is just one of the "new business decisions" that seem to make sense in the "new age of finance"? I guess it does, in a way, unethical but WTH, it seems to work well for some.
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Vietnam Veteran, CW4 USA, Retired 1979
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06-05-2008, 08:41 AM
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#19
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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Definitely shocking. 
He probably never learned to LBYM at all!! I think we are doing more to grow wealth by starting with LBYM than many of us realize.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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06-05-2008, 08:54 AM
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#20
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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See? If he'd just paid off his mortgage years ago, he wouldnt have had any problems when times got tough.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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