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Ed McMahon may lose his Beverly Hills home to foreclosure in the near future. The 85 year old icon of American television is facing some of the same struggles that millions of Americans are seeing with regard to their homes. Indeed, this is just further proof that even the affluent are seeing troubles related to the housing market.

The Wall Street Journal reports on the details of the Ed McMahon foreclosure:

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. …

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.

However, it is worth noting that in such cases foreclosure is not always a foregone conclusion. The proceedings take months, and the Michael Jackson foreclosure drama proves that it is possible to save the home at the last minute. Indeed, the Wall Street Journal reports that McMahon is in “talks” with mortgage lenders to work something out. Unfortunately, he has been hampered by an accident that took place more than a year ago.

I really hate to see such things go down this way for such a nice seeming guy — especially one who has been so jovial and been a source of joy for so many people (my grandparents, especially, have fond memories of him on Johnny Carson).

image credit: Alan Light

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