Jose Canseco loses home to foreclosure

[Mr Nice]

http://news.yahoo.com/s/nm/20080501/us_nm/canseco_foreclosure_dc;_ylt=ArcQVW_WzZcGeH_GdM9n1aJH2ocA


Can you believe they have a street in Miami named after this idiot ?
I am glad he is broke and soon to be homeless. How can you blow over $50 million dollars you made in your career on women, fast cars and houses ???

 

[TooManyWheels]

As the saying goes, the rest he spent foolishly.

 

[Gary Allan]

He'll get over it. I was his age once.

 

[GROUCHO MARX]

Schadenfreude!

 

[Pablo]

The clear rotted his brain!!

 

[Loobed]

Originally Posted By: GROUCHO MARX
Schadenfreude!

The funnier part is that with the new bankruptcy laws put into place several years ago, he will still have to pay back any money the bank loses on the resale of that house.

 

[Audi Junkie]

Originally Posted By: LT4 Vette




How can you blow over $50 million dollars you made in your career ???

Canseco said a good portion of the money he earned in his heyday went to pay for his divorces. "I had a couple of divorces that cost me $7 or $8 million," he said.

 

[ToyotaNSaturn]

Originally Posted By: Audi Junkie
Originally Posted By: LT4 Vette




How can you blow over $50 million dollars you made in your career ???

Canseco said a good portion of the money he earned in his heyday went to pay for his divorces. "I had a couple of divorces that cost me $7 or $8 million," he said.


Looks like we'll need to weigh the opposing forces here:
Why is divorce so expensive? Because it's soooo worth it.

and

Where's the other 42 or 43 million?!?!?

 

[Cogito]

Originally Posted By: ToyotaNSaturn
Where's the other 42 or 43 million?!?!?

His wives blew it before they divorced him.

 

[Kernel Potter]

It could be worse. He could be Roger Clemens.

 

[AcuraTech]

I'm somewhat embarrassed to admit this guy was a hero of mine back when I was about 10 or 11 years old. But that was in 1990, way before the roids scandal broke out.

This guy is an idiot if he's broke. He played professional ball for 10+ years, making millions. Didn't he just come out with another book recently as well? You know he made some bank off the advances for those.

Fools and their money.....

 

[toocrazy2yoo]

One would think he'd have a pile of dough called, "No Touchie". If he played that long, he must have a pension. NFL players these days get a pension that starts out pretty good after five years, and gets better the longer they're in the league. I don't know what they do for MLB players, though. I wouldn't sweat Mr. Canseco. He might get knocked down to upper-middle class status, to which, after a fashion, he'll adjust.

 

[VeeDubb]

Originally Posted By: Kernel Potter
It could be worse. He could be Roger Clemens.


Or Dennis Rodman. During the 90s, Rodman signed a 9 million contract with the Bulls. One year later, he was broke.

 

[MarkC]

At least he's not going ot prison like Wesley Snipes.

 

[mikeg5]

of course Conseco is broke. hence the reason why he is spilling his guts and making up stuff.. its for the $$ and publicity which in turn will equal more $$..

roger clemons, well, since they cannot really pin the steroids on him (even though they know he did use it) are now digging deep to dig up as much dirt as they can on him just so they can smear his reputation in that same dirt.. touche' roger, karma is a biotch.

Wesley Snipes, just a loser overall.. he knew he is was screwing the gov't out of $$. [censored] he did it on purpose.. now he is the one going to get screwed...... in jail... congrats wesley, you retard.

 

[bretfraz]

I wonder if he's really broke. I'm sure this isn't his only house, I think he has others in Florida and elsewhere.

I remember seeing him on CNBC several years ago telling everyone how well he was doing in the stock market. He actually offered up some stock picks! I seem to recall he had a big house in Florida and a super hot blonde wife. I mean, how bad can life be?

I'm sure Canseco's life is just fine, he simply didn't want to pay on the Calif house anymore, so he's letting the bank deal with it. They'll prolly sell it on the market, write off the negative equity and everyone walks away unhurt. No big deal.

 

[mikeg5]

Originally Posted By: bretfraz
I wonder if he's really broke. I'm sure this isn't his only house, I think he has others in Florida and elsewhere.

I remember seeing him on CNBC several years ago telling everyone how well he was doing in the stock market. He actually offered up some stock picks! I seem to recall he had a big house in Florida and a super hot blonde wife. I mean, how bad can life be?

I'm sure Canseco's life is just fine, he simply didn't want to pay on the Calif house anymore, so he's letting the bank deal with it. They'll prolly sell it on the market, write off the negative equity and everyone walks away unhurt. No big deal.


though that was supposed to make sense, it doesnt IF conseco has the $$ he supposedly has.. whats a 2.5 million dollar home to someone who supposedly has millions?? you would think he would just sell it but no he did what other broke people do, REPO! either he is a very rich IDIOT or he is a broke IDIOT.

 

[bretfraz]

I'm sure ol' Jose is incorporated or LLC'd. If the house is in his name and not the company's, he probably wouldn't do this. I'll bet the house is in the company name, Jose Canseco Enterprises, Inc. or whatever it is, so the business entity takes the hit, not him.

If the house is in his name, and he no longer wants to pay for it (note he said he chose not to pay, not that he cannot afford it, big difference) why should he take 100% of the financial hit when the bank is willing to take part or all of it? Banks are writing off billions of bad mortgage debt, so ol' Jose might as well add his name to the list while the opportunity is there.

Regardless, if the property is a depreciating asset, its best to get out ASAP than to ride out the market, making the huge monthly payment while the market corrects itself. It's an investment, just like stocks, and when they're dropping in value ya gotta cut your losses and move on. That's prolly what he's doing, with some help from the bank.

 

[MrCritical]

Where did Canseco's money go? I noticed Victor Conte isn't bankrupt.

 

[mikeg5]

Originally Posted By: bretfraz
I'm sure ol' Jose is incorporated or LLC'd. If the house is in his name and not the company's, he probably wouldn't do this. I'll bet the house is in the company name, Jose Canseco Enterprises, Inc. or whatever it is, so the business entity takes the hit, not him.

If the house is in his name, and he no longer wants to pay for it (note he said he chose not to pay, not that he cannot afford it, big difference) why should he take 100% of the financial hit when the bank is willing to take part or all of it? Banks are writing off billions of bad mortgage debt, so ol' Jose might as well add his name to the list while the opportunity is there.

Regardless, if the property is a depreciating asset, its best to get out ASAP than to ride out the market, making the huge monthly payment while the market corrects itself. It's an investment, just like stocks, and when they're dropping in value ya gotta cut your losses and move on. That's prolly what he's doing, with some help from the bank.


i totally understand your viewpoint! my question is, why would he openly admit he is broke?? that wouldjust add more speculation to why he is doing what he is doing with the whole roids issue.. bc tons of people are pointing fingers at him and saying he is doing all of this bc he is broke and looking for some coin