I find it very sad that Mr. Ed McMahon has fallen more than $650,000 behind on his mortgage. From what I can gather from the court documents, his loan balance is $4.8 million. That’s a lot of money, but doesn’t he have a lot of money?
What happened? It is reported that he has not worked in over 18 months, mostly due to medical problems. I can only assume that his Social Security income can’t cover anything close to the monthly payment and if he had the money in retirement or investments then he would have been able to make the payments. Mr. McMahon’s wife said they had less money than people may think and suggested they could have done a better job managing their finances. Mr. McMahon himself told Larry King “If you spend more money than you make, you know what happens”.
I don’t want to sound judgemental, but there is a lesson to be learned here. Common sense. Live on a budget, spend less than you make and save or invest the rest. This was a talented man who was a small lad during the great depression and grew up during a time when credit cards and sub-prime loans didn’t exist, when a man’s word stood for something, when common sense was common. Did he get suckered into some scam? Did high food and gas prices bankrupt him? No. My opinion is that he made some bad choices. I hope he gets help and can manage a way through this aweful situation he has gotten himself into.
IRONIC: Maybe he can enter the American Family Publishing sweepstakes. If he won, would present the check?