Chris Tucker Home Foreclosed On

http://www.fox8.com/entertainment/os-chris-tucker-foreclosure-20111011,0,2843497.story?track=rss

Uh Chris, how about making more movies to pay off the debt?

 

:smt009

 

I just never understand how this stuff happens. He made $20 million a movie for the Rush Hour series!

 

Stars get paranoid about their money, they feel like they can't trust anyone, plus, put that irresponsibility on top, equals NO money.

 

I always wondered if Chris Tucker secretly had a substance abuse problem because for some reason he's not pressed to do movies, either that or he's lazy.

He was the hottest Black movie comic for a minute, then he got chunky and sorta disappeared.

 

Yea, I kinda thought the same thing...

 

I agree, I thought he was about to blow up, then he just dropped off the map.

 

These mofos never learn.

 

Once the movie Friday became a sleeper hit it was followed by Money Talks and then came the 3 Rush Hour Films. Mr. Tucker decided not to do any more films . . . why? There was talk that he could have been the next Eddie Murphy.

I agree with a previous post . . . Mr. Tucker gotten lazy.

 

yeah, 20 mill per film. 60 million in total and he is broke. what the fuck ?

 

My cousin in Atlanta told me that he owned a comedy club there, but caught 'religion' and wanted to give it up, quit the cursing and herb and clean up his act. Maybe that's the reason he hasn't been out there earning in any significant way. Isn't that what happened to Hammer? Constant/Rising Expenses + Declining Income = Poverty.

 

This foreclosure has nothing to do with him being broke, it's purely a business decision. He bought the home and paid $6 million for it. It's now worth $1.6 million. He's not unlike thousands of other homeowners whose mortgages are upside down. Many of these people decide to walk away from homes that are valued at much less than they owe, and he's no different. In his case, he can probably use this to his advantage and renegotiate a lower mortgage. He gets to keep his home, pays a little more, but much less than the outstanding $4 million owed.

 

I will never understand why famous/rich people buy multi-million dollar homes. I'd have a 2-bedroom condo somewhere a few blocks away from my favorite yoga studio and coffee shop if I were famous - that would be the life.

Always thought Chris Tucker was kinda sexy though - loved him in Rush Hour... love his high voice for some reason... he makes me hot with that crazy drag scene in that Bruce Willis movie lol...

 

You can be clean and still make good money. like you stated he MAY have not worked like he should have.

we say what you say but lets be honest we MAY lose our fucking mind if we had that kind of money

 

I'm sure you are totally correct.

 

5th Element and gross lol

 

Not so fast you two, first he has to prove that he can't afford it, the bank can still sue him to recover the rest of the mortgage plus attorney fee's because Chris Tucker probably has the assets to pay off the rest of the house and he still would have to pay taxes for the forgiven portion if the banks decide to let him walk away.

 

Deficiency judgements would depend on your mortgage note. And no they don't always have the right to go after the difference. Read what you sign when you buy a property.

You can bet Morgan has a good attorney negotiating this for him.

 

First off, I never said that he'd walk away, only that it presented an opportunity for negotiation. But, as to that likelihood of him walking away, your points may or may not be true or even valid for several reasons. First, it assumes that his particular mortgage allows recovery. A mortgage is really just an IOU, with the property as collateral, along with anything else that you agree to as the mortgagor. If you're able to leverage your "earning power" and Star power to convince the lender to allow the home to stand in as the only collateral, then the banks have no recourse.

Also, while the amount of Chris' loan is substantial, in the scheme of things, it's small in the pool of loans that're drowning lenders. The fact that they may or may have the legal right is less important than the probability for recovery, and in what time frame. Some of Chris' other tax issues are well known as well. So, you have to consider the impact of whether the banks think the government may seize the asset anyway. Then, there's the mere threat that he may file bankruptcy, and they get nothing.

Given all of those considerations, reality takes on a very different form. Lenders in this environment don't want another property to sit on their books. They're much more willing to negotiate in this environment than at any other time, and he definitely has the upper hand in this matter. In the end, he and his advisers will come up with the best business solution to this problem.

By the way, in case you think this is uncommon, Paul Tutell, the customer motorcycle builder, is currently facing foreclosure on the recently built OCC headquarters. He mentioned during one of the broadcasts that he was advised by his attorneys that he should take advantage of the poor economy to renegotiate his loan.

 

I was so busy crafting a reply that I didn't see your post. But, I see that you understand this as well, it dependent on the terms that you've agreed to as a mortgagor.