Ed McMahon fighting foreclosure

[her209]

Originally posted by: mugs

Originally posted by: Citrix

Originally posted by: Red Dawn
He's been trying to sell it for two years and he probably owes more than it's worth so he's bailing on it. I bet it's more of a business decision than a hardship situation.

thats what im thinking. im sure this isnt his only home and he isnt flat broke.

Walk-away foreclosures work for people who have insignificant assets (although they're still scumbags unless they truly can't afford to pay the mortgage), but can't the bank still recover what they're owed if they sell the foreclosed home for less than they're owed? Meaning if he had significant assets, and if it's worthwhile to do so, can't they make him pay the difference?

Maybe he has holdings outside the US.

 

[JulesMaximus]

So, what happened 5 years ago? Or 10 years ago? He couldn't see this coming? What happened? His investments drop that much in the last 5 years? I have zero sympathy for this guy.

 

[Capt Caveman]

Originally posted by: JulesMaximus
So, what happened 5 years ago? Or 10 years ago? He couldn't see this coming? What happened? His investments drop that much in the last 5 years? I have zero sympathy for this guy.

He couldn't see breaking his neck and not being able to work.

 

[iamwiz82]

Originally posted by: Fritzo

Originally posted by: JS80
Where did his $200 million go???

Well...

In the 1990's, his estimated worth was near $200 million, mostly in real estate holdings

His money probably went down the tubes during the crash.

What home values dropped 99.5%?

 

[Pacfanweb]

Originally posted by: Capt Caveman

Originally posted by: JulesMaximus
So, what happened 5 years ago? Or 10 years ago? He couldn't see this coming? What happened? His investments drop that much in the last 5 years? I have zero sympathy for this guy.

He couldn't see breaking his neck and not being able to work.

Should have been able to see age 85 and think that his health might not allow him to work for whatever reason.

Love Ed McMahon, great guy. But damn....how can you live your life in that much luxury and riches for years and not at least have a lawyer or adviser that would have made sure this kind of stuff was taken care of?

 

[ballmode]

Hope this is a lesson he will never forget

 

[Slew Foot]

Im sure some evil mortgage broker out praying on the elderly forced him in to sign in a mortgage he couldnt afford. WE should have a government sponsored taxpayer bailout to help him out.

 

[narzy]

This is not the case of a foreclosure victim this is a case of excessively poor money management.

Wikipedia asserted that in the 1990s, McMahon was reputed to be worth in excess of US$200 million in real estate holdings

 

[Bryophyte]

Who was it that said "Stupidity should hurt"? I think it applies to this situation.

 

[Perknose]

Originally posted by: Red Dawn
He's been trying to sell it for two years and he probably owes more than it's worth so he's bailing on it. I bet it's more of a business decision than a hardship situation.

^^^ Most intelligent answer in a predictably stupid thread. Hey-Ooooooo!

 

[allisolm]

And today there's another for whom I can't manage to muster much sympathy:

Evander Holyfield Facing Foreclosure

 

[Gothgar]

Originally posted by: MisterJackson
Maybe he should play the Publishers Clearinghouse Sweepstakes.

I see what you did there

 

[Ns1]

Well this is kind of cool

Mega-developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it. Details of the deal are still being ironed out.

http://www.latimes.com/busines...08aug14,0,695798.story

 

[Capt Caveman]

Originally posted by: Ns1
Well this is kind of cool

Mega-developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it. Details of the deal are still being ironed out.

http://www.latimes.com/busines...08aug14,0,695798.story

:thumbsup:

 

[DisgruntledVirus]

Originally posted by: Capt Caveman

Originally posted by: Ns1
Well this is kind of cool

Mega-developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it. Details of the deal are still being ironed out.

http://www.latimes.com/busines...08aug14,0,695798.story

:thumbsup:

Why are you happy that somebody that is considered "wealthy" is getting bailed out?

Trump should have given that to people who needed it more, and by that I mean the few that actually have valid reasons they are in foreclosure. Say medical expenses, getting laid off, etc.

 

[waggy]

Originally posted by: DisgruntledVirus

Originally posted by: Capt Caveman

Originally posted by: Ns1
Well this is kind of cool

Mega-developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it. Details of the deal are still being ironed out.

http://www.latimes.com/busines...08aug14,0,695798.story

:thumbsup:

Why are you happy that somebody that is considered "wealthy" is getting bailed out?

Trump should have given that to people who needed it more, and by that I mean the few that actually have valid reasons they are in foreclosure. Say medical expenses, getting laid off, etc.

i agree.

 

[TheVrolok]

Originally posted by: feralkid

Originally posted by: Fritzo
http://ap.google.com/article/A...ISL2-0fOVA8pQD9138ENO2

Ed McMahon fighting foreclosure on his Beverly Hills home
47 minutes ago

LOS ANGELES (AP) ? Ed McMahon, who for decades appeared as Johnny Carson's sidekick on "The Tonight Show," is fighting to avoid foreclosure on his multimillion-dollar Beverly Hills home, according to published reports.

He was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 with the Los Angeles County Recorder's Office, The Wall Street Journal first reported late Tuesday.

McMahon, 85, has been unable to work as a pitchman for various products since he broke his neck 18 months ago, said his spokesman, Howard Bragman.

"There are plenty of people affected by the weak economy, bad housing market or bad health," Bragman said.

McMahon has been in "very fruitful discussions" with the lender to resolve the situation, Bragman said. But it's unclear whether McMahon and his wife, Pamela, will remain in the home.

A spokesman for Countrywide declined comment to the Los Angeles Times.

The six-bedroom, five-bath house is in a hilltop gated community overlooking Mulholland Drive called The Summit and is listed for sale at $6.25 million. It has been on the market two years, according to real estate agent Alex Davis, who has the listing.

The house is near that of pop star Britney Spears, which doesn't always work in its favor.

"When we were trying to sell the house one time, there were about 100 paparazzi there," Davis said.

The guy is injured, can't take in anymore money, and has given of himself in many situations over the years (he's a fixture on the MDA Telethons in fact). You know what would be a real class act? If Dave and Jay both chipped in and helped him out.

Perhaps someone should start a telethon to raise money to help former Hollywood celebrities pay off their multi-million dollar mortgages?

:roll:

Exactly. I'm sick of hearing "Donald Trump makes a move of compassion and bails out Ed Mc..." WTF? Are you f'ing serious? A move of compassion by somewhat that has the kind of money that Trump does is helping out another rich guy (formerly?)? WTF? Imagine what that money could do somewhere like the inner cities. More Hollywood/the media just patting themselves on the back.

 

[SarcasticDwarf]

Originally posted by: TheVrolok
Exactly. I'm sick of hearing "Donald Trump makes a move of compassion and bails out Ed Mc..." WTF? Are you f'ing serious? A move of compassion by somewhat that has the kind of money that Trump does is helping out another rich guy (formerly?)? WTF? Imagine what that money could do somewhere like the inner cities. More Hollywood/the media just patting themselves on the back.

Actually, the impact money has on an area drastically decreases the poorer the area is. Billions upon billions of dollars are dumped into Africa and there is damned all that comes out of it. Hell, he could buy every building in a couple mile radius and offer for people to stay there rent-free and it would still not have a great impact.

 

[Ns1]

Originally posted by: TheVrolok

Originally posted by: feralkid

Originally posted by: Fritzo
http://ap.google.com/article/A...ISL2-0fOVA8pQD9138ENO2

Ed McMahon fighting foreclosure on his Beverly Hills home
47 minutes ago

LOS ANGELES (AP) ? Ed McMahon, who for decades appeared as Johnny Carson's sidekick on "The Tonight Show," is fighting to avoid foreclosure on his multimillion-dollar Beverly Hills home, according to published reports.

He was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 with the Los Angeles County Recorder's Office, The Wall Street Journal first reported late Tuesday.

McMahon, 85, has been unable to work as a pitchman for various products since he broke his neck 18 months ago, said his spokesman, Howard Bragman.

"There are plenty of people affected by the weak economy, bad housing market or bad health," Bragman said.

McMahon has been in "very fruitful discussions" with the lender to resolve the situation, Bragman said. But it's unclear whether McMahon and his wife, Pamela, will remain in the home.

A spokesman for Countrywide declined comment to the Los Angeles Times.

The six-bedroom, five-bath house is in a hilltop gated community overlooking Mulholland Drive called The Summit and is listed for sale at $6.25 million. It has been on the market two years, according to real estate agent Alex Davis, who has the listing.

The house is near that of pop star Britney Spears, which doesn't always work in its favor.

"When we were trying to sell the house one time, there were about 100 paparazzi there," Davis said.

The guy is injured, can't take in anymore money, and has given of himself in many situations over the years (he's a fixture on the MDA Telethons in fact). You know what would be a real class act? If Dave and Jay both chipped in and helped him out.

Perhaps someone should start a telethon to raise money to help former Hollywood celebrities pay off their multi-million dollar mortgages?

:roll:

Exactly. I'm sick of hearing "Donald Trump makes a move of compassion and bails out Ed Mc..." WTF? Are you f'ing serious? A move of compassion by somewhat that has the kind of money that Trump does is helping out another rich guy (formerly?)? WTF? Imagine what that money could do somewhere like the inner cities. More Hollywood/the media just patting themselves on the back.

I would imagine that Trump would have the money to do both. So why not help an old fogey who he clearly respects out?

Originally posted by: SarcasticDwarf

Originally posted by: TheVrolok
Exactly. I'm sick of hearing "Donald Trump makes a move of compassion and bails out Ed Mc..." WTF? Are you f'ing serious? A move of compassion by somewhat that has the kind of money that Trump does is helping out another rich guy (formerly?)? WTF? Imagine what that money could do somewhere like the inner cities. More Hollywood/the media just patting themselves on the back.

Actually, the impact money has on an area drastically decreases the poorer the area is. Billions upon billions of dollars are dumped into Africa and there is damned all that comes out of it. Hell, he could buy every building in a couple mile radius and offer for people to stay there rent-free and it would still not have a great impact.

this

 

[Capt Caveman]

Originally posted by: DisgruntledVirus

Originally posted by: Capt Caveman

Originally posted by: Ns1
Well this is kind of cool

Mega-developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it. Details of the deal are still being ironed out.

http://www.latimes.com/busines...08aug14,0,695798.story

:thumbsup:

Why are you happy that somebody that is considered "wealthy" is getting bailed out?

Trump should have given that to people who needed it more, and by that I mean the few that actually have valid reasons they are in foreclosure. Say medical expenses, getting laid off, etc.

B/c of medical issues, he's not able to work. Work that has brought millions of dollars to charity.

 

[skace]

The six-bedroom, five-bathroom house had been on the market for about two years. At one point, it was listed at more than $7 million but dropped in increments, winding up this weekend at $4.6 million. McMahon purchased the house in 1990 for $2.6 million, according to public records.

WTF? He purchased it in 1990 at 2.6 mil and still owed that much on it? And I like how it was on the market for 2 years, but then they reveal he was trying to get 7 million for the damn thing.

 

[Row1and]

I just read that Donald Trump is buying the house for him...

 

[DisgruntledVirus]

Originally posted by: Capt Caveman

Originally posted by: DisgruntledVirus

Originally posted by: Capt Caveman

Originally posted by: Ns1
Well this is kind of cool

Mega-developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it. Details of the deal are still being ironed out.

http://www.latimes.com/busines...08aug14,0,695798.story

:thumbsup:

Why are you happy that somebody that is considered "wealthy" is getting bailed out?

Trump should have given that to people who needed it more, and by that I mean the few that actually have valid reasons they are in foreclosure. Say medical expenses, getting laid off, etc.

B/c of medical issues, he's not able to work. Work that has brought millions of dollars to charity.

Then that's some poor investing he did. Does he really not have that much in the bank he cant pay for medical expenses? If he went out and got a home that he paid 2.6 mil for, he could have easily had 2 mill in the bank earning interest got a 600k home, and lived almost entirely off the interest. He overspent. He shouldn't get his ass bailed out.

 

[Row1and]

linky

 

[TheVrolok]

Originally posted by: SarcasticDwarf

Originally posted by: TheVrolok
Exactly. I'm sick of hearing "Donald Trump makes a move of compassion and bails out Ed Mc..." WTF? Are you f'ing serious? A move of compassion by somewhat that has the kind of money that Trump does is helping out another rich guy (formerly?)? WTF? Imagine what that money could do somewhere like the inner cities. More Hollywood/the media just patting themselves on the back.

Actually, the impact money has on an area drastically decreases the poorer the area is. Billions upon billions of dollars are dumped into Africa and there is damned all that comes out of it. Hell, he could buy every building in a couple mile radius and offer for people to stay there rent-free and it would still not have a great impact.

That's completely untrue. You can't compare dropping billions in Africa with the inner city in the US considering the inner city is the US is paradise compared to many (most) parts of Africa.