The Foreclosure Crisis Will End When Doves Cry

by:  Peter J. Gallagher

Just when you thought the foreclosure mess couldn't get any stranger, we get word that Prince is in foreclosure.  According to an article on, "What?! Prince In Foreclosure," Prince has fallen behind by more than $350,000 in payments for the mortgage on property he owns in his home state of Minnesota.  The article, which refers to Prince as the Minnesota Landowner Currently Known As Prince, notes that Prince paid more than $1.3 million in current and delinquent property taxes on 14 properties in the area last year, and there was a "decent likelihood" that he would make payment on his  current debt before the sheriff's auction that is currently scheduled for May 13, 2011.  With this news, Prince joins a long line of celebrities with mortgage issues.  Click here for a slide show on recent problems Nic Cage, Erin Moran, Lisa Wu-Hartwell, Lenny Dykstra, and Veronica Hearst have had with their home payments.  (Incidentally, now that Erin Moran of TV's Happy Days has entered the foreclosure fray, does this mean that the crisis has officially Jumped the Shark?)

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