Foreclosing Braxton’s Future

Toni Braxton may soon be coming out with a new version of her well-known song, “Un-break My Heart.” The new version will be appropriately titled, “Un-break My Debt.”  The six-time Grammy Award-winning singer is facing foreclosure on her Los Angeles home. Braxton defaulted on a mortgage loan for her 2,306-square-foot condominium that she bought in 1997 for $725,000. In order to keep her Los Angeles home, Braxton must pay back $12,503. If not, she can kiss her diva digs goodbye.

But Braxton is no rookie when it comes to financial troubles. You’d think that the singer would either manage her finances more responsibly or just have someone else do so for her, but Braxton hasn’t seemed to figure that game out yet. Grammy Awards, check. Knowing how to handle her finances? Not so much. Poor Braxton. You’d think someone would help the woman out by now. In 1998 she filed for Chapter 7 bankruptcy, reportedly, because of a $3.9 million debt. But that was then, this is now. Normally that would mean a chance to change and make better, right? Not in Braxton’s case. Instead, the “now” is getting worse by the minute and her bank account seems to be constantly drained.  City National Bank recently leveled a $900,000 lawsuit against Braxton, citing “breach of contract.” And Lloyds of London has countersued her in response due to a cancellation of a string of shows.

Now here’s an idea– perhaps Braxton should stop cancelling her shows.  In fact, she should probably begin working overtime doing more performances and signings across the globe. I would say that it’s in her best interest. Well, at least if she cares anything about saving her properties.  What good are all those Grammy’s if you have no place to store them?

Via: Forclosure.com