Film fans around the world recently mourned the loss of one of Hollywood’s greatest stars, Burt Reynolds. News of his passing was followed by stories about his life, including his childhood and continued strong ties to Florida. Some of Reynolds’ fans may be surprised to learn that at one point, he was sued for foreclosure on a $700,000 home he had purchased with his wife at the time, actress Loni Anderson.
The lawsuit against Reynolds and Anderson was filed in 2012. Merrill Lynch Credit Corp. claimed it had not received a mortgage payment from the co-defendants since 2010. At that time, the famous former couple had already been divorced for approximately 16 years.
The home in question sits on a 4-acre estate in Hobe Sound. Luxurious amenities included a built-in cinema, an indoor waterfall and a sprawling 2,000 square foot guest house. The palatial residence also had its own helicopter pad and swimming pool, as well as a billiard room and a wine room. Merrill Lynch Credit Corp. claimed that Reynolds and Anderson still owed $1.2 million on their mortgage.
The foreclosure proceedings became contentious, with Reynolds himself testifying in video-taped depositions. The case was settled in 2015, days before the home was sold for more than $3 million. Not all Florida homes are as extravagant as this one; yet, even a modest single-family home can face threat of foreclosure, which can be quite stressful for those involved. An experienced real estate law attorney can provide guidance as to what options may be available to keep from losing one’s home.