Can you imagine spending over $15 million on a property -- and paying a significant amount on the mortgage of the residence -- only to lose it all as a result of foreclosure? A mansion in Houston, Texas, was named the most expensive foreclosure in the history of the United States. The home, which currently holds a value of $9.75 million was purchased by the previous owner for $15.9 million and has 15,000 square feet of space, nine bathrooms and five bedrooms.
Situated in the River Oaks neighborhood, the massive residence boasts a beautifully maintained property, a five-vehicle garage and even a ballroom.
The identity of the owner who formerly lived at the property has not been revealed at this time. All we know is that the former owner of the home seems to have lived in the lap of luxury.
In addition to the ballroom and five-car garage, the mansion has a wine cellar, elevator, multiple laundry and kitchen facilities, a movie projector and indoor swimming pool. According to the realtor in charge of selling the residence, "It's been well maintained, and is in move-in condition for someone of this particular taste."
The last most-expensive foreclosed property was in Napa Valley and valued at $5.5 million. The owner of that property died in a vehicle crash and creditors later took over the property in order to pay off debts owed by the estate.
If you are facing the threat of foreclosure, it's important to act fast to protect your property rights. In many cases, the owners of property can pursue legal strategies to prevent the loss of their homes.