Mortgages

Burt Reynolds Faces Foreclosure

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Burt Reynolds may need to find another place to keep his Golden Globes. A judge denied the award-winning actor’s request to throw out a foreclosure on his home in Hobe Sound, Fla., allowing Bank of America to continue the lawsuit against Reynolds, according to a report from the Associated Press.

Reynolds, 78, allegedly fell behind on his mortgage payments, which led Merrill Lynch Credit Corp. (now Bank of America) to file suit in 2011. The waterfront home has five bedrooms, seven bathrooms, a 2,000-square-foot guest house, a movie theater, a wine room, an indoor waterfall, a billiard room, a boat dock and a helicopter pad, according to a report from Scripps Treasure Coast Newspapers. The house also has a hefty nickname: Valhalla, which in Norse mythology is an enormous, grand hall that hosts the glorious afterlife party for heroic warriors who died in battle (or so the Internet says).

Florida has the highest foreclosure rate in the country, with one in every 400 housing units in some state of foreclosure in April (it was the ninth consecutive month the state has been in the No. 1 spot), according to RealtyTrac. That’s nearly three times the national average: One in every 1,137 U.S. housing units had a foreclosure filing in April. And hey, if you’re waiting for Reynolds’ estate to hit the market, you can feel encouraged by the average 30% discount on distressed properties in Florida (the value of Reynolds’ home wasn’t mentioned in the reports).

A foreclosure can do major damage to any homeowner’s credit score, since it’s seen as a big negative by lenders and is often preceded by missed mortgage payments (payment history is a major factor in your credit score).

Making loan payments on time (all loan payments) is a critical element of financial stability, especially if you want to have a good credit score. Credit scores help lenders decide whether to approve loan applications, as well as the interest rates you’ll be offered on the loans. A poor credit score can cost you a lot, so it’s smart to have an idea of where you stand. You can use the free tools on Credit.com to see two of your credit scores and get a snapshot of your credit standing, in addition to some simple tips for building good credit.

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