Pre-foreclosure initiated on former actor's home

Facing foreclosure in Gainesville may prompt some to withdraw from interactions with others in their communities out of embarrassment. The stigma that surrounds foreclosure may be based on an assumption that those who are dealing with it are only in a financial predicament because of poor money management. In reality, any number of reasons may exist as to why a home may go into foreclosure, and many of those having to face it may be people that most would never dream of having difficulties affording their properties. 

The case of a former television star confirms this notion. The New Jersey home of John Amos (who is known for several prominent TV roles) was recently listed as having gone into pre-foreclosure. The actor had been trying to sell the property, listing it "as is" and informing potential buyers in its listing that they would be required to cover the cost of any inspections. His asking price, however, was almost $15,000 over what the property was recently assessed at. Being in pre-foreclosure basically means that Amos still has the opportunity to settle the debts owed on the property. If he cannot, then a repossession may be imminent. 

The loss of income, expenses related to a severe illness or the death of a family member, or divorce are all unanticipated scenarios that can push otherwise financially able people into facing foreclosure. In some cases, homeowners may even be counseled to let it happen, as it may represent the easiest way to get out from under a bad mortgage. Whatever the reasons are for one facing foreclosure, he or she does not have to do it alone. An attorney may be a valuable source of assistance during the process. 

Source: "Not so good times: John Amos' N.J. home is on the verge of foreclosure" Atmonavage, Joseph, Apr. 13, 2018

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