Foreclosure Crisis Now Impacting Multi-Millionaires

Former American League MVP Jose Canseco has lost his Encino, California home to foreclosure.

Canseco is also known for speaking out about steroid use in baseball, and his testimony before Congress on the subject.

"People have to understand that $35 million… you’re paying the government 41 percent… that leaves you with $17 or $18 million… not even. Then you have to take care of your whole family."

Canseco claims it just didn’t make sense to continue making payments.

"I do have a judgment on my home," Conseco said in an interview, "…it didn’t make financial sense for me to keep paying a mortgage on a home that basically owned by someone else."

Canseco also stated his two divorces cost him $7 or $8 million.

It is apparent that Canseco - like many others - is making a choice not to pay his mortgage. These people don’t want to "pay for a dead horse", so to speak.

Mr. Canseco, however, is likely to learn a new term used in real estate. It’s called a deficiency judgment… where he will likely find out that jab in his rear is not another steroid injection.