According to an article in the Star-Telegram, Michael Jackson’s personal physician is more than $100,000 behind on his mortgage payments and is facing a possible foreclosure on his $1.1 million mansion in the exclusive Red Rock Country Club.
The article said:
“Murray’s lawyer in Houston, Edward Chernoff, issued a statement acknowledging the cardiologist’s home was in “pre-foreclosure” and blaming Murray’s financial woes on his inability to make a living “as a result of this investigation.”
But according to Mary Hunt, a foreclosure officer handling the physician’s foreclosure, Murray stopped paying his $15,000 a month mortgage in January and could face foreclosure by November. That certainly sounds like the more likely scenario. Foreclosure and financial crisis doesn’t usually occur overnight, usually it is a long series of bad decisions and/or unfortunate events that drive a person into the financial hole and eventually to foreclosure.
But it’s not just foreclosure dogging Jackson’s doctor, he is also being hit with more than $400,000 in court judgments against his medical practice, a $3,700 judgment for failure to pay child support and his wages are being garnished for nearly $1,500 due to credit card debt. He sounds like a perfect candidate for bankruptcy, especially if he wants to get handle on his foreclosure before he loses his home.
What’s very interested about Michael Jackson’s physician is that it appears that his financial troubles have been escalating in severity over a period of time, culminating in the foreclosure and judgments. This is also common for “poorer” debtors who are struggling financially. It’s important to take corrective action as soon as you see you are sinking financially and/or facing foreclosure. Delaying bankruptcy or other corrective measures will only make your financial situation worse.