Ed McMahon to Avoid Foreclosure
One of the most heart-rending tales of foreclosure in recent months has been the possibility that beloved TV personality Ed McMahon would lose his home. Indeed, many people were saddened by the news, since Ed McMahon was such a popular personality, and had been ailing for months. His inability to work, and his medical bills, were making it difficult for him to make mortgage payments.
But now, someone has stepped in to help. And it’s none other than The Donald himself. The L.A. Times reports on Donald Trump’s attempt to help McMahon:
“I don’t know the man, but I grew up watching him on TV,” Trump said in an exclusive interview with The Times. …
Trump said he stepped in because helping McMahon “would be an honor.” His plan is to buy the home from the lender and lease it back to McMahon.
“When I was at the Wharton School of Business,” Trump said, “I’d watch him every night. How could this happen?”
It is, of course, rather generous of Trump to buy the home — keeping it from foreclosure — and work out a way for McMahon to stay in it.
The home has been on the market for nearly two years, and no one has shown interest in purchasing. The details of the deal have yet to be finalized, and the amount the home will be purchased for has not been revealed.
Another high profile celebrity, Michael Jackson, managed to save his home from foreclosure earlier this year as well, by coming to a deal with a private investment group.
Of course, most of the “regular folks” facing foreclosure are not likely to get such help. Instead, it is best to try and sell your home, or make the necessary budget changes. And some will have to go through foreclosure anyway, just to get out from under the house.
Tags: foreclosure, Ed McMahon foreclosure, home mortgage loan, Michael Jackson foreclosure,
mortgage loan blog, Donald Trump
