The Latest Celebrity Face of the Foreclosure Crisis

I was saddened to hear that Ed McMahon is the latest celebrity face of the foreclosure crisis. McMahon is 85 and you may remember him for his appearances on the Johnny Carson show and his time hosting "Star Search." McMahon is recovering from injuries and this hampered his ability to earn money pitching various products.

The good thing is that McMahon and his wife have taken a proactive approach to the situation. They have been in talks with their lender. This is the smart thing to do, rather than trying to take out additional loans or lines of credit.

If you are facing a similar situation because of illness or injury, be sure to get the advice of a professional. You should definitely get in contact with your lender, but don't do it all on your own. The advice of someone who is not emotionally or financially tied to your home can be invaluable. You can always contact me at 410-507-2909.

You can also seek the counsel of a HUD-approved expert. Go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 1-800-569-4287 to learn more about HUD-approved counselors.