Foreclosure Affects the Famous, Too

If you haven’t heard, various media outlets are reporting that baseball player Jose Canseco has lost his home to foreclosure. He was quoted as saying that it didn’t make “financial sense” to keep his home, a home he most likely purchased when he was still making a baseball player’s salary. He also said that for him, foreclosure was not difficult to deal with on an emotional level.

Mr. Canseco is certainly not obligated to be a role model of any kind for the American public, so he cannot be chastised for what appear to be rather nonchalant comments about a very serious situation.

If it doesn’t make financial sense to keep your home, other arrangements can be made before it goes into foreclosure. You can talk to your lender and seek the advice of real estate professionals. You can attempt to make an arrangement to stay in your home or you can take measures, such as a short sale, to sell the property.

It is good that Mr. Canseco does not feel emotionally torn about losing his home to foreclosure, but many people cannot say the same thing. This is why it is so important to take action to prevent foreclosure because it can be very stressful.