The big news today is, of course, the death of Michael Jackson.
Over the years we’ve processed 5 applications for Michael Jacksons although, as far as I know, none were for the king of pop himself (and quite what a valuer would make of a theme park in the garden can only be imagined!)
As a name it’s still got a long way to go to catch up with David Jones, Andrew Smith and Paul Smith – the names we see on mortgage application most often – with nearly 100 appearances each since 2004.
Jacko had a well publicised life, but perhaps the most pertinent to this blog are the issues he had regarding his Neverland home. Foreclosure proceedings commenced against him in October 2007, asking for the repayment of a $25 million loan. Whilst not the type of mortgage you or I would get (despite the excellent Loan to Value of 20%), it’s still an important lesson – if you do find yourself in financial difficulties make sure you continue to pay any secured debts, otherwise you could lose your home. After all, not all of us that can make a quick buck by selling 1 million tickets to see us perform!
