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Burt Reynolds Faces Foreclosure in Florida

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By Cynthia Hsu, Esq. on August 18, 2011 9:47 AM

Even celebrities face eviction, as Merrill Lynch has filed suit against actor Burt Reynolds for foreclosure. Reynolds has owned his Hobe Sound, Florida home, dubbed "Valhalla," for years.

"Valhalla" originates from Norse mythology, and is a great hall where Odin rules and slain heroes go to lie. In short, it's kind of like heaven.

Unfortunately for Reynolds, his "Valhalla" may go from heaven to nightmare if Merrill Lynch gets their way. The bank claims that the actor owes them around $1.2 million for the mortgage on his 4-acre mansion.

Reynolds also has a second mortgage on the home for about $750,000, reports The Sun-Sentinel. That's a lot to owe, even for a big-name celebrity star like Reynolds.

The home is valued at about $2.4 million, according to TheWrap. And, luckily for Reynolds, even if "Valhalla" is foreclosed on he'll still have a place to live, as he maintains another residence in Little Rock, Arkansas.

Maybe hiring a personal assistant or organizer would have helped Reynolds, as he hadn't made payments on his mortgage since September 2010, The Sun-Sentinel reports.

A storied actor, Reynolds is now 75 years old. He also now joins the growing club of celebrities who have experienced the joy of a foreclosure.

And, Reynolds' foreclosure is certainly a reminder that celebrities are just like us. They eat food, drink water, and forget to make their house payments. They even get their houses foreclosed on!

Of course, most ordinary citizens would love to avoid situations like Burt Reynolds' foreclosure. So, how can you avoid your own "Valhalla" nightmare? For one, don't maintain radio silence with your lender. Contact them if you have a problem, as they may be willing to work out a new payment plan. Or, contact a HUD-approved housing counselor who can inform you of your rights and help explain some of your options.

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