More On Fantasia’s Foreclosure
The New York Post provides a little more detail on the foreclosure of one of Fantasia Barrino’s homes, reported yesterday:
Barrino, whose rags-to-riches rise was chronicled in a Lifetime channel movie she starred in herself, is accused of defaulting on a $58,000 loan from a shadowy Florida corporation, according to court papers.
The company, called Broward Energy Management, loaned Fantasia an undisclosed sum to pay back taxes she reportedly owed the IRS, according to its lawyer, Laurence Goldman.The singer never paid back the full amount she borrowed, Goldman said.
The lawyer refused to provide any information on Broward Energy, citing client confidentiality, but a records search showed that the address of the company is a modest, private residence in Weston, Fla.
Shady!
According to a relative of Fantasia, it’s all a misunderstanding:
Records show she took a $1-million mortgage on the property in Charlotte from the Bank of America. Goldman said that Barrino never answered the complaint against her and a judge ruled for the plaintiff by default.
A woman who answered the door at the house and identified herself as a relative of Fantasia claimed the whole thing is a misunderstanding.
She said the singer’s former lawyer is responsible for the mess because he never showed up in court to challenge the judgement against her.
Her new lawyer, Gary Greenberg, did not return calls yesterday.
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10 Responses to “More On Fantasia’s Foreclosure”
Why is she getting loans from a shady company? Can’t she just go to a regular bank? Why would she need a loan anyway? I know it is being spun as a misunderstanding but it certainly sounds like she’s been mismanaging her finances and living beyond her means. Hopefully she can work things out in a way that doesn’t destroy her credit rating but I am going to save my sympathy for average Americans who are struggling to hold onto their homes, not a star singer with millions who blows her money and causes her own problems.
but I am going to save my sympathy for average Americans who are struggling to hold onto their homes, not a star singer with millions who blows her money and causes her own problems.
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Well Niall, Fantasia has another house anyway.
Fantasia is an average American in that she too has to work to pay her mortgage. Not sure whether she is asking for anyones sympathy.
Fantasia is not an average American. Average Americans are struggling right now. I am an average American, and I am losing my job at the end of the month. I’m scared to death because of what I went through last year looking for a job, and almost lost my apartment because I couldn’t find a job and ran out of unemployment. Average Americans don’t have several expensive homes. Average Americans don’t even own a home, they rent! Average Americans are looking for a good job and settling for working for $7.50/hr. selling credit cards on the phone. Wake up! We need more and better jobs, and job security!
Fantasia is not an average American. Average Americans are struggling right now. I am an average American, and I am losing my job at the end of the month. Ià ¢Ã¢â€š ¬Ã¢â€ž ¢m scared to death because of what I went through last year looking for a job, and almost lost my apartment because I couldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t find a job and ran out of unemployment. Average Americans donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have several expensive homes. Average Americans donà ¢Ã¢â€š ¬Ã¢â€ž ¢t even own a home, they rent! Average Americans are looking for a good job and settling for working for $7.50/hr. selling credit cards on the phone. Wake up! We need more and better jobs, and job security!
Yeah it is kind of insulting to compare Fantasia to the average American. She’s got two expensive houses and should be financially set for life but she’s obviously mismanaging her finances. Shady loans? Being so far removed from things that she lets her attorney miss a hearing? Maybe Fantasia should have gotten that GED she talked about and taken some financial planning classes.
The average person on the street just wants to hold onto their middle income job and keep a roof over their head, however modest that roof might be.
We forget that she’s 22 or 23 years old, which is very very young….and to think that entertainers have $$mill is a fallacy. Damon Dash has 0 to his name after accruing $22Mil….a lot of entertainers don’t have a pot to p*** in, and they get “rich” through real estate and owning their song rights. If she doesn’t write or produce her songs, then she’s not rich….and she hasn’t toured a lot, and she has NO endorsements….she’s on the poor side IMO.
She got loans based on her name and fame, and most entertainers do that. It’s a risk for the bank to lend her money….she has to produce income taxes and income statements….so yep, she would go to a shady mortgage company for the loan.
So if she didn’t have money and she lived outside of her means, then it’s really all her fault then? I mean, wasn’t she in debt before? I’m asking because if she was, then shouldn’t that have taught her to save, manage her money or something?
It’s much easier to presume that because you sing for a living or are on Broadway that you are rich and therefore not eligible to foreclosures or a downturn in ones fortunes.
Certainly you aren’t an average American who has to work for a living, it must be mismanagement because only average Americans fall on hard times. Or is it only people who were semi-literate, or only obtained their GED, certainly college educated people never get foreclosed on or fall on hard times. Yeah, that’s it.
I sure hope this is a misunderstanding, but nonetheless, I have to say that I am shocked that she took out a $1 million mortgage on a $1.3 million property. That basically means that she put a little over 20% down on the property, which is essentially the minimum (these days) of what you can put down on a house for purchase. However, most people who do that (put 20% down) have jobs that, at least a bank would presume, would have some expectation of paying about the same or better in the long term. Unfortunately, Fantasia is in show business and the implication that her job or earning capacity will be long term is laughable. This is not laughable because it’s Fantasia we’re talking about but laughable because no celebrity can be assured that they’ll have the same level of success in 5 years much less in 12 months. As I said in the previous thread on this topic, celebrities, if they are thinking ahead, should purchase their homes in cash (or at least a large percentage (about 80%) of the purchase price) because their chosen career is not known for its longevity. Again, I hope there is a misunderstanding here and that she ends up salvaging the home.