CBS4.com reports that Wyclef Jean's home is soon headed to the auction block. The fact that a big name star, such as Wyclef Jean has had to allow the foreclosure of his home should say something about today's economy - if people haven't woken up already. All over the US, homes are going into foreclosure at an alarming rate.

Wyclef Jean had announced earlier this year that his house was going into foreclosure and his Miami-Dade neighbors almost couldn't believe it. Jean has had an amazing career in music for years now. One surprised neighbor, Sara Poses stated "I really think he's a great musician and he's come a long way and gone through a lot in terms of his history and his life. I don't know what the circumstances are, but I feel bad for him."

Wyclef has sold over 30 million albums, yet his $2.4 million home still will be put into auction at the Miami-Dade courthouse come Friday. As a long-time listener of Wyclef Jean, it disheartens me to see his home lost to foreclosure and on the auction block. He has been through so much in his life and music career.

A legendary music icon, Wyclef has had many hits of his own, as well as performed alongside many talented artists. Some of those include Lauryn Hill, Akon, Venus Williams, Mary J. Blije, Lil Wayne, Paul Simon, Chamillionaire, Norah Jones, Serj, Shakira, and T.I.

According to Rebuild.org, as of June 30, 2008 the foreclosure rate in the US had risen as much as 70% just in the first quarter of the year. That is quite an astounding foreclosure figure. With that number in mind, it really should not be surprising that stars, such as Wyclef Jean, also are not immune to a foreclosure.

With those foreclosure rates in mind, also be aware that the figure includes states with a low foreclosure rate, as well as those with high rates. States with a higher foreclosure rate, such as Florida, can effect the overall foreclosure percentage. There still are some states where foreclosure rates are not quite as dismal. Still, the Wyclef Jean foreclosure could be a wakeup call to those who still have not seen a problem in the housing market.

Another day, another celebrity foreclosure, this time involving former Fugees guitar player and current solo act Wyclef Jean.

Before you feel too bad for him, understand that the residence had never been vacated by the hip-hop star, so he’s not out on the streets as a result.

According to the Palm Beach Post, Wyclef’s corporation borrowed $2 million from Home Equity Mortgage Corp. back in 2004 so he could build a canal-front home next door to Maria Shriver’s little brother.

But the project came to a stand still after Wyclef and his partners couldn’t come up with an additional $177,913 to finish the job, likely abandoned because of the ongoing housing crisis.

The city of Miami imposed fines totaling $6,200 and construction loans began to pile up, including a $75,000 lien put on the property this year by the disgruntled architects.

In total, Wyclef’s corporation now owes $2.4 million on the property, which appraised recently for just $1.4 million.

The home is expected to be sold at auction on December 12 in downtown Miami.

Both Michael Jackson and Ed McMahon experienced similar foreclosure-related woes this year, along with a number of other celebs and professional athletes.

http://www.thetruthaboutm...closed-on/

Whatever. He ain't bitching about it, lol.

yall fail 2 see thats they losing housing they not living in not there main property maybe they shouldnt own 5 or 6 houses just like with tboz she dont live in texas she stay in atl she letting that house go cuz she won it in a settlement in her devorce from mack 10 and she dont want the house she still has her home in atl she selling everything she had in that house in houston with mack 10 tboz reported that months ago now everybody tryin 2 talk like she broke smart enuff 2 know not 2 pay 4 a house in a state she dont live in nor want

kaptainkrunk said:

helluva run on sentence there

kaptainkrunk said:

What the hell. . . ? Anyway T-Boz's house that's getting foreclosed on is in Georgia not Texas according to reports. So whatchu talkin' 'bout, Willis???

Timmy84 said:

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He should be. I am sorry but I think the 30 million CD must have been with the
The Fugges because I cannot think of anything Jean has done solo that sold that well. He may have been living beyond his means when he took out that loan to build this property.

laurarichardson said:[quote]

Timmy84 said:

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He should be. I am sorry but I think the 30 million CD must have been with the
The Fugges because I cannot think of anything Jean has done solo that sold that well. He may have been living beyond his means when he took out that loan to build this property.
He could not come up with $171,000 to finish his own home?

laurarichardson said:

His first CD The Carnival was a HUGE international hit. Plus he was producing a lot of folks, including Santana.

Here's a link to info on foreclosed celebs.

http://www.nydailynews.co...s.html#ph0

SCNDLS said:

He also produced Shakira's monster hit "Hips Don't Lie" last year.

SoulAlive said:

And Maria, Maria for Santana was a monster hit so dude had dough. Unfortunately, his wife decided she was a designer and put out a line. There should be a law against limelight-seeking celeb wives.

Can we get one thread for all the celebrity foreclosures?

SCNDLS said:

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You guys need to think a little bit. two hit records over the last decade. Excluding the Fuggess with no touring leaves little room for 2 million dollar mansions. Maybe he should have had Santana lend him the 171,000

laurarichardson said:

I was just responding to your comment that he hasn't done anything solo that was successful. He has and made more money after the Fugees than with them. He obviously mismanaged his funds but he did sell albums and make money.

SCNDLS said:

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I am glad Jean had success overseas but, I just never liked dudes music and I could not recall hearing to much of it outside of the Fugges. I kind of think he may have overestimated how well he was going to do in the industry.

laurarichardson said:

I'm not a fan either but that Carnival album was all over the radio in the US. Gone til November was huge and I wanna say he won some Grammys for that album.