The Eternal Vacation courtesy of Jetsetter

Jetsetter

Located a 30-minute boat ride from the Male airport, Anantara Naladhu's 19 spacious villas – all overlooking the turquoise waters of the Indian Ocean – epitomize tropical chic with their stylish interiors and indoor-outdoor design. Just think of it as your own personal island paradise http://bit.ly/hLfKAW

 

Buy Nick Cage's House or houses

http://www.bankrate.com/finance/mortgages/they-re-rich-and-famous-and-in-foreclosure-1.aspx?ec_id=m1078089

How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do. 

"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.

Here are five of the biggest names on the of list homeowners falling to foreclosure. We've included a bit of info about the current markets where these stars once lived. You know, in case you'd like to hunt for a foreclosure deal in one of those tony neighborhoods.

Read more: Theyre rich and famous and in foreclosure http://www.bankrate.com/finance/mortgages/they-re-rich-and-famous-and-in-foreclosure-1.aspx#ixzz1HlabJ4BE

There were no takers at an auction for the actor's 6-bedroom, 9-bath property in Bel Air, California

Read more: http://www.dailymail.co.uk/tvshowbiz/article-1265212/Nicolas-Cage-home-repossessed-despite-26million-pay-packet.html#ixzz1HldkrXEp

The star: He's an Academy Award-winning actor (for "Leaving Las Vegas"), nephew of multiple-Oscar-winning filmmaker Francis Ford Coppola and the former son-in-law of Elvis.

The house: Make that "houses." In November 2009, Cage lost two New Orleans homes -- one in the French Quarter, the other in the Garden District -- worth a combined $6.8 million, according to a CNNMoney.com report. Cage was behind $5.5 million in mortgage payments and he owed $151,730 in property taxes to the city of New Orleans. Regions Banks paid $4.5 million for the properties.

The market: One in 720 homes in Orleans Parish had foreclosure filings in November 2010, according to RealtyTrac. The average foreclosure sales price in the city was close to $110,000.

Read more: Theyre rich and famous and in foreclosure http://www.bankrate.com/finance/mortgages/they-re-rich-and-famous-and-in-foreclosure-1.aspx#ixzz1Hlb6LWIZ

HARP from Mortgage News Daily...

by Jann Swanson

The Home Affordable Refinance Program (HARP) has been extended for another year according to information released on Friday from the Federal Housing Finance Agency.

The program was due to expire on June 30 but will now continue until that date in 2012. News of the extension comes while a House subcommittee is debating the end of HARPs companion program, the Home Affordable Modification Program (HAMP) and has already voted to kill the FHA Short-Refi program and the new Emergency Assistance Loan Program (EALP) which would provide 23 months of mortgage assistance unemployed and underemployed home owners.

HARP is designed to assist homeowners who owe more money on their current mortgage that the market value of their home and are thus unable to qualify for a conventional refinance. Refinancing through HARP, which is administered by the Enterprises Freddie Mac and Fannie Mae, can potentially reduce homeowners' mortgage rates and remove some of the incentives for a strategic default.

Acting FHFA Director Edward J. DeMarco that that the program will continue operating in the same manner as it has since in was started in 2009 except that Freddie Mac will exempt HARP loans from their recently announced price adjustment and Fannie Mae will conform the eligibility date to May 2009.

The use of HARP more than tripled in 2010. During the year a total of 6.8 million mortgages were refinanced nationwide and HARP, with 621,803 loan closings, represented nearly 10 percent of the total. In 2009 190,180 homeowners used the program to refinance.

To qualify for HARP you must currently have a mortgage owned or guaranteed by the Enterprises, have a one year history of on-time payments on your loan, and owe more on your loan than your home is worth. The loan-to-value, however, cannot exceed 125%.

UPDATED WITH INFO RELEASED BY FANNIE MAE...

The following changes will extend the availability of the program to additional borrowers:

* The program has been extended. Accordingly, lenders may continue to originate Refi Plus™ and DU Refi Plus™ loans with the HARP flexibilities provided the note date is on or before June 30, 2012, and whole loans are purchased by Fannie Mae no later than October 31, 2012 or in an MBS pool with an issue date no later than October 1, 2012.

* Currently, to be eligible for Refi Plus or DU Refi Plus the existing mortgage loan being refinanced had to be purchased by Fannie Mae prior to March 1, 2009 or in an MBS pool with an issue date prior to March 1, 2009. With these program changes, mortgage loans are now eligible if they were purchased by Fannie Mae prior to June 1, 2009 or in an MBS pool with an issue date prior to June 1, 2009.

Desktop Underwriter® (DU®) and the delivery system edits will be updated to reflect the additional mortgage loans that are now eligible for inclusion in the program (loans purchased or securitized by Fannie Mae between March 1, 2009 and June 1, 2009). Consequently, DU will not identify these loan casefiles as eligible to be refinanced using DU Refi Plus until April 11, 2011, and DU and manually underwritten loans meeting the new eligibility requirement can be delivered to Fannie Mae on or after April 11, 2011.