Jose Canseco Loses Home To Foreclosure

(AP)  Jose Canseco, the former American League MVP who made millions during his baseball career, has had his home foreclosed.

Canseco told the syndicated TV show "Inside Edition" that he walked away from his $2.5 million, 7,300-square foot home in suburban Encino because it didn't make sense to continue making payments.

"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 in an interview that aired Thursday.

"You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let's assume it is $35 million.' People have to understand that $35 million, you're paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you're taking care of your whole family."

He added that a couple of divorces cost him $7 million or $8 million.

Canseco said his top earnings year was $6 million and that his financial situation obviously is different than most people who are losing their homes.

"What about other families that we're hearing on TV, that they're saying, `We have nowhere else to go,"' he said. "I mean, that is amazing. I've got books (he's put out two expose-type books on drug use in baseball), we're now trying to produce the movie to both.

"Like I said, my situation was a little more different than most. I decided to just let it (the house) go, but in most cases and most families, they have nowhere else to go."

Calls by The Associated Press to Canseco and to his attorney, Greg Emerson, were not immediately returned.

On the web

The mortgage crisis

• How Stuff Works: The Mortgage Crisis - What Happened?
• HUD: Tips To Avoid Foreclosure
• RealtyTrac: Protect Yourself - Foreclosure Laws By State

[MPre52]

What''s next for Jose, an appearance on ABC''s "Extreme Makeover Home Edition"?? Maybe they''ll renovate his $2.5 million dollar home and pay off his remaining mortgage. Then they''ll cut him a check for $50,000 to cut some of his financial strain.

This would be the feel good story of 2008 and an episode I''d watch. Ty would make Jose''s bedroom that weeks ''secret project''.

[barbaraf4]

This doesn''t pass the smell test. I suggest that the reason Canseco isn''t simply selling the house and getting his investment back is that someone is waiting to collect or split profits on that house. He is stiffing someone - business partner or ex-wife.

[slim1h2o]

"Like I said, my situation was a little more different than most. I decided to just let it (the house) go, but in most cases and most families, they have nowhere else to go."


Sorry but wipe, dipstick. Unless the rules are different for you, you ARE still on the hook for the house.

In other words,,YOU still OWE moeny for that HOUSE. Moron!

[nothappyatall]

cant believe he is explaining how instead of making $35M he only brought home $18M after taxes as if the average person should feel sympathy that he cant afford his $2.5M house.

Posted by Glock4me

Yeah and you know what? guess who will be footing the eventual bills for those loses from bankruptcy/foreclosures....

YOU and every other working stiff struggling to get by on $25K or $30K a year $900 mortgage for a shack, and no health insurance. Our hearts bleed for this PO'' boy who only has $17 million.

[nothappyatall]

people have to understand that $35 million, you''re paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you''re taking care of your whole family."

No, morons like HIM need to understand that $15,000, you''re paying the Govt about 30%, that leaves you with MAYBE $11,000, not even. Then youre taking care of your whole family on $5.75 an hour with no medical insurance, yeah LIFE''s TOUGH when you only have $17 million salary after tax, yeah REAL hard to make it!!

[shanev137]

Wadda a friggan idiot.

The moron obviously has brain rot and is incredibly lucky to have survived in life as long as he has.

He probably has to pay someone 50K a year to dress him and tie his shoes in the morning.

[scorpio59er]

"That leaves you with about $17 or $18 million..."

My heart is breaking.

[titocordero]

Who gives a *** about this guy. I hope he does something stupid, lands in jail and loses his a$$.

[guadalcanal3]

Who cares?...Lot''s of Americans lose their homes to forclosures...Are we supposed to feel sorry for this "steroidial" multi millionaire (whose stuck with "only 17 or 18 Million!")..C''mon let''s hear some stories about all those Americans who get tossed out into the streets...with nothing but the clothes on their back.

[my2centss]

Now we can see higher bank fees thanks to a guy that can pay his bills, but won''t.