Actors Face the Foreclosure Train Too…

Academy Award Winner Nicholas Cage has been slapped by the foreclosure train, losing two homes in New Orleans. The two homes totaled $6.8 million were auctioned on Thursday Nov. 12, 2009.  Regions Bank paid $2.3 million for a property that appraised at $3.5 million and $2.2 million for a property that appraised at $3.3 million.

Nicholas Cage is now looking to sue his former business manager Samuel Levin, who set up a corporation for Cage so that his name would not appear on any of the mortgage documents.  As of last month Levin filed a lawsuit against Levin, stating that the manager deceived Cage out of more than $20 million dollars.

Nicholas Cage is being forced to sell some of his larger assets to pay off any other debts he is currently facing.

CNN states that “Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month.”

Cage has five roles lines up for the next year, which will hopefully help him with some of his debt.