The foreclosure phenomenon is effecting everyone, even the wealthy. There are numerous homes around the Twin Cities that would normally be selling for one million, but are now in foreclosure and selling for hundreds of thousands less. Some people wanted the affluent lifestyle, and now can no longer afford it, but others have fallen on hard times and are at a loss with what to do.
The latest victim to foreclosure is the funny man himself, Ed McMahon. Eighteen months ago he broke his neck and has not been able to work as he normally would. It is reported he is behind $644,000 and is in talks with Countrywide to remedy the situation. Sadly, with Countrywide being one of the lenders who takes the longest to respond to foreclosure properties, all I can say is good luck on that one. He has been trying to sell his Beverly Hills home for the last two years, which is currently priced at $6.25 Million.