It does not matter if a home is worth $50,000 or $5 million; people across the country have been struggling to keep up with mortgage payments. Whether a person has lost a job or is the victim of greedy lending practices, making payments on a home can prove to be nearly impossible for a variety of reasons. When the threat of foreclosure becomes very real, however, it may not matter how a person got to that point. People should focus on how to remedy the situation by stopping a foreclosure, modifying mortgage payments or pursuing a short sale.
Legendary KISS band member Ace Frehley may choose one of these options now that his home is reportedly in foreclosure. According to sources, the guitarist has not made a mortgage payment in nearly two years. In addition to his home payments, Frehley has also struggled with paying taxes and has found himself in some serious financial trouble.
Frehley, who left KISS after he became dissatisfied with the band’s pursuit of money over music in 1982, reportedly stopped making the $735,000 mortgage payments in March 2011. Since then, he has also failed to pay taxes. He owes over $18,000 in town, county and school taxes.
The reasons for why he has not made these payments are not detailed. What is known is that the rocker may lose his home for missing so many payments, which may be an indication of his financial stability. It is possible that even though Frehley may have been raking in huge profits at one time, he may not be generating as much income anymore making it difficult to keep up with his expenses. People in any job may experience a significant change in earning potential if they are fired, laid off or change jobs in this difficult economy. It is not just an issue that celebrities and musicians face.
Source: The Huffington Post, “Ace Frehley Home in Foreclosure: Former KISS Guitarist May Lose House After Failing To Pay Mortgage,” Cavan Sieczkowski, Feb. 26, 2013