Re: Anyone else hate Nicholas Cage?
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: shadowless_sword</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: High Binder</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: shadowless_sword</div><div class="ubbcode-body"> only reason he is as rich
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He had his house foreclosed on about 6 months ago... </div></div>
OK, <span style="font-style: italic">was</span> rich. lol
Actually though, that doesn't necessarily say anything to his level of wealth. I know of at least 2 people (probably more that haven't talked about it) that I would consider quite rich that allowed houses of theirs to be forclosed on for the simple fact that the mortgage amount they took out on it is 2-3 times more than the house is currently worth, or will ever be worth again.
The US housing market was so overinflated for so long, that many people (especially weathy people that paid a lot for their big homes during the time of the overinflation of the market) are choosing to just allow their houses to be forclosed on, because it makes far more sense than to keep paying on that $500K loan, even though that house will likely never be worth more than $200k again, now that the market has fallen and will continue to fall down to realistic "real" values. </div></div>
That's a good point. He may have just walked away from it and a lot of people do these days. Maybe he's smarter than he looks/acts.
