Former Beverly Hills 90210 star, Brian Austin Green and the boyfriend to actress Megan Fox is late on his mortgage payments. The actor owes $70,000 in arrears and is attempting to short sale his Hollywood Hills home. Green purchased the home in 2006 for $2 million.
Even actors who are living the 90210 life are not immune to this foreclosure crisis. However, it appears that Green is walking away from his home by performing what is called a “strategic default.” This is when you can afford your mortgage payments, but you simply decide to walk away from your home because it doesn’t make economic sense to stay. This is considered by some experts as a business decision that does not involve ethics or morals, but common sense.
The actor may be in for a rude short sale awakening by his lender and star status certainly doesn’t give him a free ticket to stop paying your mortgage. But he may just be doing what many other homeowners are considering, walking away from their underwater homes.
According to other sources, Green denies that he is broke and is selling his home via short sale as a strategic walk away move on his 2006 investment. However, the actor will still have to receive the banks approval before the sale will be allowed to go through.
If Brian Austin Green is selling his home just because of a strategic maneuver and not because of a legitimate hardship, he will have a tough time obtaining short sale approval from his lender. However, if the CEO of his bank is a big Beverly Hills 90210 fan, he may just get the walk away break he needs.