1. R. Kelly
We often think that celebrities have all the money in the world and don’t have to worry about anything else. It seems like a given that they live an extremely luxurious lives and have the most valuable possessions trending on the market. What we don’t know is that some celebrities lose track of their spending and eventually find themselves in debt. Some even get so relaxed that they forget about managing their income and later end up homeless. We were totally shocked to find out how many of our favorite celebs weren’t able to refinance their mortgage and almost lost their homes. And don’t forget that we are talking about celebs who in the past even donated cars and large money sums to charity. Let’s take a look at the names who had a mournful downfall in their bank accounts.
2. Lindsay Lohan
Lindsay Lohan is one of the most famous and controversial names in Hollywood because of all her movies since she was young and of course, her infamous scandals. Lohan apparently owed over $600,000 in credit debt and couldn’t pay her rent on time. Her substance abuse and struggling career played a significant role in her financial crisis. She should have thought about becoming a home buying investor when she was making tons of moneys. She could have easily applied for home mortgage loans and could have paid off her mortgage debt with the rent she received or refinanced her mortgage.
3. Heidi Montag & Spencer Pratt
Heidi Montag and Spencer Pratt were two well-known people because of their hit MTV reality show, The Hills. But with all the capital they had, they weren’t quite wise in handling it. There was once a rumor that the Mayan’s predicted that the world was going to end five years ago. Did you ever think that Heidi and Spencer would believe this prediction? It turned out that they did (or so they said), and ended up spending every single penny they had before the dreaded day. They used to travel in private jets and live like kings. Instead they should have thought about investing in a home for themselves. Just as Lindsay they would have easily had the base payment to purchase a mansion with the help of a home mortgage loan.
4. Mike Tyson
Mike Tyson was one of the most famous boxers of his time, but it seems like his bank account got knocked down at some point. At the height of his career and financial status, Tyson had a $50 M in mortgages and loan that he had to pay. But unlike some other reckless celebrities, Tyson had the funds to pay his debt and his situation never really damaged his credibility. We guess he found a way to apply for mortgage refinance programs at his bank, if he was lucky he was able to do this at relatively low refinance mortgage rates.
5. Courtney Love
Courtney Love is a singer known for her notorious and wild ways. She was said to have bought a mansion for the family of her late husband Kurt Cobain but ended up stopping her payment for it. She ended up having a mortgage amounting to $386,000 which she chose not to pay. The mortgage company took possession of her house, and she was stripped away from accessing her daughter’s trust fund.