Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Ed McMahon in forclosure
Old 06-04-2008, 11:20 AM   #1
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
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
__________________

__________________
saluki9 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-04-2008, 11:26 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,107
Looks like Ed never won that Publisher's Clearinghouse Sweepstakes he talked about so much...
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-04-2008, 11:29 AM   #3
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by REWahoo View Post
Looks like Ed never won that Publisher's Clearinghouse Sweepstakes he talked about so much...
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.
__________________
saluki9 is offline   Reply With Quote
Old 06-04-2008, 11:57 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,527
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?
__________________
FUEGO is offline   Reply With Quote
Old 06-04-2008, 12:06 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
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.........:)
FinanceDude is offline   Reply With Quote
Old 06-04-2008, 12:09 PM   #6
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
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.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 06-04-2008, 12:11 PM   #7
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,107
Quote:
Originally Posted by FinanceDude View Post
Shouldn't he be FI at 85 years old??
I'm guessing he was FI when he retired but probably drew out more than 4% of his nest egg...
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-04-2008, 12:56 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
Ed Mc Mahon one of the original Florida land swindlers !

LawyerLinks™ Advantage - LawyerLinks, LLC
__________________
Moemg is offline   Reply With Quote
Old 06-04-2008, 04:01 PM   #9
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
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
retire@40 is offline   Reply With Quote
Old 06-04-2008, 04:05 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,432
Quote:
Originally Posted by FUEGO View Post
First lien holders can't sue for deficiencies in CA can they?
If it is the 'purchase' mortgage, no. If it is a re-finance, yes.
__________________
learn, work, save, invest, fire
CyclingInvestor is offline   Reply With Quote
Old 06-04-2008, 04:07 PM   #11
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
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
retire@40 is offline   Reply With Quote
Old 06-04-2008, 04:09 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by retire@40 View Post
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?

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.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 06-04-2008, 04:10 PM   #13
Full time employment: Posting here.
 
Join Date: Aug 2007
Posts: 961
Quote:
Originally Posted by Moemg View Post
Ed Mc Mahon one of the original Florida land swindlers !

LawyerLinks™ Advantage - LawyerLinks, LLC
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.
Wags is offline   Reply With Quote
Old 06-04-2008, 06:03 PM   #14
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
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
OAG is offline   Reply With Quote
Old 06-04-2008, 06:06 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Mar 2007
Posts: 3,323
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.
Orchidflower is offline   Reply With Quote
Old 06-04-2008, 06:56 PM   #16
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
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
retire@40 is offline   Reply With Quote
Old 06-04-2008, 08:29 PM   #17
Recycles dryer sheets
 
Join Date: Sep 2007
Posts: 428
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
__________________
Disappointed is offline   Reply With Quote
Old 06-05-2008, 06:37 AM   #18
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
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.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 06-05-2008, 09:41 AM   #19
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,890
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
W2R is offline   Reply With Quote
Old 06-05-2008, 09:54 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
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.
cute fuzzy bunny is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Forclosure Lein Laws modhatter FIRE and Money 3 06-15-2006 01:21 PM

 

 
All times are GMT -6. The time now is 06:37 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.