| If you are facing home foreclosure right now, you | | | | sources of income which could come handy in |
| are certainly not alone... even the big celebrities | | | | providing money during crisis periods or periods of |
| and movie stars are facing worse cases of | | | | financial drought. If you have millions to buy a |
| foreclosure than you are going through right now. | | | | home, it's wise to also invest money in a good |
| The particular celebrity I am referring to here is | | | | business or series of businesses that can be your |
| Nicolas Cage. This article looks at some of the | | | | "extra" sources of income, especially in moments |
| mistakes he made that led him to lose several of | | | | of financial drought. This tip will also help you |
| his homes to foreclosure and provides 3 tips that | | | | prevent the foreclosure of your home. |
| can help you prevent making the same mistakes | | | | 3 - Buy a home that can be easy to sell: The |
| he made. | | | | biggest problem with Nicolas Cage's house was |
| According to "Debt-ridden movie star Nicolas Cage | | | | that no one was willing to buy it for what it was |
| lost his Bel Air mansion to foreclosure... The | | | | worth, partly because it was just too expensive |
| courthouse auction was a flop, as no one was | | | | for them. The house was on sale for nearly a |
| willing to make the minimum $10.4 million bid. | | | | year but was still unable to get a buyer. So, you |
| Stephen Shapiro, realtor and owner of Westside | | | | should avoid this mistake by buying a home that |
| Estate Agency, said this clears out speculators | | | | can be easy to sell later on. No need to stock the |
| and most lenders with stakes in the property, | | | | home with items that cost millions which end up |
| leaving Citibank as the sole owner." | | | | increasing the overall cost of the home when you |
| The following tips can help you prevent losing | | | | want to sell; this is exactly what happened to |
| your home the way Mr. Cage lost his: | | | | Nicolas Cage. Avoiding this mistake can help you |
| 1 - Don't spend too much money on a home: | | | | prevent foreclosure. |
| Even if you have millions of dollars it's not wise to | | | | If you adhere to the three simple tips above, |
| buy a home that is too expensive. This is exactly | | | | they can help you prevent foreclosure. But of |
| the big mistake Nicolas Cage did. He bought | | | | course, that's if you adhere to them. Many will |
| several homes that were just too expensive for | | | | read such tips and shrug their shoulders saying "I |
| him to maintain. You see, it's not just about | | | | know all that stuff", but they still end up making |
| buying a home, you should also think about the | | | | similar mistakes that end up costing them their |
| cost of maintaining and taking care of the home. | | | | homes. |
| So, the first tip is - you should avoid spending | | | | Don't be like those people who treat foreclosure |
| more than you can afford to on a home. This is a | | | | with kid gloves. They think it won't happen to |
| very important tip to preventing foreclosure. | | | | them, until it finally does. If Nicolas Cage, with all |
| 2 - Have "other sources" of income beyond your | | | | his money, could have his house foreclosed on, |
| present source of income: One of the ways that | | | | why do you think it can't happen to you? |
| celebrities can stop foreclosure is to have other | | | | |