Jose Canseco Loses Home To Foreclosure

Divorces Cost Ex-Baseball Star Millions; "It Didn't Make Financial Sense For Me To Keep Paying A Mortgage"

(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.

[connapa]

If I calculate correctly, even after taxes and divorce payments, you still have 10 million dollars. And you can''t afford payments on a 2.5 mill mortgage?!?! What a pennypinching loser! This is just more evidence as to the type of person he truly is.

[blackbug99]

Why would he have a mortgage to begin with? Mortgages are for working people who can''t afford to pay cash. I''m not feeling a lot of sympathy for this millionaire idiot.

[b-easy63]

His money. His life. If regular Americans can shirk their bills and just let them go and walk away--why not him? After all, he learned from the best. We''ve been bailing out banks, auto companies and airline companies to the tune of hundreds of billions of dollars and many have even filed bancruptcy.

If he wants to walk away from his mansion and let it foreclose--that is his business--just don''t let us here that he or the government expect us to bail him out for his loan too. LOL

[b-easy63]

CORRECTION:

If he wants to walk away from his mansion and let it foreclose--that is his business--just don''''t let us HEAR that he or the government expect us to bail him out for his loan too. LOL

Posted by b-easy63 at 07:59 AM : May 02, 2008

[quetzal0666]

makes perfect sence to walk away right now,
he can buy it back later at auction for a reduced price..

[tuppman]

What makes CBS think that the majority of Americans who are having a tough time making a living give a *** if Conseco loses his mansion?

[brianbwb-2009]

"If I calculate correctly, even after taxes and divorce payments, you still have 10 million dollars. And you can''''t afford payments on a 2.5 mill mortgage?!?! What a pennypinching loser! This is just more evidence as to the type of person he truly is." Posted by connapa

He didn''t say he couldn''t afford it, he said that he didn''t see the logic of paying for a house that he no longer owned, any person especially and in the largest part male, who has been through the war called divorce in California should be able to understand that.

[timdgrim]

What''s a forclasure?

[timdgrim]

I spell as bad as they do....uh..foreclasure...that''s a Bushism is it not? The White House will soon be in foreclasure and occupants need to move out by January.

[georgew1956]

PEOPLE DON''T BUY A BOOK OFF THIS RAT.

RAT RAT RAT RAT RAT RAT RAT RAT

[gkc99]

Jose just isn''t rich enough for a bailout from the Darth Bushits.

Who does he think he is?

Bear Stearns?

[jetlizhan]

it''s sad for anyone to lose property to foreclosure; the really bad part is that it stays on your credit for quite a while and haunts you! i was in the mtg business for years and i know.

[forthepeopl1]

AMERICANS NEEDS TO STRIKE........NO ONE WORKING FOR A WEEK OR SO WOULD TELL THE GOVERNMENT ONE THING, THEY CANT DO ANYTHING WITHOUT US AMERICANS WORKING FOR THEM AS SLAVES, SO IF EVERYONE WOULD NOT WORK FOR A COUPLE OF WEEKS, DONT BUY ANYTHING, DO NOTHING FOR A WEEK SEE HOW FAST THE GOVERNMENT STARTS LISTEN TO US.........COME ON AMERICANS WHAT WAITING FOR BUSH/CHENEY TO DECARE A STATE OF EMERGENCY BEFOR YOU WAKE-UP

AND FOR BLACKWATER, ANYONE THATS WANTS TO GET PAID TO KILL AMERICANS SHOULD BE SHOT THEMSELVES, THEY WORK FOR CHENENY AND CHENENY ONLY. WAIT UNTIL THEY USE THEM TOWARD AMERICANS WHEN THEY DECLAIR A STATE OF EMERGANCY JUST BEFORE THEY STRIKE IRAN

[samrensho]

Couldn''t have happened to a bigger ******.

[stn_sage]

A more accurate title---albeit lengthy---would be:
Jose Canseco Gives Up Home To Foreclosure.

There appears to be missing information. Why doesn''t he want to make the payments?! Did one of his ex-wives get the house as part of a divorce judgment?!
So, now he doesn''t want to make payments!? It isn''t that he can''t---like most people---he doesn''t want to! That''s a big difference.

He appears to be like many people---rich or poor---in that he doesn''t manage money very well! However, I won''t be shedding any tears for him because he only has a few million dollars to his name! He''ll survive.
He''ll make due in his austere poverty (sarcasm)!

[timetrips1]

Oh, the humanity! He only made 7 or 8 million and has to support his entire family. How will he do it? It takes most folks 20 years to earn 1 million and EVERYBODY supports their family. Give me a fricking break!

[jerr11]

Maybe he should write a book on steroid use in the NBA next.

''Bout time some karma caught up with his wife-beatin'' ***. Just more proof that these uber-atheletes are not heroes or role models.

[marbru-2009]

Oh poor baby! - He only has $6-7 million to get by on this year - how sad!

[kittykatty2]

That rascally rascal...you see he says "it didn''t make financial sense to me to keep paying a mortgage on a home that was basically owned by someone else." I''ll betcha one of his wives got the house in a settlement. Well guess what A*S*S*H*O*L*E* Canseco...that equitable distribution order that the judge signed giving the house to your ex is a big deal. You foreclose on that house and your sorry butt is in contempt. Criminal contempt. Guess what else? Your bank account will be attached and you can go to jail until you take yourself out of contempt. I just love it when rich athletes who think they''re better than everyone else don''t use their brains. God, what a loser.

[apprxam]

Jose...tshk, tshk, tshk...I feel oooh, sooo sorry for you. Life ain''t fair, and you, friend, was dealt the most unfair of blows.

59% of about 35 millions just don''t get the job done anymore these days. I''d blame Bush but his tax cut were for you, buddy. I guess he didn''t cut them enough to save your home. If only all those guys around you hadn''t taken HGH, forcing you to follow the crowd to compete, thereby, giving you the opportunity to make all of that money under "cheaters" condition. If you''d just been the marginal player you really were, then you wouldn''t be in this kind of trouble.

Success, who needs the problem?

[jetlizhan]

his eyes in this picture look like he had a big ole cheech & chong doobie beforehand.

[hypnotoad72]

Well, with his salary he can still buy a normal size house in the middle of nowhere, with cash, and live free and clear.

He has a 10 figure salary, so 41% would still leave 9 figures in return.

Maybe he can stop divorcing?

Maybe he can get another job? I mean, hitting a ball and then running around in big circles surely can''t be worth millions each year to do?!

So many people, even those who''ve done everything right, are hurting, and he meanders about his situation. I cry "foul".

[pared1]

Jose'' meet Karma, Karma meet Jose''

[b-easy63]

What is apparent, is that many Americans who don''t have much are really, really jealous of those who have more. The more is always there for the getting.We just have to buck up, bite the bullet and make the opportunity--but even more important, a lot of us need an attitude adjustment. We need to not be negative just because someone has more or get angry about how they squander THEIR money, or THEIR life, or THEIR success. It''s theirs. They made it, they can destroy it.

If you have a negative attitude toward wealth (envy is a negative as is jealousy) then you repel wealth consciously and subconsciously with that attitude.

So the man is a flake. So he wasted his money and did not pay off his home--even those who can pay off their home are advised not to, as they can always use the mortgage as the largest tax deduction that they can have and so in a weird way, it is worth it, to not pay it off. Even so, if we are not made to bail out this man or his house--great. If we are, then I''m joining the screaming, angry condemnation crowd--not for what he is doing--but for what grief his actions are now causing the rest of us.

[Latrocinor]

He''s none of my business.

[dylanxxv]

awwwwwwwwwwwww...The poor baby...

[barbaraf4]

It is difficult to really care.

[rushlimpdrug]

"Like I said, my situation was a little more different than most. . "

house / steroids

house / steroids

ok bye, house, he chose the steroids.

[keithle1]

I wonder if those women who married him would have been so keen if he had been a beer vendor at the stadium instead of a pro baseball player.

[glock4me]

I can''t 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 can''t afford his $2.5M house. I mean those income numbers are almost high enough for him to make a serious run for president... at last our "man of the people."

[my2centss]

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

[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.

[titocordero]

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

[scorpio59er]

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

My heart is breaking.

[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.

[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!!

[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.

[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!

[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.

[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''.