The markets today opened strong on positive numbers from the Commerce Department that showed September retails sales were up. The Apple’s new iPhone 4S is now available, Google’s earnings are through the roof, and consumer confidence may be making a rebound. However, the news isn’t good for everyone – Actor Chris Tucker of the Rush Hour trilogy is facing a foreclosure on his Orlando Mansion.
About Chris Tucker’s Mansion
According to the Orlando Sentinel, “Tucker, 39, bought the 10,000-square-foot waterfront home on Lake Apopka in the pricey Bella Collina community in 2007 for $6 million but owes more than $4.4 million to SunTrust Bank, according to foreclosure papers filed in Circuit Court in Lake County.” The home absolutely stunning, has multiple bedrooms, bathroom, a pool, an even a basement that resembles a pirate ship.
What Happened to Tucker’s Movie Money?
Tucker received tens of millions of Dollars for starring in the Rush Hour series of films that concluded in 2007. However, demand for his antics simply haven’t been strong in recent years. Tucker has ZERO acting credits since 2007 according to IMDB, and one wonders whether the current generation of teen moviegoers would even recognize the actor if he passed them on the street. Despite this, current appraisals of Tucker’s mansion place its value at somewhere around $1.6M, that represents a loss in value of over $4M when compared against the sales price.
What Happens if Tucker Gets Foreclosed?
Since we’ve established that Tucker is paying into a house that’s worth roughly 30% of what he initially paid, it makes economic sense that he may just choose to walk away from the home. In that case, Tucker’s home would be foreclosed and his home would go to auction where it would be sold to the highest bidder. In these types of instances, the mortgage holder is still liable to the bank for the remaining balance on the note, offset against whatever the home sold for at auction. In FL, the creditor is permitted to go after the remaining balance, otherwise known as the deficiency. In Florida, this requires an additional hearing where the borrower is allowed to make a series of defenses, such as there were procedural errors conducted during the foreclosure process.
If Chris Tucker is found liable for the deficiency, he may be able to avoid payment if he files for bankruptcy protection. A Florida Bankruptcy attorney would provide the best guidance.
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