Foreclosure Claims Another High-Profile Victim  

Ernestine Anderson, a jazz singer of note, has fallen victim to the “foreclosure craze.”

The home in question belongs to Anderson’s parents and has belonged to them since 1946. The current principal balance is more than $450,000 on a loan that Anderson apparently should never have been given.

She’s one of Seattle’s most respected names in music, with 30 albums and four Grammy nominations to her credit.

But according to the article she was given a loan that she can ill afford on her Social Security benefits of about $1,000 a month. She’s in arrears more than $30,000 and her singing engagements are limited. At age 79 how many “gigs” can she expect in a year?

While friends and family are attempting to raise $45,000 to settle immediate debts and taxes, that will only serve to help for the now. With an income of $1,000 a month, she cannot possibly make payments of $5,000 on the loan.

Earlier, I wrote about Ed McMahon who is also in foreclosure. What gives? Do these people live high on the hog without making any provisions for an uncertain future?

I truly feel sorry for people like her and McMahon (83), but is it SO important to live the high life when life is so uncertain and you're not prepared to pay the piper?

Memo to self: Keep stashing those bucks away RJ. When YOU’RE 79 you’ll need them. © 2008 RJScott