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Actor Burt Reynolds faces foreclosure

The economy and the housing crisis have placed many Cincinnati residents between a rock and a hard place. Lower valued homes and a soft economy has allowed household budgets to be strapped. It is a story that seems to be true, not only here in Ohio, but across the country and in every sector of the economy.

Well-known actor Burt Reynolds is currently facing a financial crisis that may cost the actor his home. The mortgage holder on the actor's home filed a foreclosure proceeding against Reynolds on August 9. The current situation is not the first financial crisis for Reynolds. After his divorce from Loni Anderson in 1996, the actor was forced to file for bankruptcy to relieve his financial distress.

In 2009, Reynolds had put his Florida home on the market for $8.9 million. There were no takers at that time. The house never sold. Current market analysis reportedly suggests Reynolds' home is valued at $2.4 million. He has a first and second mortgage on the property and his lender is seeking to foreclose, saying the actor has not made any payments toward the mortgage in nearly a year.

Reynolds acknowledges that the American economy is in a tough state. He says there are many Americans out there worse off than I am, and my heart goes out to them."

One source tells ABC News that Reynolds has greater financial distress, owing millions of dollars to people. Some sources suggest the actor's situation may eventually result in another bankruptcy for the actor, who continues to work. He is currently working on a television movie that is expected to air in September.

Bankruptcy relief can provide a fresh start for people facing financial distress. In many cases, filing for bankruptcy can provide an avenue for Ohio residents to retain their home, even after falling delinquent on the mortgage payments. An experienced Cincinnati bankruptcy attorney can review an individual financial situation and help explain the options that may be available to obtain meaningful debt relief.

Source: ABC News, "Burt Reynolds On His Money Woes," Luchina Fisher, Aug. 18, 2011

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