Ed McMahon Foreclosure - PeachParts Mercedes-Benz Forum

Medmech · #1 06-04-2008, 01:30 PM

I am posting this because I want history to be recorded. I bet that this will become an advertising piece for a. Reverse Mortgage or b. How to work with the lender and not walk away.

Ed McMahon May Lose Beverly Hills Home

By JAMES R. HAGERTY and GLENN R. SIMPSON
June 4, 2008; Page A3

Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the possible loss of his Beverly Hills home to a foreclosure action initiated by a unit of Countrywide Financial Corp.
Howard Bragman, a spokesman for Mr. McMahon, said late Tuesday that his client is having "very fruitful discussions" with the lender and hopes to find a resolution. It isn't clear whether that would allow the 85-year-old Mr. McMahon and his wife, Pamela, to remain in the six-bedroom home.

christiesgreatestates.com Ed McMahon faces possible foreclosure on his Beverly Hills home.
A Countrywide spokeswoman said the lender couldn't comment in such cases "due to privacy issues."
Mr. McMahon, a jovial fixture of American television for decades, is one of the most prominent people caught up in a wave of mortgage defaults that has devastated low-income areas, suburbia and even a few posh gated communities, such as the one where the McMahons live. U.S. Rep. Laura Richardson, a California Democrat, recently lost a home in Sacramento to a foreclosure. Rep. Richardson didn't respond to requests for comment.
ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4.8 million Countrywide loan backed by Mr. McMahon's home. The notice was filed with the Los Angeles County Recorder's Office but hasn't previously come to light. According to the filing, Mr. McMahon was then about $644,000 in arrears on the loan. It isn't clear whether Countrywide still owns the loan or is acting on behalf of investors who acquired it. Public records also show that Mr. McMahon had a separate home-equity line of credit from Countrywide of up to $300,000 secured by the same house.

Associated Press Ed McMahon
Mr. McMahon's home has been on the market for about two years, his real-estate agent Alex Davis said. Mr. Davis said the price had been reduced, but he couldn't immediately provide details. The Christie's Great Estates Web site, which includes homes listed by Mr. Davis, lists the asking price at $5.75 million and says it has a canyon view and a master-bedroom suite with his and her bathrooms.
Mr. McMahon broke his neck in a fall about 18 months ago and hasn't been able to work, Mr. Bragman said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings, Mr. Bragman said.
The McMahons "understand that they are in the same situation as hundreds of thousands of other hard-working Americans, and their hearts go out to them," Mr. Bragman said.
It isn't inevitable that the McMahons will lose their home to foreclosure. Lenders often ease terms on loans or provide more time for borrowers to catch up. Lenders also sometimes agree to accept less than the full amount due on the loan if the borrower can find a buyer for the home.

Mistress · #2 06-04-2008, 01:41 PM

Maybe The Donald could help out.

Dee8go · #3 06-04-2008, 01:43 PM

Maybe he ought to start filling out HIS Publisher's Clearinghouse Sweepstakes forms . . .

Graplr · #4 06-04-2008, 01:46 PM

Quote:

Originally Posted by Howitzer

Mr. McMahon broke his neck in a fall about 18 months ago and hasn't been able to work, Mr. Bragman said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings, Mr. Bragman said.

The weak housing market doesn't force anyone in to foreclosure. That is just propaganda.

Dee8go · #5 06-04-2008, 01:48 PM

Surely he must have some money socked away to stay out of hock and foreclosure!

Mistress · #6 06-04-2008, 01:52 PM

Quote:

Originally Posted by Dee8go

Surely he must have some money socked away to stay out of hock and foreclosure!

I'd like to find out who his financial planner is. Marilyn Monroe died broke, pretty but broke.

Dee8go · #7 06-04-2008, 01:57 PM

Ed sounds like he's going to die pretty broke, too.

Hatterasguy · #8 06-04-2008, 01:57 PM

If the home has been on the market so long its overpriced. They should have started a short sale if the bank would go for it.

The more money you owe the bank the more they are willing to work with you.

E150GT · #9 06-04-2008, 01:59 PM

When I'm 85 years old. I hope I won't have a mortgage. That way if I cough too hard and break my back, I won't lose my house.

riorust · #10 06-04-2008, 02:49 PM

According to the LA Times == "McMahon won a $7.2-million insurance settlement after claiming that mold in his house killed his dog Muffin and sickened him and his wife.

According to a lawsuit he filed, the trouble began when a pipe broke and water flooded a den. Mold was later discovered throughout the house. McMahon and his wife, Pamela, blamed faulty cleanup.

"When your family loses its health and your home is a wasteland, that's a colossal disaster," McMahon said at the time."

Lets see buy a 5 million dollar house, win a 7.2 million dollar lawsuit, forget about paying off the mortgage, go into default, lose house. Yup sounds like Econ 101.

Graplr · #11 06-04-2008, 02:52 PM

Quote:

Originally Posted by E150GT

When I'm 85 years old. I hope I won't have a mortgage. That way if I cough too hard and break my back, I won't lose my house.

Amen...

Graplr · #12 06-04-2008, 02:53 PM

Quote:

Originally Posted by riorust

Lets see buy a 5 million dollar house, win a 7.2 million dollar lawsuit, forget about paying off the mortgage, go into default, lose house. Yup sounds like Econ 101.

That is America for ya!

Borrow, borrow, and let's see...borrow some more.

aklim · #13 06-04-2008, 03:00 PM

Quote:

Originally Posted by Mistress

I'd like to find out who his financial planner is. Marilyn Monroe died broke, pretty but broke.

In what fantasy? IIRC, the pics of her being dead were not the best but she was hardly as good looking as her earlier pics.

aklim · #14 06-04-2008, 03:02 PM

Quote:

Originally Posted by riorust

Lets see buy a 5 million dollar house, win a 7.2 million dollar lawsuit, forget about paying off the mortgage, go into default, lose house. Yup sounds like Econ 101.

Even if he won 10 million dollars, if he had other commitments that are more pressing (as deemed by him and not us), he might have paid them first.