Foreclosure Can Happen to Anyone... Even Ed McMahon!

In the last two days, two separate icons have been linked with foreclosure and shocked the country - Ed McMahon and The Hamptons.

Yes, Ed McMahon - Johnny Carson's famous sidekick. His $4.8 million dollar Beverly Hills home has entered into foreclosure, and he is approximately $650,000 in arrears. CNN reports that he is now entering into discussions with his mortgage company to find a resolution to the issue. His property has been on the market for about 24 months.

In addition, The Hamptons - an exclusive, high-end New York community - is experiencing a rise in short sales. This is the playground of the rich - a community where the rich and famous reside. Now, properties in South Fork are selling for less than they are worth.

The major misconception that foreclosure only happens to a certain section of the country has been blown out of the water. Yes, we are seeing major devastation in urban areas, but now, foreclosures are affecting more than just the lower and middle class. When you have major celebrities, government officials, and the properties of the upper class in the news for short sales and property arrears, the country has issues.

I am the biggest proponent of education, and it seems that this is crucial at this moment to know how to implement proven solutions. The report on Jose Canseco shows that if he had more information about finances, he might not have walked away from his home. Ed McMahon might have worked with his lender sooner. Representative Laura Richardson (Congresswoman out of California) might not have defaulted on THREE homes, losing one at auction.

If this can happen to them, it can happen to you. Do not make the mistakes they did - get the information you need to save your home, save your credit, and save your peace of mind!