Lindsay Lohan: Home on the Auction Block
by Terri Eyden on
By Teresa Ambord
Another round of bad news for the Mean Girls star Lindsay Lohan (age twenty-six) and her mother, Dina (age fifty). In early February they were greeted by an envelope tacked on the gate of their Merrick, New York, mansion. The envelope was marked "Important Information Enclosed" and was stuffed full of foreclosure documents, according to the process server from JP Morgan Chase Bank. This is the last in a series of efforts by the bank to foreclose.
Lindsay has been staying with her mother in the home in Merrick, presumably because Lindsay is under a load of money troubles. Looking back over the last few years, part of Lindsay's financial problems
There's more on AWEB!
Do you have colleagues or clients who might like to receive the free AccountingWEB newsletter?
• Wealth Management
• Wealth Management
could stem from her efforts to bail out her mother.
The bank has been threatening foreclosure on Dina's home as far back as 2005 (when Lindsay was only eighteen). Dina has been able to hang on, by establishing new payment agreements and, with Lindsay's help, making the payments for a while. Eventually however, she fell behind again, and a new threat has arisen.
In 2012, the bank began rattling the saber again. And again, Lindsay helped save the home by loaning her mom $40,000 to give the bank. Now, just months later, the bank is back.
The tendency to spend unwisely may run in the family, with Dina in debt more than a million dollars. History shows that she may have relied too much on her daughter's ability to come to the rescue. Now with Lindsay's own resources severely depleted, the band-aid fixes to the mortgage debacle may be over. If the foreclosure goes through, it'll be yet another sad chapter in the young star's life.
- More of Lindsay Lohan's "Believe It or Not" Tax Life
- Update: IRS Seizes Lindsay Lohan's Assets
- Charlie Sheen to the Rescue for Lindsay Lohan
You may like these other stories...
To read more articles by Eva Rosenberg, MBA, EA, click here and check out the Talk to TaxMama archive.Once upon a time, tax storefronts and offices in primarily non-English-speaking communities were able to make a very nice...
A proposed fiscal year 2015 budget released by President Obama yesterday would provide the IRS with $12 billion in base funding, up 6.3 percent over the 2014 enacted level.The budget would also allot $165 million through an...
High-risk gamble of tax reformChristopher Smith, a former chief of staff for the House Ways and Means Committee and at the US Treasury Department, gave his take today on the tax reform plan unveiled by Ways and Means...
Upcoming CPE Webinars
BAR is an acronym for: Boundaries, Authority and Role. This simple tool will provide participants with a solid understanding of leadership essentials to improve their performance.
This material is designed to provide a start-to-finish overview of how to plan and complete high-quality small audits efficiently.
Key Accounting and Reporting Issues for Nonprofits No. 1: Overview and Statement of Financial Position
This material focuses on non-profit organizations organization, accounting and reporting.
This material focuses on the principles of accounting for non-profit organizations' revenues.