Pay Up! Brian Austin Green Owes Over $70k In Mortgage Payments!
Filed under: Legal Matters > Z List
Was 2006 a year of hopes and aspirations for former 90210 star Brian Austin Green???
Because he took out a $2 million mortgage on his Hollywood Hills home in '06!
Sadly, it's 2010, and when you're most famously known for clinging onto Megan Fox, you end up behind on mortgage payments!
Reports say Green is over $70k behind on his payments, but a rep for the actor says it's all strategy!
The former David Silver is hoping for a "short sale" of his home, in which he'd sell it for less $$$$$ than he owes and hand the money over to the mortgage company.
Smart idea?
[Image via WENN.]
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It's a fairly standard tactic, but still results in a ding on his credit and/or a 1099 of the shortfall amount when the house does sell for the lower amount (Meaning that that shortfall amount is taxable as a gain"
Since when it short selling your home a "strategy?" Pay your mortgage.
His initals are BAG, as in doucheBAG!
He's got a hot bod, though. And what's this I hear about his being hung???
actually, yes, it is a smart idea. he gets to live rent-free in a $2M house, and at the end of it he doesn't end up with a house he's totally under water on. the down side is, of course, his credit score. but he could buy a new house at a higher interest rate because of his score, and then actually make money on it as the housing market rebounds. of course, this is not taking into consideration the ethics of just walking away from a contract…
In other words broke and Megan Fox is not bailing him out.
No one goes through a short sale or foreclosure if they can avoid it.
just a protection from foreclosure. What a dick, it's people like him that are exacerbating the mortgage crisis.
I want to know how the press can get hold of this information. Isn't it against some kind of data protection law?
Re: faredooz – Once the mortgage company files foreclosure papers with the county, it become a matter of public record.
Smart? Living beyond your means. He's just like the rest of America.
Happens every day. Short sale is common. It is not like he was a hard worker that lost his job and can not pay the mortgage. He is single and probably could work (someone would hire the guy). Pay your mortgage you nutsack.
I bet he wishes that he had the money back that he spent on all of those bad tattoos. And whats with the hat that is 3 sizes too small for his head.
Just another low life living beyond his means and now he cant pay the mortgage. He just ruined his credit for the next 7 years. I can understand this happening to a normal working person but he should be tarred and feathered.
no bcuz he will still owe the difference
here's a smart idea…how about they shut the hell up, stop living like they're stars, and get the hell off my fucking computer screen. He's a doucheBAG with a womans hat…and that god awful tattoo of marilyn monroe…what is she trying to prove?! "marilyn is my idol, she's amazing" yea…we haven't heard that before, unoriginal hack.
Actually now a days this is a pretty standard strategy, the benefits are all on his side. When it actually goes into to foreclosure he'll have 3-4 years before they kick him out and he gets the added benefit of not having to take the huge loss that he would take if he did sell it. On top of it credit scores are only important for people who are too poor to afford to make more than a 15% down payment on something and the slight increase in interest rate would be offset by avoiding the loss that he would take by selling the house.
Mario, I wouldnt expect YOU to know anything about Real Estate or the Economy, but the way you post you try to act as if you do. Where in the hell have you been for the past year? This strategy is um…beyond common. Personally I find the whole champagne living on a beer budget nonsense criminal, which is clearly the case for good old BAG, but goodness gracious Mario…can you even try a little and wikipedia things before you try to act like you know what you're talking about?!
BTW… if you a do a short sale and dont claim bankruptcy following it be prepared to get sued by your bank for the difference (short sale price versus loan amount)
Who cares about his mortgage payments or credit score! His career is over and was a joke to begin with, and his tattoos are disgusting as most tattoos are!
How was he supposed to know that Terminator: The Sarah Connor Chronicles would not have a third season? Now would be a good time to time-travel.
Is it just me, or does Megan Fox look like Rachel Utichel in this photo???
He looks pretty sexy in this pic, anyhow! If nothing else, he can snag himself some cougar Sugar Mama! How about Ivana Trump?
Most banks these days are waiving their deficiency rights, so he can walk away without the bank ever coming after him in the future for the amount the bank lost. Only negative is his credit score being slightly impacted … won't be as bad as bankrupcy or foreclosure.