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