These Celebs Faced Foreclosure And Came Out On Top

U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions have increased 57% from a year ago according to  ATTOM, a real estate data firm.

Foreclosure is a process that begins when a borrower fails to make their mortgage payments. Rocket Mortgage explains, “When a home is foreclosed upon, the lender typically repossesses and attempts to sell the house. This happens because mortgage loans are secured by real estate, meaning your home is used as collateral.”

Foreclosure can happen to anyone, especially in an economic downturn.

“Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022,” says Rick Sharga, executive vice president ATTOM said in an interview with Market Watch. “While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023,” said Sharga.

So, it’s clear that although foreclosures are extremely common, they can be tough to go through, but not impossible to recover from. As foreclosures don’t usually start until 60-120 after missed mortgage payments, you do have time to get your ducks in a row.

“Making your mortgage payment after the 1st of the month won’t be considered late,” says James McCann, branch manager at Cornerstone First Mortgage in a interview. “Most mortgage servicers won’t charge a late fee until the 15th of the month and even when they do, it’s usually nominal. Mortgage payments aren’t reported late until the 30th of the month.”

Fortunately, if you’re experiencing that process, you’re in famous company. Many of celebs have found themselves being foreclosed on, and they’ve turned it around. From Toni Braxton to Jay Z, here are some of the stars that have experienced loss and come back stronger than ever.

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