Even big stars can get into trouble when they buy houses in a booming real estate market. For example, Chris Tucker listed his $6 million dollar mansion in Florida for short sale at just $2 million in 2010. In 2011, singer R. Kelly put his $3 million dollar home on the market for $1.595 million. Burt Reynolds, Carnie Wilson, Rihanna and many other celebs have gone down the same road over the past couple of years.
The fact is that anyone can get caught behind the 8 ball when it comes to falling housing prices. If a star with a bevy of legal and financial advisors can get stuck with a home they can’t pay for, you shouldn’t feel embarrassed about your own situation. The good news is that you don’t need a team of lawyers to assist you with short selling your own modest residence. It really just takes one experienced specialist who specializes in short sales to walk you through the process and get you out from under.