Canseco In Foreclosure

May 5th, 2008 | Tags: Foreclosure

Jose Canseco is a professional athlete who has turned into a reality television star. Canseco is on the list of the world’s millionaires. He is a millionaire thanks to innumerable lucrative sports and book deals. He is also known to be an admitted steroid user. Canseco has defeated other athletes with great substances which improve performance, in his 2005 tell-all, Juiced: Wild Times, Rampant Roids, Smash Hits, and How Baseball Got Big. Jose Canseco has also said that when other homerun heroes like Mark McGwire and Sammy Sosa were doing brilliantly, shattering league records, they were on steroids.

In 2008 though Jose Canseco got involved in a lot of controversy. He took quite a few names in Vindicated: Big Names, Big Liars, and the Battle to Save Baseball. This of course gave rise to a series of investigations regarding use of steroids in the game of baseball. (See “Sports Money – Clemens in Congress”.)

It is also a known fact that Jose Canseco has an inclination towards breaking rules just to go against the system. Now, Canseco is going in for foreclosure too.

But Canseco’s foreclosure stories are different. He is not defaulting by willingly sliding into foreclosure. He left his $2.5 million, 7300 square foot property for the sole reason that its value is depreciating. It is not because of the mortgage. It is a known fact that this is not the usual foreclosure story with any other common American though.

In a television interview, which was aired recently, Canseco said that it did not make any sense financially to keep on paying for a house that was not even owned by him.

The mortgage industry has termed this kind of practice by Canseco as a ‘ruthless’ foreclosure.

The number of foreclosure cases in the U.S. is on the rise. Most of the sub prime borrowers opted for mortgages they knew they could never afford - especially in cases where there is no deadline for making the payment and where the mortgage rates are appreciating at a constant rate.

Jose Canseco very well understands that his way of taking loans is different. It is contradictory to those of most Americans who are in a soup with loan repayment.

Canseco said that his case was different. He just decided to let go of the repayment but in most foreclosure cases, the families have nowhere else to go.