How does Nicolas Cage get behind on his mortgage payments?
Exactly the same way other people do.
Rates on adjustable rate mortgages shoot up and became just too expensive. Except, for the richly famous, their mortages were likely a lot higher than most folks face.
In other words, rich-and-famous face the same problems that haunt the not-so-rich-and-famous. House price drops are so steep that selling wouldn’t cover the outstanding mortgage debt.
Click below to read more about the five biggest names on the list…
Oh, and btw, the writers have included information about the real estate market of the stars. You know… just in case you want to go foreclosure hunting in the neighborhoods of those rich-and-famous.