All of this is speculation since we don't know first hand what Stephen's
financial situation is. He could owe more on the house than it is worth and more
than he should pay back this making bankruptcy necessary. But whatever the case
may be it doesn't help when newspapers only provide us with a little piece of
information in order to create drama and increase sales. I hope his foreclosure
will improve his financial and personal situation but it has been my experience
that a foreclosure is never the best option except in a small percentage of the
cases. I do hope that he sough some type of financial/pre-foreclosure counseling
that might have prevented this. So many people don't realize that there are ways
to prevent foreclosure like having another investor take over the mortgage
payments and eventually buying the house from the owner (at a loss). You lose a
lot of the equity that you have in the house but it is better than having a
foreclosure on your record and needing up with nothing. The investor basically
pays the bank what is owed on the house and if there is anything left the owner
gets it.



--- In The_Apprentice@yahoogroups.com, gad <geead7@...> wrote:
>
> Everyone owes more on their house than it's worth. That's the nature of
borrowing.
> Â
> In the article, does it say that Baldwin made this "business decision"?  If
not, then why is it fair to make that assumption?Â
> Â
> So again, how can he "take" $850K to buy a new home? He can't necessarily.
> Â
>
>
> --- On Tue, 6/16/09, Marg <redriver1991@...> wrote:
>
>
> From: Marg <redriver1991@...>
> Subject: RE: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off
> To: The_Apprentice@yahoogroups.com
> Date: Tuesday, June 16, 2009, 2:05 PM
>
>
> You are right in that it is "over $824,000" and not $850K. However,
regarding the rest you are making the assumption that he does not have the money
to pay his mortgage. I think he does have the money but is making a decision
to not waste it by paying a mortgage on a house that is not worth what is owed
on it. Baldwin does not "owe" the $824K. Rather, he has defaulted on "more
than $824,000 in mortgage payments". He had tried, unsuccessfully, to sell the
house in 2006. So, he obviously has wanted out of the house for several
years. If he has not been paying the mortgage but has been working and earning
a living he may well have the money to pay for his house, but is making a
business decision *not to pay the mortgage*. Many people do this. If one
paid too much for a house or if what is owed on a house is more than the house
is actually worth, it makes sense to stay in the property, save one's money
while letting the property go into
> foreclosure. Then take the money one has saved by not paying the mortgage
and then either rent or buy a less expensive house for cash. Why keep making
payments on a house that you don't really want. Let the bank have it and move
on with your life. I believe that is what Stephen Baldwin is doing.
> Marguerite
>
>
> "There will come a time when you believe everything is finished. Yet that will
be the beginning."-- Louis L'Amour
>
>
>
> Â _____Â
>
> From: The_Apprentice@yahoogroups.com [mailto:The_Apprentice@yahoogroups.com]
On Behalf Of gad
> Sent: Tuesday, June 16, 2009 12:19
> To: The_Apprentice@yahoogroups.com
> Subject: RE: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off
>
>
>
>
>
> Take what $850K? You mean the $824K that he OWES? He can't do anything
with money that he doesn't have, that's the reason he's in foreclosure in the
first place. And he might actually be staying in his house as long as
possible.
>
>
>
>
> --- On Tue, 6/16/09, Marg <redriver1991@ <mailto:redriver1991%40att.net>
att.net> wrote:
>
> From: Marg <redriver1991@ <mailto:redriver1991%40att.net> att.net>
> Subject: RE: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off
> To: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com> yahoogroups.com
> Date: Tuesday, June 16, 2009, 1:02 PM
>
> Maybe he just made a business decision to let the house go. A smart person
might simply stay in their house as long as possible and then, upon eviction,
either rent an apartment in the newly degraded rental market of NYC or take that
$850K and buy another house for cash. Stephen Baldwin strikes me as a smart
person.
> Marguerite
>
> "There will come a time when you believe everything is finished. Yet that will
be the beginning."-- Louis L'Amour
>
> Â _____Â
>
> From: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com>
yahoogroups.com [mailto:The_Apprentice@
<mailto:The_Apprentice%40yahoogroups.com> yahoogroups.com] On Behalf Of
drakingson
> Sent: Tuesday, June 16, 2009 00:01
> To: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com> yahoogroups.com
> Subject: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off
>
> That is very very sad!!! I don't know why he couldn't afford a %50k home to
begin with??? There was a time when he was making 500k a picture. It makes you
wonder what happened to his money from all of the pictures he's made??? But
really how does someone owe 850k in payments. He must have had a second mortgage
on the place. Otherwise I would have suggested foreclosure counseling. A good
investor could have sold it for him without having to go through foreclosure. It
makes me sad though. Where is he living now? I mean I would feel bad if he was
living in a crappy apartment somewhere. Maybe Alec can put him up in his
mansion. Why hasn't he found Stephen a job on 30 Rock?
>
> --- In The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com>
yahoogroups.com, gad <geead7@> wrote:
> >
> > I don't particularly like Stephen Baldwin and thought he came off as a goof
on Celebrity Apprentice 1, and kind of an arrogant jerk on the hotel task on
Celebrity Apprentice 2. However, I do think this is a shame that his home is
being foreclosed as I don't wish bad on him or anything. I wonder how his
situation got to that point, but on the other hand he's a celebrity but
certainly not an A-list celebrity or anything, and that area is outrageously
priced with high taxes and high cost-of-living.Â
> >
> >
> > --- On Sat, 6/13/09, George <xslider.geo@> wrote:
> >
> >
> > From: George <xslider.geo@>
> > Subject: [The_Apprentice] Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off
> > To: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com>
yahoogroups.com
> > Date: Saturday, June 13, 2009, 6:01 PM
> >
> >
> > NEW YORK â€" Actor Stephen Baldwin's foreclosed home in the suburbs north
of New York City will be publicly auctioned. Baldwin paid $515,000 for the
1.4-acre home in Rockland County in 1997. In 2006, he tried unsuccessfully to
sell it. County filings show Baldwin and his wife Kennya defaulted on more than
$824,000 in payments to mortgage holder Bankers Trust Co. The auction is set
for June 24. A representative for Baldwin couldn't be reached for comment. The
actor has starred in movies such as "Bio-Dome" and "The Usual Suspects."
Recently, he's appeared on reality television shows "The Celebrity Apprentice"
and "I'm a Celebrity...Get Me Out of Here!"
> >
> > Go to the story
> > http://news. <http://news.
<http://news.yahoo.com/s/ap/20090612/ap_on_en_tv/us_people_stephen_baldwin>
yahoo.com/s/ap/20090612/ap_on_en_tv/us_people_stephen_baldwin>
yahoo.com/s/ap/20090612/ap_on_en_tv/us_people_stephen_baldwin
> >
> >
>
> [Non-text portions of this message have been removed]
>