Real Housewife Peggy Tanous has had more than her fair share of public battles including fighting postpartum depression on national television. The family is now embroiled in a fight to keep their home! It is becoming more and more common for stars to be in the news for their economic troubles more often than their careers.
The newest addition to the Real Housewives of Orange County and her husband purchased their $1.3 million dollar property in 2006 with a bit of refinancing a short 6 months later. Over the next couple of years, things were going fine, until the couple failed to pay their property tax and slip behind on mortgage payments.
One thing that sets Peggy Tanous bank foreclosure apart from many others is the fact that the family filed for a loan modification, which she now says the lending institutions refused to honor. According to reports the family was agreed to a plan with BAC to pay interest only charges for 10 years, a plan they now allege was not honored. Peggy and her husband plan to fight to the bitter end to keep their home, starting with suing the financial institutions that did not stick to the modified loan arrangement.
Being famous is not guarantee of financial stability! Too often people are convinced that all their woes could be solved by more money, but the truth is anyone at any income level can experience financial hardship. Prudent financial planning trumps income level every time!
Foreclosure listings now include the rich and perhaps not so famous, depending on your position on reality show stars, which should serve as a lesson to everyone. Wealth and position will never out pace good budgeting and preparation. Of course, all these fantastic homes on the bank foreclosures list equal great opportunity for the smart investor.