He may be “Vindicated” but Jose Canseco is letting his Encino, California mansion go in to foreclosure as the housing market has tanked. He doesn’t see any point in making the payments any more. The $7.7 million house makes for some expensive jingle mail. What happens when the wealthy start walking away? When does preserving your credit score not matter? Where is that line? When is that decision made? Will it become easier for people as we get in to this mess? Will this generation be defined by subprime, bad credit and the shirking of all financial responsibility?
Housing Wire has the amusing/scary tale via the AP:
Canseco told the syndicated TV show “Inside Edition” that he walked away from his $2.5 million, 7,300-square foot home in suburban Encino because it didn’t make sense to continue making payments …
“What about other families that we’re hearing on TV, that they’re saying, `We have nowhere else to go,’” he said. “I mean, that is amazing. I’ve got books (he’s put out two expose-type books on drug use in baseball), we’re now trying to produce the movie to both.
“Like I said, my situation was a little more different than most. I decided to just let it (the house) go, but in most cases and most families, they have nowhere else to go.”
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