Burt Reynolds Caught in Foreclosure Lawsuit

The Smokey and the Bandit star is all of 75 years but his age has not put a dampener on Burt Reynolds spirits. With a new television show set to release, Reynolds has a few things to look up to amidst his own personal financial crisis. It looks like he did a Barnie Frank to himself.

Losing His Home

The unfortunate fact is that Reynolds has been having financial trouble for years now. His wife Loni Anderson and he own a sprawling property in Hobe Sound, Florida. The five bedroom property is a waterfront one and comes equipped with pools and even a helipad. Reynolds will need to speak with his foreclosure attorneys at the earliest since Merrill Lynch Credit Corporation has filed for foreclosure proceedings to be initiated on the property on the 1^st of September 2011. That date has already passed; Reynolds better by like Smokey and the Bandit and get a move on – the gauntlet by the bank has been laid down.

The Bank has its Cards in Order

Foreclosure attorneys might be able to save the property from going under but quick action will need to be taken. As per the law, Merrill Lynch waited a full year from the date they stopped receiving mortgage payments on the home to file a foreclosure lawsuit.

A Ridiculous Price

Reynolds and his foreclosure attorneys will have to come up with a way to pay Merrill Lynch $1,193,808 in principal with added interests and fees dated from 1^st August 2010. Reynolds had put up the mansion for sale but did so at an unreasonably high price of $8.9 million when the home has been valued at a mere $2.4 million. If the payments are not made by the stipulated date, Reynolds and his wife will have to vacate the property.