Celebrity Foreclosure Averted - Octomom Nadya Suleman Keeps Her House For Now

Last Updated Mar 29, 2010 4:02 PM EDT

This story was updated March 29, 2010.
Would she or won't she?

Would Octomom Nadya Suleman join the growing list of celebrity foreclosures?

TMZ.com reported last week that Suleman's lender (a private individual who handed over $450,000 to a woman with 14 children and no job) was going to start foreclosure proceedings if she didn't pay off the balloon note in full on Tuesday, when it was due.

Without a full-time job, and reportedly living on government support, Suleman didn't have $450,000 lying around in cash. And her Dad, who apparently is a signer on the loan, didn't have it either.

Late Tuesday, word came that the lender had agreed to let Suleman catch up in her payments and make another few monthly payments while she and her father apply for a new loan for the property. (Hint: You'll have better luck if you can get the loan balance to $417,000 rather than $450,000.)

But it looks like PETA (People for the Ethical Treatment of Animals) is truly coming to Suleman's rescue. Late Wednesday, PETA offered to pay Suleman $5,000 to keep a sign in her front yard. (You can't buy that kind of P.R., what with all the paparazzi following Suleman around all day as well as her visits to New York night clubs.)

According to the Associated Press, the sign will say "Don't let your dog or cat become an Octomom. Always spay or neuter." Apparently the deal comes with a month's worth of vegetarian burgers and hot dogs for Suleman's family.

I received an email this morning from Heather Carlson, PETA's communication manager. She thanked me for writing about PETA's deal with Suleman, but wanted to clarify that PETA didn't offer a monthly stipend, but only offered a one-time $5,000 payment plus a one-month supply of veggie burgers and veggie dogs for Suleman's family (most of whom don't eat solids yet, I'm afraid.) Carlson wanted to make sure MoneyWatch.com corrected the record. I have updated the story to reflect Carlson's comments.
But the real question is, what's going to happen next month?

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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and the upcoming Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com.
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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.