The of the rich and famous is fraught with keeping up with the Jones. When you are Pacman Jones, keeping away from law enforcement is a full time job.
The latest law enforcement official to knock on Pacman’s door is the sheriff with the foreclosure notice of his Williamson County, Tennessee home. The bank has formally notified the disgraced football player, currently on the Dallas Cowboy roster, that they have foreclosed on his loan.
Maybe MTV will have a new show. Cribs:Foreclosed.
The Tennessean, a Nashville newspaper, reported that the former Tennessee Titans’ home is in foreclosure. The Williamson County Register’s Office says Jones took out two mortgages to pay for the house in 2006 — one for $1.26 million and the other for $157,500.
The newspaper reported Thursday that a notice of foreclosure sale came after Jones defaulted on the terms and conditions of a mortgage with U.S. Bank. via UPI.com.
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It is important to understand that he is not foreclosing on his property because he is broke. This is occurring more frequently than one might think. Speculators who purchased investments properties back in the real estate boom are now abandoning their investments and saying “oopps, I made a bad investment. Here you can have it back now”. People like Pac-Man have the money to pay their mortgage, but are choosing not to because they realize now that it was a bad investment. This is happing all over the country and it makes me sick that nobody is recognizing it and doing anything about it.
It’s a new day, new deal, new opportunity
Mike S. – Texo Properties (www.texonc.com)
Foreclosed homes of celebrities is not new especially in recent years. Some just live beyond their means and can't handle the consequences that come with it eventually. Unfortunately, I almost experienced being in the same situation but was able to get out of the financial and legal rut when I asked for advice (from here http://bankruptcyattorneybaltimore.com ) regarding my status and I really did what I can to bounce back from the difficult predicament I have experienced.