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Baseball star Canseco loses home to foreclosure
news.yahoo.com — Canseco said the foreclosure was not a difficult issue emotionally. But he sympathized with the millions of other Americans who have already lost, or face losing their homes, because of soaring interest rates on sub-prime loans.
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- killbert24, on 05/02/2008, -16/+6Even millionaire Canseco can't escape the economy's problems. Its all going to hell!
- NachoBusiness, on 05/02/2008, -2/+19Ehhh Canseco's problems aren't really due to the economy so much as his own boneheadedness.
"Canseco said a good portion of the money he earned in his heyday went to pay for his divorces."- dafragsta, on 05/02/2008, -0/+2I kinda like that guy in spite of his boneheadedness. I don't get the impression that he denies who or what he is. He is also the guy who ultimately put the spotlight on steroids in baseball knowingly and admitting his own cheating, for good or ill.
- omnis, on 05/02/2008, -0/+2and enjoys the money he's making from it all. guess he'll just have to throw out some more names so that he'll be able to write another book. maybe he'll be able to afford a nice apartment somewhere.
- dafragsta, on 05/02/2008, -0/+2I kinda like that guy in spite of his boneheadedness. I don't get the impression that he denies who or what he is. He is also the guy who ultimately put the spotlight on steroids in baseball knowingly and admitting his own cheating, for good or ill.
- skyshock1, on 05/02/2008, -2/+8Has nothing to do w/ our current economy. Hell look at Hammer or Mike Tyson. Just poor money management.
He'll make it back easiliy so long as he's not an idiot.- Ajnag, on 05/02/2008, -0/+4In other words, he won't make it back.
- NachoBusiness, on 05/02/2008, -2/+19Ehhh Canseco's problems aren't really due to the economy so much as his own boneheadedness.
- FecalHurler, on 05/02/2008, -10/+4Time to write another book about a famous MLB player using steroids:
'The House That Steroids Built: The Real Truth About Babe Ruth' - Ajnag, on 05/02/2008, -2/+25The title should say "Canseco loses ONE home to foreclosure"... Certainly he isn't as bad off as the thousands of others who have lost their only home living on a fraction of Canseco's income...
- tucsonsun13, on 05/02/2008, -0/+2While he isn't as bad off as the typical American family foreclosing, Canseco has in fact blown nearly all the money he made as a player and is no longer wealthy. The only income he has stems from these books he's crankin out
- sgtpppr, on 05/02/2008, -0/+3And this has absolutely nothing to do with the home loan crisis or anything. Canseco simply blew all his money on living like a rock star with no steady income after baseball.
- rprins, on 05/02/2008, -0/+3That and I got the impression he just didn't want the house anymore and instead of selling it, he just stopped paying for it. I could be wrong, but that was my initial impression.
- TexasShiv, on 05/02/2008, -14/+10What goes around, comes around. Bastard.
- pizzas, on 05/02/2008, -1/+1someone's been drinking too much hatorade lool
- JMartin13, on 05/02/2008, -13/+6Eat another steroid, *****.
- thedogfatherx, on 05/02/2008, -3/+3Are you mad at the world? It looks like your really the only ***** here.
- BeyondGoodNEvil, on 05/03/2008, -1/+1Steroid is not an easily individuated particle! Eat a water, *****!
- ricky125, on 05/02/2008, -13/+10Who gives a *****?
- Quick2822, on 05/02/2008, -8/+17I would type a witty response, but it's hard to see my screen with my eyes filling up with tears.
- Cybermaul, on 05/02/2008, -3/+0Here, let me help you out there.
*/sarcasm
:) Glad to help.
- Cybermaul, on 05/02/2008, -3/+0Here, let me help you out there.
- vexingmodstwo, on 05/02/2008, -6/+29He CHOSE to stop paying... what an idiot. Hello? Ever hear of, you know, SELLING IT?
- krahzee, on 05/02/2008, -0/+9I agree that the guy is an idiot, but maybe he could not find a buyer that would give him enough for it. For example, say his debt was higher than what he could get for the place given the drop in property values, he may not have been allowed to sell it for a loss since it would not meet all his financial obligations. By letting it slide into forfeiture, he could pay off part of that debt (nobody could stop him from doing so since the asset that debt was secured against was in forfeiture), as well as not have to insure, pay taxes on and and maintain the home. Certainly, on a house that big the mortgage is just one of a great number o monthly bills that must add up to be a pretty large monthly nut to cover.
- vexingmodstwo, on 05/02/2008, -0/+2I doubt that house lost more than half its purchase price worth of value from when he bought it.
- dissection, on 05/02/2008, -2/+5Its idiots like him that are causing this so called housing crisis. ***** all these morons that don't know how to properly obtain a mortgage.
- rmxz, on 05/02/2008, -0/+4Not necessarily an idiot.
In addition to what krahzee said, on some (but not all) loans the lender can only go after you for the value of the house - rather than the amount due on the loan. So if he bought it with a small down payment, and the value of the home dropped far enough that it's value is smaller than what he still owes, it can save him money to let it go into foreclosure. Sure it puts a black mark on his credit report, but the cost of that black mark may be less than the cost of paying back the loan in full.
One would hope he consulted with his accountants and lawyers before choosing this route; and if he did, I'd say that this doesn't mean he's an idiot.- dissection, on 05/02/2008, -0/+2Now it is a great idea to just push the debt he put himself into on to someone else. Is that what makes him not an idiot?
- drlha, on 05/02/2008, -0/+1Indeed. If he had sold it at a massive loss, he would have had to come up with the rest of the money to pay off the mortgage at closing.
- krahzee, on 05/02/2008, -0/+9I agree that the guy is an idiot, but maybe he could not find a buyer that would give him enough for it. For example, say his debt was higher than what he could get for the place given the drop in property values, he may not have been allowed to sell it for a loss since it would not meet all his financial obligations. By letting it slide into forfeiture, he could pay off part of that debt (nobody could stop him from doing so since the asset that debt was secured against was in forfeiture), as well as not have to insure, pay taxes on and and maintain the home. Certainly, on a house that big the mortgage is just one of a great number o monthly bills that must add up to be a pretty large monthly nut to cover.
- protodon, on 05/02/2008, -7/+8Jesus ***** Christ what is he doing with his money? Burning it?
- bobcrotch, on 05/02/2008, -4/+1Making money latkes, actually.
- rmxz, on 05/02/2008, -1/+1Actually from TFA a lot of it went to divorces.
- grodrigu, on 05/02/2008, -10/+5***** that guy
- Deadpixel1221, on 05/02/2008, -4/+2No, I'm not a homosexual, despite what my Profile Picture shows...
- inigomntoya, on 05/02/2008, -3/+1Then you should change it. Srsly...
- Deadpixel1221, on 05/02/2008, -4/+2No, I'm not a homosexual, despite what my Profile Picture shows...
- legoalert33, on 05/02/2008, -6/+8I don't feel bad for him.
- DeFex, on 05/02/2008, -6/+4Oh noes hosebag! what happened to your money?
- hughesj919, on 05/02/2008, -7/+5Karma
- inigomntoya, on 05/02/2008, -5/+3yeah, cuz banks were GIVING him houses previously...?
- kenedamick, on 05/02/2008, -6/+5Sounds like he needs to "inject" some money into his housing situation.
- Eldorian, on 05/02/2008, -7/+15I believe Jose Canseco is the living definition of douche bag.
- briangarson, on 05/02/2008, -5/+5How can you make that much money in your career, and not afford to just buy a house flat out in cash??
- Spire3660, on 05/02/2008, -0/+3Becasue when you have that much money, you rarely by anything with cash. You use your cash as collateral and put it back to work making more cash on higher return investments than simple house appreciation
- eric4ok, on 05/02/2008, -0/+1Yeah, that plan worked for Jose.
- Spuy767, on 05/02/2008, -1/+2Jose was never too bright, he gave most of his money to ex wives, and probably buried the rest in the back yard in a giant mason jar.
- Spire3660, on 05/02/2008, -0/+1It did actually. He has no need to 'save' his house like the rest of us usually are forced to do. To him its a simple numbers game. Let house go into foreclosure, get auctioned and pay any remainder. Its a simple business calculation. Losing his house is not the trauma for him that it is forthe majority of us.
- eric4ok, on 05/02/2008, -0/+1Yeah, that plan worked for Jose.
- drlha, on 05/02/2008, -0/+2Rich people rarely buy houses using cash. For one thing, interest on a mortgage is tax deductable, whereas buying a house outright isn't. I know it seems counter intuitive, but the richer people are the more they rely on credit. Of course the idea is that they stay rich and can pay off their debts, not just piss it all away and then go bankrupt.
- Spire3660, on 05/02/2008, -0/+3Becasue when you have that much money, you rarely by anything with cash. You use your cash as collateral and put it back to work making more cash on higher return investments than simple house appreciation
- ncc74656m, on 05/02/2008, -6/+4"Yo Canseco! Dial 1-900-IMAJERK!"
Courtesy of The Bleacher Creatures after Canseco started a 1-900 number you could call to hear his thoughts on that day's game. - KittySpark1es, on 05/02/2008, -6/+6Quick, go tattle-tale on some more steroid users to get some more money!
- omnis, on 05/02/2008, -0/+3I dugg you up purely because that's exactly what he's going to do.
- Stryder81, on 05/02/2008, -8/+3"I do have a judgment on my home and it to me is very strange because it didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else," he said.
- Is he reading into Ron Paul? -=)- Stryder81, on 05/02/2008, -5/+2To The boneheads digging me down, think about why I made that remark.
- THE4IRON, on 05/02/2008, -6/+2steroids a helluva drug.
- slonrgjon, on 05/02/2008, -0/+0I dugged you for Rick James quote
- mkaylor, on 05/02/2008, -6/+6So why are all you guys down on Canseco? Just because he turned your favorite drug using player in and cleaned up the game?? You guys need to get your damn head screwed on straight!
- itsontheway, on 05/02/2008, -1/+1Why do you think? Cleaned up the game? Yeah, right. What real person really cares about drugs in sports? Most normal people know that all these guys were using steroids. I think some people are little mad that we had to endure congressional hearings on this BS that was fueled in large part by Canseco's taddle tale bs. Yeah, he cleaned up the game -- whatever. There will always be drugs in game, and they will get better at being undetectable.
- 5urr3al5am, on 05/02/2008, -1/+3Actually for whatever reason, he did expose the crap that was going on in MLB. I'm not sure that makes him any kind of hero. It actually makes me respect the players that DIDN'T dope up and ruin the game... All 4 of them.
- Hitechmods, on 05/02/2008, -3/+3I always thought he had millions from playing pro baseball. Too bad his divorces cleaned him out..
- nj10ii, on 05/02/2008, -5/+4After making that much money, and he can't afford 2.5 million to keep his house? Somehow I don't feel bad for him.
PS, ***** You Jose! - TalenGTP, on 05/02/2008, -3/+6no sympathy for morons who sign sub-prime mortgages. It's like getting a mortgage from some guy who walks up to you on the street and says, "Hey, pssst. Buddy, over here"
- ArachnidDude, on 05/02/2008, -0/+0Hey brainiac, sub prime mortgages exist for high risk customers, like people with bad credit. People sign 'em because they can't get 'prime' rates. Here we have a millionaire who chose not to pay his debt. A perfect fit for a sub-prime mortgage. It's the lender that got screwed, not Jose.
- diggernaught, on 05/02/2008, -2/+5This guy is a narc who did so many roids that he resembled a pincushion while he pointed the finger at everyone else when HE got caught. This is purely a financial move, his house is worth less then the mortgage that are on it so he is going to let it go to repo and have the banks fight to get money out of him which I am sure an attorney will arrange for a settled amount less then the loan. NOTHING MORE THEN A THIEF.
- lostivity, on 05/02/2008, -3/+3omg I just saw Jose and his brother yesterday evening! They teamed up to play a bunch of over-the-hill softball players here in So Cal...I guess he needed to take his mind off of things!
- diggerphelps, on 05/02/2008, -3/+1"Next up, batting left-handed, for the Oakland Alt-A's..."
- rson, on 05/02/2008, -3/+3He may have sympathy for the average american, but we have no sympathy his million dollar blowing ass.
- kelmaster1, on 05/02/2008, -9/+4SPORTS!!!!!
who cares...- purplehaze420, on 05/02/2008, -1/+2If you don't want to see sports stories, digg has this thing called "filtering" which shows only the topics you want to see. If not, then kindly ***** off and don't post useless comments.
- psychophil, on 05/02/2008, -0/+8He didn't 'lose' the home, he WALKED AWAY FROM IT. There's a BIG damn difference.
He figured he owed too much on it so he just stopped paying. Not because he COULDN'T, but because it 'just didn't make financial sense' to him.
Misleading title. - tucsonsun13, on 05/02/2008, -4/+2Down, down down all the Digger comments go.....
- aflaks, on 05/02/2008, -0/+2maybe bonds will write a book about it?
- jax1492, on 05/02/2008, -0/+2Bonds Can't Write
- an0nymous, on 05/02/2008, -2/+3It's simple. His home is worth less than he owes on it, so he is backing out of the deal. All legal and according to plan. Mortgage companies are supposed to assess risk of stuff like this happening when they gice out the loan. In this case (and many others), they bet wrong.
- ArachnidDude, on 05/02/2008, -1/+2and in this case, Jose is a renegging *****. Not a victim.
- Stomper622, on 05/02/2008, -2/+4Canseco + McGwire = The Bash Brothers. Go A's.
- diggrnumber1, on 05/02/2008, -0/+3this sets a new standard for poor money management. how can you make tens, if not hundreds of millions of dollars, and still not be able to pay for a relatively small and inexpensive mansion (as far as mansions go)? this isn't even a ridiculously expensive house for a mlb player.
- itsontheway, on 05/02/2008, -2/+2Screw this guy.
I'll probably get dugg down because any negative Canseco statement seems to be getting dugg down, but ... really ...
Why?
Because we don't care to have congress investigate BS when other things like the economy need to be addressed or the energy crisis. Congress: "Oh -- things are bad, we could investigate all these REAL problems -- or we could listen to this jerkwad Canseco and his stupid book, then hold a bunch of hearings, and pretty much confirm what everybody ALREADY knows about sports -- and nobody real person cares about when they are paying 4 dollars per gallon on gasoline. We could do the former, but ***** it, let's hold a bunch of dragged out hearings and take our eye off what really matterss." Baseball is a great game, but the whole steroids thing was a waste of time, and our money, taxpayers money, for those stupid little hearings.
Sympathy for this guy? Hell no. He was just trying to sell books and feel important. Karma - paulmer2003, on 05/02/2008, -2/+2How the hell does a millionaire have one of his homes foreclosed?
- Parasiteartist, on 05/02/2008, -1/+1Money managing tips from MC Hammer. "Can't touch this; oh oh oh oh crap, foreclosure!"
- pmettes, on 05/02/2008, -2/+2I used to pump this guys gas when I was a kid and he pulled his slant nose 911 into full serve. Lets just say he didn't tip at all. complete tool
- BAFrayd, on 05/06/2008, -0/+1Actually, if you were pumping gas for him, then you were the tool. Literally.
- bincoder, on 05/02/2008, -1/+3He owed 2.5 million on that little place? I would have walked away before signing the purchase agreement. Anything that costs 1 million should have at least 10 bedrooms and 200 acres of land. 2.5 million should get the mansion that the beverly hillbillies lived in.
- aquafire, on 05/02/2008, -0/+2You obviously don't live in California... and maybe not even the rest of the United States.
- troymccluresf, on 05/02/2008, -3/+1I think a thread about Jose Canseco is the perfect opportunity to introduce Digg to the term "cheesedick."
- pizzas, on 05/02/2008, -0/+3Jose Canseco is a genius
- djdingo, on 05/02/2008, -0/+2You see kids, if you do drugs you will be homeless.
- TheZetetic, on 05/02/2008, -1/+1Baseball "star"?
- Hosalabad, on 05/02/2008, -0/+2If you are too stupid to refinance, then you deserve it.
- HumanRecall, on 05/02/2008, -0/+2@ vexingmodstwo - He CHOSE to stop paying... what an idiot. Hello? Ever hear of, you know, SELLING IT?
Sell it ?,
Are you ***** retarded -it's obivious you have no business sense and neither do the diggtards that dugg you up !
The housing rates in that area are way to high and the morgatge rate was close to what he paid for the house - Who in their right mind would be willing to buy the ***** house at those rates and with a $2.5 million owing on it? Either way even if he was fluke enough to sell it he would make nothing on the sale do to said rates and still be out of his house !! -I think you better not quit your day job cause you supposed insight on Business is Donkey Balls ! - ltomson, on 05/03/2008, -0/+0Thanks for the useless info yahoo/microsoft (since you will be owned by them real soon anyways)!
- HotDogBun, on 05/03/2008, -1/+2This is the single least important news story of the 21st century. buried.
- investr, on 05/03/2008, -0/+2Prenup $6k, being to dumb to ask for one, $6m. Tell Jose that M is bigger than K.
- headband, on 05/03/2008, -0/+1I'M JOSE CANSECO!!!!!!
I'M JOSE CANSECO!!!!!!!! - HumanRecall, on 05/04/2008, -0/+1In the Banks own words !!
NO WAY, JOSE !!!!!!!!!!!!!!
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