Stephen Baldwin's foreclosed home to be auctioned

[Kadie]

Stephen Baldwin's foreclosed home to be auctioned

Friday, June 12, 2009

(06-12) 08:45 PDT New York (AP) --

Actor Stephen Baldwin's foreclosed home in the suburbs north of New York City will be publicly auctioned.

Baldwin paid $515,000 for the 1.4-acre home in Rockland County in 1997. In 2006, he tried unsuccessfully to sell it.

County filings show Baldwin and his wife Kennya defaulted on more than $824,000 in payments to mortgage holder Bankers Trust Co.

snip...
The actor has starred in movies such as "Bio-Dome" and "The Usual Suspects." Recently, he's appeared on reality television shows "The Celebrity Apprentice" and "I'm a Celebrity...Get Me Out of Here!"

more...
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/06/12/entertainment/e084526D44.DTL&tsp=1

[undeterred]

1. I don't like his politics but I don't celebrate anyone's foreclosure.

[Kadie]

6. Same here. From the article

Baldwin paid $515,000 and defaulted on more than $824,000 in payments. This is such a major part of the problem. People kept refinancing their homes as the value went up. Then their personal banker (their home!) runs out of money, then everyone pays the price.

Sad.

[madaboutharry]

2. I don't get this.

It isn't like it was a $5 million dollar house. Was he not earning anything?

[WI_DEM]

5. probably not enough to pay for a $5 million house

[OmmmSweetOmmm]

7. He bought it at $515,000, not $5 million.

[redqueen]

3. How many payments do you have to miss to be $824k behind?

Also, how kind of them not to mention his made-for-tv movies.

[izquierdista]

9. Value of the note

I take that awkwardly worded passage to mean that he took out another $309K in refinancing, so that the total value of notes on his property was $824K. Maybe he got interest only teasers and thought his next blockbuster would pay for the principal. More realistically, his talent can only buy a much cheaper house and he was in way over his head. Now he, like a lot of other eternal optimists, is having to pay (or in this case, get foreclosed by) the piper.

[YOY]

4. Wasn't he on celebrity apprentice and started spouting that Republicans are good businesspeople shit

All in all...he's got family that I am sure will help him.

Some folks do not.

[OKNancy]

8. I hate to admit that I've been watching that I'm a Celebrity show

He's a butthole most of the time.. you know who is doing great, is much loved by all the "celebrities" on the show and is making a really good impression? Patti Blogoevich!! She is probably doing a lot for old Rod's public image.