Sunday, December 28, 2008

Foreclosure, IRS and Celebrities

One of my favorite rappers Doug E Fresh best known for his '80s hit "The Show" and "Loddi Doddi" has been hit with three foreclosure actions by banks looking to collect more than $3.5 million in unpaid mortgages on a trio of his Harlem homes. Doug E Fresh is also being chased by American Express for nearly $60,000 in credit-card debt, and the IRS just slapped him with a $367,000 tax lien on top of more than $40,000 owed to the state tax collector, records show.

Singer Tionne “T-Boz” Watkins of TLC is facing foreclosure on her home. T-Boz's five-bedroom, nearly 10,000-square-foot home in the gated Sugarloaf Country Club community will be put up for auction in January. According to T-Boz, the home involved in foreclosure proceedings may have to do with her ex-husband Mack 10." This isn't the first time the singer has been confronted with financial difficulties, back in 1995 as a member of the group TLC, the group filed for bankruptcy.

Other celebrities also facing foreclosure on one or more of their properties is American Idol winner Fantasia Barrino. Fantasia's $1.3 million, 6,200 square foot home has been scheduled for auction in January. She defaulted on a mortgage she took out in 2007.

Tonight Show sidekick Ed McMahon was close to losing his $6.25 million home after falling behind more than $644,000 behind on $4.8 million in mortgage loan payments. Thankfully for him, he had a friend in Donald Trump who bailed him out of his troubles allowing him to keep his home. I know the other celebrities wish they were so lucky.

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