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Foreclosure can happen to anyone, even millionaires

Foreclosure is not about failure. Losing a home is not limited to the rich or the poor. From the world-renowned actor to the "man on the street," anyone can experience severe financial problems caused by irresponsibility or circumstances beyond their control.

Chad Johnson, once known as NFL star Chad Ochocinco, may have lived a life of luxury that few experience. However, he now faces a situation common to many people making a fraction of the athlete's income.

Clearly, fame and wealth cannot buy everything. Johnson has joined the litany of celebrities once making seven to eight-figure salaries, only to lose their homes to foreclosure.

Johnson's $1.1 million home in Davie, Florida, is falling victim to foreclosure. No stranger to legal problems, the former football player had to see it coming. Claiming that he owed more than $3,500, his homeowners' association placed a lien on his house in February 2015.

In spite of a lawsuit filed by his homeowner's association, Johnson remained steadfast in his disregard. He ignored being served. He no-showed court dates. The association went back to court to file for default judgment. On March 9, the judge approved the motion and the requests to remove Johnson from the home and sell it at auction to recover the money owed.

The moral of this all-too-common story is to be proactive should you become delinquent in your mortgage payments because of job loss, divorce, injury or illness. Legal options exist to keep the roof over your head.

A skilled and knowledgeable bankruptcy attorney can help you explore the strategies best for you.

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